Canva Magic Studio: Transforming the Creative Process with New AI Features ✨

Welcome to another edition of Horizon AI, your go-to newsletter for the latest in AI news

Canva collaborates with Runway AI to expand its existing generative AI capabilities and Morgan Stanley’s predictions on the impact of AI in the workforce.

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Read Time: 3.5 min

Here's what's new today in the Horizon AI

• Canva Magic Studio: Transforming the Creative Process with New AI Features ✨

• Morgan Stanley: AI to Affect Over 40% of Labor Force in 3 Years

• AI Research: AI, A Double-Edged Sword for Worker Productivity and Quality

• Trending AI Tool of the day: Boost your productivity with MonitUp

• AI Image of the day🎨: Hollywood actresses on a spiritual journey in India.

• The Latest in AI and Tech 💡

AI News

CANVA

Canva Magic Studio: Transforming the Creative Process with New AI Features

Canva recently announced the launch of Magic Studio, a new suite of AI-powered creative tools including video generation. This adds to Canva's existing generative AI capabilities and aims to make visual content creation even easier for users.

Key details:

• Magic Studio introduces new AI features like Magic Switch for design format conversion, Magic Media to turn text into visuals, Magic Design for automated video and presentation creation, and more.

• For video generation, Canva is collaborating with Runway AI and its Gen-2 model.

• Canva says it has implemented restrictions on its AI to avoid contributing to deepfake problems. The AI cannot generate images of celebrities or public figures.

• Magic Studio is part of Canva's $200 million planned investment in creators over the coming years.

With the launch of Magic Studio, Canva aims to expand its generative AI capabilities, giving its 150 million monthly users new creative power through AI.

Source

AI FORECASTS

Morgan Stanley: AI to Affect Over 40% of Labor Force in 3 Years

A new forecast from Morgan Stanley predicts artificial intelligence (AI) will transform a significant portion of the labor market in the next few years.

• Analysts estimate AI could impact over 40% of the workforce and $4.1 trillion of economic activity in the next 3 years, up from 25% and $2.1 trillion today

• Software vendors stand to capture $205 billion in revenue as companies adopt AI capabilities

• Generative AI like ChatGPT will alter job roles, automating some tasks while creating new activities for humans

• To prepare for disruption, companies should look at implementing AI responsibly while policymakers establish ethical governance

The rapid evolution of generative AI points to major changes in how businesses operate and people work.

Source

AI RESEARCH

AI: A Double-Edged Sword for Worker Productivity and Quality

A new study by Harvard Business School reveals artificial intelligence (AI) tools like ChatGPT can substantially improve worker productivity and performance - if implemented judiciously. Indiscriminate use of AI can markedly diminish outcomes.

Details:

• In an experiment with over 700 consultants, the use of ChatGPT increased task completion by 12% and speed by 25%

• Performance improved significantly in creativity, analysis, writing, and persuasion - by up to 40%

• Over-reliance on AI for unsuitable tasks increased mistakes by 19%

Finding the optimal balance of AI utilization and human work is key for each role. Excluding human strengths from the equation turns a promising technology into a counterproductive liability.

Source

Trending AI Tool

Boost your productivity with MonitUp

MonitUp is the AI-powered time tracking and productivity solution that helps businesses of all sizes make every second count. With MonitUp, you can automatically track your time and activities, get insights into your work habits, and boost your productivity.

Features:

• Automated time tracking: MonitUp uses AI to automatically track your time and activities on your computer.

• Detailed reports: MonitUp provides detailed reports on your time usage, allowing you to identify areas for improvement and make better decisions about how you spend your time.

• Goal setting: MonitUp allows you to set goals for yourself and your team, so you can track your progress.

• Team collaboration: Foster collaboration among your team members with role-based access control and collaborative features.

MonitUp is the perfect solution for businesses of all sizes that want to improve their productivity and performance.

Check this AI tool here

AI Image of the day

Source: @wild.trance on Instagram

The latest in AI and Tech

Meta's Sticker Controversy: A Cautionary Tale in AI Deployment

Meta's new AI sticker feature is already causing problems. The Emu algorithm lets users generate questionable content involving weapons and nudity while blocking only certain explicit phrases. Tests show Emu approves controversial phrases like "child with grenade" and "karl marx underwear" while blocking similar terms. The inconsistent filters highlight issues with deploying AI prematurely. More work is needed to understand contexts before expanding these tools globally.

Read more

Mark Zuckerberg Bets Billions on AI to Revolutionize Medical Research

Mark Zuckerberg is making a big bet on AI to cure diseases. His philanthropic organization, the Chan Zuckerberg Initiative, is building one of the world's largest computing systems dedicated to nonprofit life sciences research. The system will have over 1,000 GPUs to power AI models that simulate healthy and diseased cells. The goal is to help scientists gain a deeper understanding of cell biology and interactions to eventually cure, prevent or manage all diseases.

Read more

That’s a wrap!

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