The BFSI sector has undergone a rapid transformation with the integration of modern technologies such as AI, blockchain, and IoT These innovations have reshaped traditional business models and redefined customer engagement, paving the way for new growth opportunities The application of AI and machine learning algorithms has revolutionised processes in the BFSI sector, enabling personalised customer support and accurate risk assessment The financial services industry encompassing banking, financial institutions, and insurance (BFSI), has long been a pillar of the global economy. However, in recent years, the sector has experienced a rapid transformation driven by the integration of new modern technologies.  From artificial intelligence and blockchain to cloud computing and advanced analytics, these innovations have revolutionised the way financial services are delivered and experienced. In this article, we will explore the driving forces behind these innovations and examine how new technologies are reshaping the BFSI sector. AI & Machine Learning: Transforming Processes & Customer Service From the genesis of online banking to the advent of mobile payments, the industry has continuously embraced innovation to enhance customer experiences and streamline operations. And since then, the pace of technological transformation has only accelerated, courtesy of the application and implementation process of emerging technologies such as AI, blockchain, and the Internet of Things (IoT), among others. The adoption of these technologies led to reshaping traditional business models, redefining customer engagement, and eventually unlocking new avenues for growth. One of the most significant advancements in the BFSI sector is the application of AI and machine learning (ML) algorithms. It not only revolutionised processes such as fraud detection, risk assessment, and customer service, but the  AI-powered chatbots and virtual assistants enabled banks and insurance companies to provide personalised and efficient support to their customers around the clock.  By analysing vast amounts of data, AI algorithms can identify patterns, detect anomalies, and make accurate predictions, enabling financial institutions to make informed decisions and mitigate risks. Blockchain Revolution: Secure Transactions & Disintermediation Another groundbreaking technology that is transforming the BFSI sector is blockchain. Initially developed for cryptocurrencies like Bitcoin, blockchain has emerged as a secure and transparent method for recording transactions.  Its decentralised nature aids in eliminating the need for intermediaries, reduces costs, and enhances trust between parties. In the financial services industry, blockchain is being utilised for various roles, including smart contracts, cross-border payments, and identity verification. By leveraging blockchain, financial institutions can streamline complex processes, improve efficiency, and enhance security and thus the role of game changer. IoT’s Impact On Personalisation & Proactive Customer Engagement Furthermore, the IoT is playing a significant role in revamping the BFSI sector by assisting financial institutions in collecting real-time data on customer behaviour, preferences, and financial transactions.  This data can be utilised to develop personalised financial products and services, improve risk assessment models, and enable proactive customer engagement. For example, insurance companies can use IoT-enabled devices, such as telematics devices in vehicles, to assess driving behaviour and offer personalised insurance premiums based on individual risk profiles. But the integration of these new technologies does come with its share of challenges. Financial institutions must continuously address concerns around data privacy, security, and regulatory compliance, and therefore investing in talent development and cultivating a culture of innovation to fully harness the potential of these technologies is imperative. Enhanced Customer Experience Is Pivotal One of the critical areas where new technologies have made a significant impact is in improving the customer experience. With the advent of mobile banking, customers can now perform a wide range of transactions at their convenience.  Mobile apps and digital wallets have simplified payment processes, enabling seamless transactions with just a few taps on a smartphone. Additionally, personalised services powered by AI algorithms allow financial institutions to offer tailored recommendations and financial planning advice, enhancing customer satisfaction and loyalty. Data-Driven Decision Making Became Efficient Data has become a valuable asset for financial institutions and, further coupled with technology has played a vital role in harnessing its true potential. Advanced analytics tools enable banks and insurance companies to process vast amounts of data in real-time, uncovering valuable insights and patterns.  These insights help in risk assessment, fraud detection, and underwriting processes, leading to more accurate decision-making. Furthermore, the assimilation of machine learning algorithms has significantly improved credit scoring models, allowing financial institutions to extend credit to a broader range of customers. Cybersecurity And Fraud Prevention As technology advances, so do the threats posed by cybercriminals. The BFSI sector is a prime target for hackers due to its sensitive customer information and financial data. To combat this, innovative technologies such as biometric authentication, multi-factor authentication, and behaviour analytics are being employed to fortify security measures.  AI-powered systems can detect suspicious activities, prevent fraud, and provide early warning signals in real-time. The use of encryption and tokenisation techniques ensures that customer data remains secure throughout the financial ecosystem. Regulatory Compliance The BFSI sector is subject to stringent regulations and compliance requirements. New technologies have made it easier for financial institutions to navigate these complex regulatory landscapes.  For instance, regtech, a combination of regulatory technology and AI, assists in automating compliance processes, monitoring transactions, and ensuring adherence to regulations. Machine learning algorithms also aid organisations in proactively addressing compliance issues, reducing costs, and minimising risks. Conclusion The BFSI sector is undergoing a remarkable transformation driven by the integration of new technologies. These innovations are revolutionising financial services by enhancing the customer experience, enabling data-driven decision-making, leveraging blockchain technology, fortifying cybersecurity measures, and streamlining regulatory compliance.  As the industry continues to embrace these advancements, it is essential for financial institutions to stay agile and adapt to the evolving technological landscape. By driving innovation, the BFSI sector can unlock new opportunities, further improve operational efficiency and deliver superior financial services to customers in an increasingly digital world.

In Isaac Asimov’s classic science fiction story “Robbie,” the Weston family owns a robot who serves as a nursemaid and companion for their precocious preteen daughter, Gloria. Gloria and the robot Robbie are friends; their relationship is affectionate and mutually caring. Gloria regards Robbie as her loyal and dutiful caretaker. However, Mrs. Weston becomes concerned about this “unnatural” relationship between the robot and her child and worries about the possibility of Robbie causing harm to Gloria (despite it’s being explicitly programmed to not do so); it is clear she is jealous. After several failed attempts to wean Gloria off Robbie, her father, exasperated and worn down by the mother’s protestations, suggests a tour of a robot factory—there, Gloria will be able to see that Robbie is “just” a manufactured robot, not a person, and fall out of love with it. Gloria must come to learn how Robbie works, how he was made; then she will understand that Robbie is not who she thinks he is. This plan does not work. Gloria does not learn how Robbie “really works,” and in a plot twist, Gloria and Robbie become even better friends. Mrs. Weston, the spoilsport, is foiled yet again. Gloria remains “deluded” about who Robbie “really is.” What is the moral of this tale? Most importantly, that those who interact and socialize with artificial agents, without knowing (or caring) how they “really work” internally, will develop distinctive relationships with them and ascribe to them those mental qualities appropriate for their relationships. Gloria plays with Robbie and loves him as a companion; he cares for her in return. There is an interpretive dance that Gloria engages in with Robbie, and Robbie’s internal operations and constitution are of no relevance to it. When the opportunity to learn such details arises, further evidence of Robbie’s functionality (after it saves Gloria from an accident) distracts and prevents Gloria from learning anymore. Philosophically speaking, “Robbie” teaches us that in ascribing a mind to another being, we are not making a statement about the kind of thing it is, but rather, revealing how deeply we understand how it works. For instance, Gloria thinks Robbie is intelligent, but her parents think they can reduce its seemingly intelligent behavior to lower-level machine operations. To see this more broadly, note the converse case where we ascribe mental qualities to ourselves that we are unwilling to ascribe to programs or robots. These qualities, like intelligence, intuition, insight, creativity, and understanding, have this in common: We do not know what they are. Despite the extravagant claims often bandied about by practitioners of neuroscience and empirical psychology, and by sundry cognitive scientists, these self-directed compliments remain undefinable. Any attempt to characterize one employs the other (“true intelligence requires insight and creativity” or “true understanding requires insight and intuition”) and engages in, nay requires, extensive hand waving. But even if we are not quite sure what these qualities are or what they bottom out in, whatever the mental quality, the proverbial “educated layman” is sure that humans have it and machines like robots do not—even if machines act like we do, producing those same products that humans do, and occasionally replicating human feats that are said to require intelligence, ingenuity, or whatever else. Why? Because, like Gloria’s parents, we know (thanks to being informed by the system’s creators in popular media) that “all they are doing is [table lookup / prompt completion / exhaustive search of solution spaces].” Meanwhile, the mental attributes we apply to ourselves are so vaguely defined, and our ignorance of our mental operations so profound (currently), that we cannot say “human intuition (insight or creativity) is just [fill in the blanks with banal physical activity].” Current debates about artificial intelligence, then, proceed the way they do because whenever we are confronted with an “artificial intelligence,” one whose operations we (think we) understand, it is easy to quickly respond: “All this artificial agent does is X.” This reductive description demystifies its operations, and we are therefore sure it is not intelligent (or creative or insightful). In other words, those beings or things whose internal, lower-level operations we understand and can point to and illuminate, are merely operating according to known patterns of banal physical operations. Those seemingly intelligent entities whose internal operations we do not understand are capable of insight and understanding and creativity. (Resemblance to humans helps too; we more easily deny intelligence to animals that do not look like us.) But what if, like Gloria, we did not have such knowledge of what some system or being or object or extraterrestrial is doing when it produces its apparently “intelligent” answers? What qualities would we ascribe to it to make sense of what it is doing? This level of incomprehensibility is perhaps rapidly approaching. Witness the perplexed reactions of some ChatGPT developers to its supposedly “emergent” behavior, where no one seems to know just how ChatGPT produced the answers it did. We could, of course, insist that “all it’s doing is (some kind of) prompt completion.” But really, we could also just say about humans, “It’s just neurons firing.” But neither ChatGPT nor humans would make sense to us that way. The evidence suggests that if we were to encounter a sufficiently complicated and interesting entity that appears intelligent, but we do not know how it works and cannot utter our usual dismissive line, “All x does is y,” we would start using the language of “folk psychology” to govern our interactions with it, to understand why it does what it does, and importantly, to try to predict its behavior. By historical analogy, when we did not know what moved the ocean and the sun, we granted them mental states. (“The angry sea believes the cliffs are its mortal foes.” Or “The sun wants to set quickly.”) Once we knew how they worked, thanks to our growing knowledge of the physical sciences, we demoted them to purely physical objects. (A move with disastrous environmental consequences!) Similarly, once we lose

It has been weeks since the work has come to a halt in Hollywood, as writers and actors picket against big studios and streaming services, including Disney, Netflix, and others. While actors and writers have voiced many issues, including fair pay, the main contention has been the use of artificial intelligence. Actors are concerned that studios may exploit their likenesses and voices without proper compensation or notice. Meanwhile, writers worry that large language models such as ChatGPT could negatively impact their profession by writing or revising scripts. On the other hand, the producers believe that AI implementation should be approached with caution and balance rather than refused altogether.While actors and writers are clearly not happy with artificial intelligence invading the entertainment industry, producers, on the other hand, seem to be highly intrigued with how the tech could shape the future. Every major studio, Disney especially, is hiring experts in AI, not one or two, but several positions are currently open in AI and machine learning across different productions.Disney has about half a dozen openings relating to AI-focused roles, reports The Hollywood Reporter.Disney’s “Imagineering” team is hiring an R&D Imagineer specialising in generative AI, who has the “ambition to push the limits of what AI tools can create and understand the difference between the voice of data and the voice of a designer, writer or artist.” The job pays up to $180,000 per year, and the role is to “collaborate with third-party studios, universities, organisations, and developers to evaluate, adopt, and integrate the latest generative AI.”Another AI-focused job at Disney is for a machine learning engineer in the Disney Streaming Advanced Research division, whose role is to create AI-enabled personalisation solutions for studios’ streaming platforms, including Disney+, Star+, and ESPN+Disney is not alone, Netflix is preparing for a long battle with their recent job postings for high-paying positions involving AI. The company plans to integrate AI in all areas of the business, including optimising the production of films and TV shows. The recent job listings indicate that AI will be used for creating content, not just developing algorithms. One position pays up to $900,000 yearly, while another pays up to $650,000.While Amazon and Apple are primarily technology companies, they also produce content. These two behemoths have numerous job openings in the field of AI and ML, some of which are specifically for production.For instance, Amazon is looking for a senior project manager for Prime Video, paid a base salary of up to $300,000, who will be responsible for defining the future of localising content, improving content, and making it accessible using advanced Generative AI and Computer Vision technologies.Sony AI, a unit of Sony Pictures Entertainment, is looking for an “Ethics” engineer to develop AI techniques that enhance creativity and benefit society. The job involves collaborating with other Sony business units and pays up to $160,000.For the first time in 69 years, both actors and writers are picketing together, and their concerns are straightforward — AI regulations to protect them and their works.

Ever since Elon Musk took over in October, he has been implementing various changes to the platform. Over the course of the past few months, Twitter has undergone significant transformations. Musk introduced the Twitter subscription model, imposed several limitations, and now he is in the process of completely revamping the platform, as he announced his vision for “Twitter 2.0.” Last year, the billionaire expressed his desire to transform the platform into an all-in-one app similar to China’s WeChat, enabling users to make payments, message, and access a wide range of features within the platform. With this same thought in mind, Musk recently rebranded Twitter as ‘X’. Twitter users are now seeing the new X logo on the platform. Along with this, the Android app of Twitter has also got the new X logo now. If users search for “Twitter” on the Google Play Store, the platform will now display results for “X” instead. Furthermore, the app’s description has been updated to reflect this change. “Breaking news, entertainment, sports, politics and everything in-between! The X app is the trusted digital town square for everyone,” the description now reads.Tweet button to be replaced by ‘Post’ Now it appears that Twitter is going to witness another major change after its rebranding. As per some Twitter users, the social networking platform is working on replacing the famous Tweet button.Early today, some of the Twitter users noticed that the Tweet button on the web has been replaced by the ‘Post’ button. Nevertheless, this alteration was short-lived, and the company eventually reverted to the original setup. However, speculation suggests that this change may soon become a permanent one. Here’s how some to the Twitter users reacted the upcoming change

Samsung posted a 95% drop in profits for the second quarter of the year 2023. This is the second time in a row that the company has seen its profits drop over 90%. The South Korean giant’s operating profit during the quarter was KRW 0.67 trillion ($523.5 million), down from KRW 14.12 trillion ($11.06 billion) during the same period last year. Samsung said that the huge drop is the result of the continuing decline in smartphone shipments. “Sales decreased sequentially for the MX Business as the effect of the Galaxy S23 launch from Q1 faded. Mass market recovery was also delayed due to the continued economic downturn, affecting Q2 sales. Nevertheless, the Galaxy S23 series was able to achieve higher results than its predecessor in the first half, in terms of both volume and value,” the company said in a statement.But why it is not Samsung’s ‘problem’ alone Samsung’s smartphone business has been struggling for the past few months. However, the fall in the company’s smartphone shipments are not alone to be blamed for the drastic fall in profits. As much of the impact that the declining smartphone market is having on Samsung is not only from the company’s own Galaxy devices directly. Samsung Electronics also supplies a large part of the memory and storage for other smartphone makers. The company is also one of the world’s largest suppliers of displays including that for Apple through Samsung Display. So the general fall in smartphone shipments across brands has also impacted Samsung. The smartphone market on a whole continues to fall. Latest reports from research companies including IDC, Counterpoint Research and Strategy Analytics have pointed to the degrowth in the smartphone market. Silver Lining in sightOn a positive note, the reports also signal that the worst may be over for the segment. Global demand is expected to gradually recover in the second half of the year which should lead to an improvement in earnings driven by the component business. Reports suggest bounce back especially in the premium segment.Samsung on its part sees the latest foldable smartphones, Galaxy Z Flip5 and Galaxy Z Fold5 — helping boost sales. “The MX Business will focus on the newly launched Galaxy Z Flip 5 and Galaxy Z Fold 5 series — which feature refined and differentiated user experiences – further fortifying its leadership in the global foldable smartphone market,” said the company in its earnings release.

Connect with Dr. Anil Gupta (Guru):- https://www.linkedin.com/in/startupmentor/ 🎉 Welcome to CROSSROADTIMES – Your Gateway to Success and Inspiration! 🌟 🎙️ Welcome to “Pivot Point”! Our guest today is Dr. Anil Gupta, the renowned business guru – a mentor, economist, and TEDx speaker. Joining us is host Mr. Kapil Kumar, a serial entrepreneur, growth expert, and investor. In this episode, we explore how India’s economy and government support entrepreneurs, and we dive into the world of Hindu entrepreneurship. Dr. Gupta’s new venture, “Connect Venture,” is also on the spotlight, where he helps young and existing business owners launch globally. Timecodes:- 00:00 Intro. 00:48 Why People Call You Business Guru. 01:56 Starting of Hindu Entrepreneurship. 06:16 How Hindu Dharam is Supporting Entrepreneurship. 10:12 Models of Entrepreneurship. 15:10 How Easy or Tough Entrepreneurship Is? 23:25 Which type of People Can Reach up to Execution. 27:55 How Indian Economy is Supporting Small Entrepreneurs. 30:55 How Anil Gupta is Helping Entrepreneurs for Global Launch. 33:00 Services of Connect Ventures. 37:03 What if I don’t fulfill Global compliances. 39:00 How to Connect With You. #Kapilkk #entrepreneurship #businesstalks About Crossroadtimes :- We believe in empowering you with the knowledge and strategies to unleash your full potential. Whether you’re an aspiring entrepreneur, a go-getter looking for inspiration, or an industry expert seeking valuable tips, this channel is your ultimate resource. 🎥 Each video is carefully crafted to provide you with actionable advice, thought-provoking discussions, and real-life experiences that will elevate your business and personal life. 🔔 Hit that subscribe button and ring the notification bell so you never miss a moment of our content. Join our vibrant community of like-minded individuals and be part of a journey that leads to success, fulfillment, and continuous growth. 🌟 Let’s thrive together, overcome challenges, and celebrate achievements as we navigate the path to greatness. Are you ready to embrace the limitless possibilities? Subscribe now #CROSSROADTIMES and let’s unlock your potential together! 🚀✨ ——————————————————————————— ✅ Follow Crossroad Times Social media Handles :- Facebook :- @crossroadtimes https://www.facebook.com/crossroadtimes Instagram :- @crossroadtimes https://www.instagram.com/crossroadtimes/ Linked.in :- @crossroadtimes https://www.linkedin.com/company/crossroadtimes/ Twitter :- @crossroadtimes Tweets by CrossRoadTimes 🎉 Calling all Achievers and Visionaries! 🌟 If you have a remarkable success story to share, an inspiring journey that the world needs to hear, or valuable insights that can ignite growth, we want to hear from you! 📩 Contact our passionate podcast team at crossroadtimes@gmail.com and let’s create magic together! 🎙️ Whether you’re an accomplished entrepreneur, an industry trailblazer, or someone who’s overcome significant challenges, we’re eager to showcase your achievements and inspire our global audience. More :- WWW.CROSSROADTIMES.COM source

Aditya Birla Sun Life Insurance (ABSLI) becomes the first private life insurance company to join Metaverse in India. The company has launched a 3D virtual lounge, InsureVerseto become the first life insurance company to enter Metaverse. With this platform, the company will offer its customers a multisensory experience by enabling them to interact with Life Insurance experts & agents.The launch of InsureVerse will empower the company to improve ‘customer servicing’. The ability to meet with the customer servicing representatives in Metaverse will enable ABSLI’s customers to cut through the inconvenience of visiting a physical branch. ABSLI InsureVerse: Availability and how to set upIn the InsureVerse experience, users can sign up with their email IDs. Further, the platform provides security features for the host/moderator for an improved experience and will also provide several features for interactions such as the ability to sit down on a seat, raise hands for doubts/questions, like and dislike reactions, sticky notes, opening up portals to digital worlds and the ability to screen share. Users will have the choice to select from the high or low bandwidth of Metaverse Space and can access the platform through a laptop, desktop, mobile (Android and iOS) and Oculus headset. Moreover, users can access InsureVerse on Metaverse through its website and create their digital avatars by taking selfies or uploading photos. ABSLI InsureVerse: Features and benefitsVirtual Lounges: ABSLI has introduced interactive displays and digital walls in the virtual space, providing customers with an immersive showcase of their life insurance solutions. Digital Avatars: Customers can create their digital avatars, enhancing engagement as they interact with Aditya Birla Sun Life Insurance representatives in a more personalised manner.Financial Education: The unique physical branch experience in InsureVerse fosters financial education, particularly among young customers, facilitating early exposure to crucial financial concepts.Convenient Access: In addition to the virtual lounge, customers can access services through various digital self-service channels like WhatsApp Bot and the Web portal, ensuring a seamless experience.Personalised Assistance: Customers can also explore financial products and schemes at their convenience, receiving personalised advice from representatives in a secure and interactive environment.ABSLI’s 3D virtual lounge InsureVerse will even consist of digital displays with product videos & interactive access to products and schemes creatives for different product segments. The company has introduced its recently launched ABSLI Nishchit Ayush Plan on the virtual platform.

While Instagram’s Threads logged a steep decline in active users after it registered 100 million sign-ups in a week, Twitter has recorded an increase in monthly users. Company owner Elon Musk said that monthly users of the social media platform, which is now called X, reached a “new high.” Musk shared a graph that showed the latest count as over 541 million. “X monthly users reach a new high in 2023,” he tweeted, adding that these numbers are after removal of a vast number of bots. Social media companies usually report their ‘active’ monthly users but Musk’s data was missing the (important?) word.Twitter reported that it had 229 million monthly active users in May 2022 and in November last year, Musk claimed that X had 259.4 million daily active users.Threads under ‘threat’?The development comes at a time when its direct competitor Threads is looking to find ways to retain its users. A report claimed that Threads registered a decline and daily active users dropped from 49 million to 23.6 million in about two weeks after it was launched.Earlier this week, a separate report claimed that Threads was working on “retention-driving hooks”, which are necessarily new features that may help the platform retain users. According to Meta CEO Mark Zuckerberg, the drop-off in active users count was “normal” and he expects retention to grow as the company adds more features to the app. “Obviously, if you have more than 100 million people sign up, ideally it would be awesome if all of them or even half of them stuck around. We’re not there yet,” he said. ‘X’ comes to iPhonesThe monthly users count came as Twitter is undergoing a rebranding on smartphones. Twitter became X on the web, then the change came to Android and now iPhones users are seeing the blue bird logo changing to ‘X’. However, the name of the app on the App Store remains ‘Twitter’.It is pointed out that Apple makes it mandatory for apps to have at least two letters in their names, therefore, the name of the app is not changed on the App Store..

Elon Musk-owned micro-blogging platform Twitter (which was recently rebranded to X) has officially rolled out the ads revenue sharing feature. This feature will allow users to share revenue from verified users’ impressions of ads displayed in replies to the content they post on X. The company claims that this feature will help people “earn a living directly on X.” With this feature, creators on the social media platform will be able to set up ads revenue sharing and creator subscriptions independently. This feature will be available globally (including India) and eligible creators will be able to apply for the payout. Eligibility criteriaTo be eligible for ads revenue sharing creators need to be subscribed to Twitter Blue or be a part of Verified Organizations. Also, eligible creators need to have at least 15 million impressions on their cumulative posts within the last 3 months. Apart from this, the creator also needs to have at least 500 followers. Eligible users who want to claim the payment need to have a Stripe account. Twitter uses the Stripe platform to process its payments. Moreover, eligible users also need to comply with the company’s ads revenue share terms. These terms include creator monetisation standards and the X rules. Users will be able to apply for both creator subscriptions and ad revenue sharing by accessing the monetisation option in settings. However, if users are found to breach the ads revenue share terms they will be excluded from the program. How to claim paymentFirst, enter the Monetisation section of the app. This option will be available in the side menu of the iOS or Android app while on the overflow menu on the web version. After clicking the “Join and setup payouts” users will be redirected to Twitter’s payment processor, Stripe. Here users have to set up an account to receive their share. Users have to access their Stripe accounts to transfer funds to their external bank account. Users will receive payouts at regular intervals after opting in. Payments can be initiated once users have generated more than $50. The company has also mentioned that eligible creators who have set up their payout details will be able to receive a payment the week of July 31 if they meet the criteria and their payout amount exceeds the minimum threshold of $50.

Two US lawmakers who head a committee focused on China urged the Biden administration to tighten export restrictions on artificial intelligence chips in the wake of industry lobbying to leave the rules unchanged. Representative Mike Gallagher, a Republican and chair of the House of Representatives select committee on China, and Representative Raja Krishnamoorthi, a Democrat and ranking member of the committee, in a letter to Commerce Secretary Gina Raimondo called to “further strengthen” a sweeping set of export control rules implemented last October that cut off China’s access to top AI chips made by US firms such as Nvidia, Advanced Micro Devices and Intel. The letter urges US officials to take an even stricter approach than one Reuters reported last month that they are considering.The October 2022 rules impose two performance caps on exporting AI chips to China – one on how fast the chips can talk to one another, and the second on the chips’ processing speeds.After the rules took effect, Nvidia created special chips for China with lower interconnect speeds. Intel this month also said it has created an AI chip that can be sold in China.But Nvidia’s chips still have high enough processing speeds to be useful in creating AI systems, and Reuters reported in May that the US export controls have done little to slow the progress of China’s AI sector.Last month, Reuters reported that US officials were considering tightening the rules by focusing on processing speeds alone, which could affect Nvidia’s chips. Nvidia at the time said that restricting sales of its AI chips to China “would result in a permanent loss of opportunities for the U.S. industry.”The potential tightening of the rules set off a flurry of lobbying activity, with the chief executives of Nvidia, Intel and Qualcomm traveling to Washington last week to meet with administration officials to discuss China policy. The same day as the visit, the Semiconductor Industry Association, a US-based industry group, urged the Biden administration to allow the “the industry to have continued access to the China market, the world’s largest commercial market for commodity semiconductors.” Gallagher and Krishnamoorthi urged an even tighter approach than the one Reuters previously reported officials are considering. The lawmakers’ letter recommended keeping a speed limit on how fast chips can talk to one another and said it “should be lowered sufficiently to prevent clever engineering that bypasses the regulations.”The lawmakers also urged administration officials to “closely consider” how to cut off Chinese firms’ access to advanced computing chips in the cloud, where major US firms such as Amazon.com, Microsoft and Alphabet’s Google offer the chips for rent as part of their cloud computing services.“We urge you to even further strengthen the October 7, 2022, rules so that advanced US technology and expertise related to advanced computing and semiconductors are not used against the United States,” Gallagher and Krishnamoorthi wrote.