Happy Friday!

In Today’s Email:

• Meta releases another AI tool 🛠️

• Nvidia soars after earnings 🚀

• Spain launches AI regulation agency 🇪🇸

Meta releases another AI tool 🛠️

This time the focus is on generating and discussing code.

Code Llama, is the newest AI tool that Meta’s built. The large language model can use text prompts to generate and discuss code. According to Meta, “It has the potential to make workflows faster and more efficient for developers and lower the barrier to entry for people who are learning code.”

The system is a specialized version of Llama 2, that was created through the further training of its code-specific datasets. Code Llama can generate code and natural language about code, from both natural language and code prompts.

Meta has released three sizes of Code Llama, 7B, 13B, and 34B which are based on different parameters. Additionally, Code Llama - Python and Code Llama - Instruct have also been released. Code Llama - Python is a language-specialized version of Code Llama, trained on 100B tokens of Python Code. Code Llama - Instruct is an instruction fine-tuned version of Code Llama.

Learn more about Code Llama here.

Nvidia soars after earnings 🚀

The chip manufacturer shows no sign of slowing down.

Nvidia destroyed Wall Street’s expectations for its Wednesday afternoon earnings report. The company reported $13.5 billion in sales and $2.45 earnings per share last quarter. According to FactSet, the consensus analyst estimated $11.2 billion in sales and $2.08 earnings per share. Nvidia said it expects $16 billion in sales for the current quarter, the current analysts’ projections are only at $12.6 billion.

The majority of Nvidia’s revenue came from its data center unit, which houses the company’s core AI unit. This unit of the company pulled in $10.32 billion in sales, far outpacing the analysts’ expectations of $8.03 billion. This also comes a 171% year-over-year increase from the unit.

The after-earnings report caused shares of Nvidia to spike 7% to over $500 in after-hours trading. This topped the shares intraday highs of $482 set on Tuesday. Nvidia is easily the top-returning stock on the S&P 500 over the past 10 months, as its market capitalization went from less than $300 billion to nearly $1.2 trillion in this short period of time.

Spain launches AI regulation agency 🇪🇸

Spain has become one of the first countries in the EU to create its own AI-regulating task force.

On Tuesday, the Council of Ministers approved a Royal Decree to create the new agency. The Spanish Agency for the Supervision of Artificial Intelligence (AESIA) will be formed by both the Spanish Ministry of Finance and Civil Service and the Ministry of Economic Affairs and Digital Transformation.

The agency will guarantee that AI development in the country will be “inclusive, sustainable, and citizen-centered,” according to a press release. This move will help Spain position itself as a leader in AI policy. According to the press release, Spain will become the first European country with a dedicated special agency for AI.

Europe isn’t sitting back when it comes to AI policy. In June, the European Union passed the Artificial Intelligence Act. The act provided a legislative framework for governance and oversight of AI. Although countries in Europe are beginning to regulate AI, other countries across the globe need to kickstart their AI policymaking efforts.

That’s it for today, we’ll see you back here on Monday.