OpenAI Asks Congress Whether an AI Slowdown Would Be Legal
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Citadel Securities is seeking over $7.9 million in damages from former employees who founded the crypto company.
Odaily Odaily that Citadel Securities has filed a lawsuit in London against Leonard Lancia, former head of its European derivatives systematic market making team and co-founder of high-frequency crypto trading firm Portofino Technologies, seeking over £6 million, or approximately $7.9 million. Citadel Securities accused Leonard Lancia and his colleagues of planning their startup while he was still employed by the company, and won a labor arbitration case, receiving damages and legal costs. In addition, Citadel Securities filed a lawsuit against Portofino Technologies in the United States in 2023, accusing it of stealing trade secrets. Leonard Lancia and Portofino Technologies have denied all allegations. The London High Court rejected Leonard Lancia's request last Friday to lift the asset freeze order. (Bloomberg)
AI-powered legal services company Norm has raised $120 million in funding, led by Khosla Ventures.
PANews reported on July 7th that, according to Bloomberg, AI legal startup Norm has completed a new funding round of $120 million, valuing the company at approximately $1.2 billion post-money. The round was led by Khosla Ventures, with participation from Blackstone, Bain Capital Ventures, Coatue Management, and others, bringing its total funding to over $260 million. Founded in 2023, Norm differs from traditional software vendors by operating its own Norm Law firm, providing clients directly with legal services delivered by lawyers and AI engineers, charging based on results rather than hourly rates. The company is also developing "AI-driven regulatory AI" compliance agents for regulated industries such as finance and healthcare, and plans to use the new funding to expand its engineering and legal teams and strengthen its systems.
South Korean regulators are reviewing whether Polymarket constitutes illegal gambling, giving it an opportunity to respond before making a decision.
PANews reported on July 6 that, according to The Block, South Korea's media regulator will give Polymarket an opportunity to respond before deciding whether to take corrective action against its prediction market platform. The regulator is reviewing whether Polymarket's services constitute illegal gambling activities prohibited by South Korean law.
Change of legal representative of Hynix Semiconductor Dalian Company
According to Mars Finance, Tianyancha App shows that SK Hynix Semiconductor (Dalian) Co., Ltd. recently underwent an industrial and commercial registration change. Park Won-sung stepped down as legal representative and director, and Lee Byung-ki took over. The company was established in May 2021 with a registered capital of US$3.1 billion. Its business scope includes integrated circuit manufacturing, integrated circuit chip and product manufacturing, electronic component manufacturing, integrated circuit chip design and services, etc., and it is wholly owned by SK Hynix Co., Ltd.
OpenAI plans to offer a 5% stake to the Trump administration; Altman encourages AI developers to follow suit.
According to a report by the Financial Times on July 2nd, BlockBeats reports that OpenAI has discussed offering a 5% stake to the US government. The $852 billion AI startup is attempting to overcome political obstacles by securing financial support from the Trump administration. According to two sources familiar with the matter, Sam Altman told senior government officials that allowing the public to hold financial shares in the company is the best way to share in the benefits of AI development, and proposed this percentage in early discussions with the government. Under the proposed arrangement, other US AI companies would also offer similar percentages of shares, but it is unclear whether other labs are willing to do so. Offering ownership to the government would help build a good relationship with the government and also marks an attempt to address political backlash by sharing the wealth created by AI with the public. The environment for AI labs in Washington is becoming increasingly challenging due to growing concerns among the American public and politicians about the construction of large-scale data centers and the impact of AI on jobs and cybersecurity. Sam Altman and other OpenAI executives have suggested that every leading AI developer in the U.S. should allocate 5% of its equity to an entity similar to the Alaska Permanent Fund—a sovereign wealth fund that invests a state's oil wealth in stocks and distributes dividends to state governments and residents. These companies could include Anthropic, as well as Google, Meta, and others, but it is unclear whether any of these groups will agree to OpenAI's proposal. Sources familiar with the matter say that "conceptual" negotiations between the government and OpenAI are in their early stages, and any agreement may require congressional legislation to be implemented. However, these discussions reveal a potential mechanism for distributing the financial benefits of the technology.
Tencent announced that Tian Yonglong, a former researcher at OpenAI, has joined the company to participate in the development of VLM.
According to sources at Tencent, Yonglong Tian, a former researcher at OpenAI, has recently joined Tencent's Large Language Model Department and will participate in the research and development of VLM (Visual Language Model). This marks another instance of Tencent poaching talent from OpenAI. On December 17th last year, Tencent announced an upgrade to its large model R&D architecture, establishing the AI Infra Department, AI Data Department, and Data Computing Platform Department. Former OpenAI senior researcher Yao Shunyu was appointed as the Chief AI Scientist in the "CEO/President's Office" (reporting to Martin Lau), and concurrently served as the head of the AI Infra Department and the Large Language Model Department (reporting to Lu Shan). This announcement garnered widespread attention on social media. (The Paper)