Anthropic IPO-‘Revolutionize Every Area of Human Endeavor’; Elvis’ Estate Sues Anthropic-Copyright Infringement; New iPad Mini-1st Water-Resistant iPad; AI Has Delivered Zero Payoff Outside Tech-Apollo’s Slok

Anthropic haș filed with the SEC, in its move to go public. Theverge.com reports that the 1st 6 months of this year, the AI firm had an $80.7 billion loss on $16.3 billion in revenue. Despite this giant negative cash flow, the maker of Claude said in the filing: ‘We believe that AI is one of the most consequential technologies in human history. If managed well, it could rapidly accelerate scientific innovation, greatly increase economic growth rates, bring cures for major diseases within reach, and solve problems that have resisted generations of human effort.’ That’s a pretty positive outlook…time will show us if it is really that golden, or falls a ways from the mark.

The estate of Elvis Presley thinks Anthropic is a ‘Hound Dog,’ and has sued the AI company over copyright infringement. According to engadget.com, the estate is demanding $41 million, claiming the AI company trained its models on 274 Elvis songs without permission. The filing accuses Anthropic of bypassing DRM protections and removing or altering copyright management information from 247 songs. Those include hits like Don’t Be Cruel, Can’t Help Falling in Love and A Little Less Conversation. Universal Music and Concord Music Group have filed similar claims over illegal downloading and training on some 20,000 songs. The demand for compensation is in the billions.

Apple has bowed a new iPad Mini, and the new Mini has a surprise feature no other iPad has. It is water-resistant. Macrumors.com notes that Apple tested the device for immersion in water up to one meter deep for up to 30 minutes under controlled laboratory conditions. The company highlights reading by the pool and working outdoors on a rainy day as situations where the protection could be particularly useful. All that is well and good, but Cupertino still cautions against charging a wet iPad, and liquid damage isn’t covered by the warranty. The new Mini starts at $699, with preorders open Wednesday, October 28th. It will be available on November 6th.

In spite of the chirpy, positive outlook for AI noted above in Anthropic’s filing for their IPO, the Chief Economist at Apollo Global Management Torsten Slok has a bit less rosy view. He says that despite the enormous investment of cash into AI, it has provided ‘zero payoff’ to corporate America outside of technology. Slok goes on to say in a report that “Revenue per worker is rising for the Magnificent 7 but is flat for the S&P 493.” Profit margins haven’t grown, either, aside from the tech companies involved with building AI.

I’m Clark Reid and you’re ‘Technified’ for now.