Latest news with #London-founded
Yahoo
an hour ago
- Business
- Yahoo
Nvidia CEO Jensen Huang calls UK 'perfect' place for 'AI takeoff'
Jensen Huang, the CEO of chipmaking giant Nvidia (NVDA), has said that the UK is in a "Goldilocks" situation when it comes to artificial intelligence (AI). Huang made the comments on a panel with UK prime minister Keir Starmer and minister for investment Poppy Gustafsson at the start of London Tech Week on Monday morning. When asked by Gustafsson how the UK could create an AI ecosystem and drive the opportunities presented by the technology, Huang said that the country was in a "goldilocks circumstance", implying that its situation is just right for investment. Huang said the UK has "one of the richest AI communities anywhere on the planet", adding that it has the "best universities ... amazing start-ups ... and incredible thinkers in computer science". London-founded AI research lab DeepMind, which is also headquartered in the UK capital and is now owned by Google (GOOG, GOOGL), was among the start-ups highlighted by Huang. Autonomous driving systems start-up Wayve, AI video generation company Synthesia and AI voice generator start-up ElevenLabs, were the other names Huang mentioned. In addition, Huang said the UK has the "third largest AI venture capital (VC) investment anywhere in the world". "And so between these two ideas that you're rich with computer scientists, it's a fantastic place for VCs to invest, the ecosystem is really perfect for takeoff," he said. Read more: Stocks to watch this week: TSMC, Adobe, Tesco, Bellway and Inditex "It's just missing one thing: it is surprising this is the largest AI ecosystem in the world without its own infrastructure, which is the reason why we're talking about it so much, which is the reason why the prime minister's announcement of investing in ... 20 times more computing is such a big deal." In a speech prior to the panel, opening London Tech Week, Starmer said that the government was committing an extra £1bn of funding to scale up the UK's computing power by 20 times. "If you're in the world of AI, you do machine learning," said Huang on the panel. "You can't do machine learning without a machine. "So the ability to build these AI supercomputers here in the UK will naturally attract more startups. It will naturally enable all of the rich ecosystem of researchers here to be able to do their life's work and I think it's just such an incredible, incredible place to invest: I'm gonna invest here. "The UK is such a great place to invest because of all the things I've just said – we're gonna start our AI lab that you mentioned, prime minister, and we're going to partner with the UK to upskill the ecosystem of developers into AI." In addition to ramping up the UK's computing capacity, Starmer unveiled a government partnership with 11 major companies to train 7.5 million workers in AI by 2030. The prime minister also shared the government's plans to embed learning around AI in the education system with a "tech-first training programme". He said that this £185m investment would train up to a million young people in tech skills. Meanwhile, the UK's Financial Conduct Authority (FCA) announced on Monday that it was launching a "supercharged sandbox", in collaboration with Nvidia to allow City firms to experiment with AI. The financial watchdog said that under the initiative firms would be able to test out the technology using Nvidia's accelerated computing and AI enterprise software, adding that those firms successful in applying to use the "sandbox" would be able to do so from October. Read more: Will the UK spending review lead to autumn tax rises? Have your say What is the Pension Investment Review? Bank of England governor expects interest rates and pay to decrease this year
Yahoo
5 hours ago
- Business
- Yahoo
Nvidia CEO Jensen Huang says UK is in 'Goldilocks' situation for AI
Jensen Huang, the CEO of chipmaking giant Nvidia (NVDA), has said that the UK is in a "Goldilocks" situation when it comes to artificial intelligence (AI). Huang made the comments on a panel with UK prime minister Keir Starmer and minister for investment Poppy Gustafsson at the start of London Tech Week on Monday morning. When asked by Gustafsson how the UK could create an AI ecosystem and drive the opportunities presented by the technology, Huang said that the country was in a "goldilocks circumstance". He was implying that the UK had the right ingredients to be successful with AI. Huang said the UK has "one of the richest AI communities anywhere on the planet", adding that it has the "best universities, amazing start-ups and incredible thinkers in computer science". London-founded AI research lab DeepMind, which is also headquartered in the UK capital and is now owned by Google (GOOG, GOOGL), was among the start-ups highlighted by Huang. Autonomous driving systems start-up Wayve, AI video generation company Synthesia and AI voice generator start-up ElevenLabs, were among the other names Huang mentioned. In addition, Huang said the UK has the "third largest AI venture capital (VC) investment anywhere in the world". "And so between these two ideas that you're rich with computer scientists, it's a fantastic place for VCs to invest, the ecosystem is really perfect for takeoff," he said. Read more: Stocks to watch this week: TSMC, Adobe, Tesco, Bellway and Inditex "It's just missing one thing: it is surprising this is the largest AI ecosystem in the world without its own infrastructure, which is the reason why we're talking about it so much, which is the reason why the prime minister's announcement of investing in ... 20 times more computing is such a big deal." In a speech prior to the panel, opening London Tech Week, Starmer said that the government was committing an extra £1bn of funding to scale up the UK's computing power by 20 times. "If you're in the world of AI, you do machine learning," said Huang on the panel. "You can't do machine learning without a machine. "So the ability to build these AI supercomputers here in the UK will naturally attract more startups. It will naturally enable all of the rich ecosystem of researchers here to be able to do their life's work and I think it's just such an incredible, incredible place to invest: I'm gonna invest here. "The UK is such a great place to invest because of all the things I've just said – we're gonna start our AI lab that you mentioned, prime minister, and we're going to partner with the UK to upskill the ecosystem of developers into AI." In addition to ramping up the UK's computing capacity, Starmer unveiled a government partnership with 11 major companies to train 7.5 million workers in AI by 2030. The prime minister also shared the government's plans to embed learning around AI in the education system with a "tech-first training programme". He said that this £185m investment would train up to a million young people in tech skills. Read more: Will the UK spending review lead to autumn tax rises? Have your say What is the Pension Investment Review? Bank of England governor expects interest rates and pay to decrease this yearError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 hours ago
- Business
- Yahoo
Nvidia CEO Jensen Huang says UK is in 'Goldilocks' situation for AI
Jensen Huang, the CEO of chipmaking giant Nvidia (NVDA), has said that the UK is in a "Goldilocks" situation when it comes to artificial intelligence (AI). Huang made the comments on a panel with UK prime minister Keir Starmer and minister for investment Poppy Gustafsson at the start of London Tech Week on Monday morning. When asked by Gustafsson how the UK could create an AI ecosystem and drive the opportunities presented by the technology, Huang said that the country was in a "goldilocks circumstance". He was implying that the UK had the right ingredients to be successful with AI. Huang said the UK has "one of the richest AI communities anywhere on the planet", adding that it has the "best universities, amazing start-ups and incredible thinkers in computer science". London-founded AI research lab DeepMind, which is also headquartered in the UK capital and is now owned by Google (GOOG, GOOGL), was among the start-ups highlighted by Huang. Autonomous driving systems start-up Wayve, AI video generation company Synthesia and AI voice generator start-up ElevenLabs, were among the other names Huang mentioned. In addition, Huang said the UK has the "third largest AI venture capital (VC) investment anywhere in the world". "And so between these two ideas that you're rich with computer scientists, it's a fantastic place for VCs to invest, the ecosystem is really perfect for takeoff," he said. Read more: Stocks to watch this week: TSMC, Adobe, Tesco, Bellway and Inditex "It's just missing one thing: it is surprising this is the largest AI ecosystem in the world without its own infrastructure, which is the reason why we're talking about it so much, which is the reason why the prime minister's announcement of investing in ... 20 times more computing is such a big deal." In a speech prior to the panel, opening London Tech Week, Starmer said that the government was committing an extra £1bn of funding to scale up the UK's computing power by 20 times. "If you're in the world of AI, you do machine learning," said Huang on the panel. "You can't do machine learning without a machine. "So the ability to build these AI supercomputers here in the UK will naturally attract more startups. It will naturally enable all of the rich ecosystem of researchers here to be able to do their life's work and I think it's just such an incredible, incredible place to invest: I'm gonna invest here. "The UK is such a great place to invest because of all the things I've just said – we're gonna start our AI lab that you mentioned, prime minister, and we're going to partner with the UK to upskill the ecosystem of developers into AI." In addition to ramping up the UK's computing capacity, Starmer unveiled a government partnership with 11 major companies to train 7.5 million workers in AI by 2030. The prime minister also shared the government's plans to embed learning around AI in the education system with a "tech-first training programme". He said that this £185m investment would train up to a million young people in tech skills. Read more: Will the UK spending review lead to autumn tax rises? Have your say What is the Pension Investment Review? Bank of England governor expects interest rates and pay to decrease this year
Reuters
04-04-2025
- Business
- Reuters
Law firms Kramer Levin and Herbert Smith Freehills approve merger
April 4 (Reuters) - U.S. law firm Kramer Levin Naftalis & Frankel and global legal giant Herbert Smith Freehills said in a joint statement on Friday that their partners voted to approve a merger, creating a 2,700-lawyer firm. The deal is expected to take effect on June 1. The firms said the combination will create a top 20 firm globally, with over $2 billion in revenue and 26 offices. The two firms had announced plans to merge in November. The combined firm will be called Herbert Smith Freehills Kramer. Kramer Levin has offices in New York, Silicon Valley and Washington, D.C. The firm had nearly 340 lawyers and generated more than $435 million in total revenue in 2023, according to figures reported by the American Lawyer. Herbert Smith Freehills is the product of a 2012 merger between London-founded Herbert Smith and Australian law firm Freehills. It has more than 2,400 lawyers in 23 offices globally, with New York as its sole U.S. outpost, according to its website. The firm generated more than $1.6 billion in revenue in 2023, the American Lawyer reported. More than 50 lawyers from Kramer Levin's Paris office, which was not slated to be part of the merger, joined Morgan, Lewis & Bockius at the beginning of the year. Paul Schoeman and Howard Spilko, co-managing partners of New York-founded Kramer Levin, in a Friday statement said combining with HSF "enables us to achieve our shared vision and potential for strategic growth in the U.S." Law firms with roots in the U.K. have long sought growth in the U.S. legal market, including through mergers and partner hires in major U.S. cities. London-founded Allen & Overy and New York's Shearman & Sterling last year completed a transatlantic merger to create A&O Shearman, which has nearly 4,000 lawyers globally.
Reuters
17-03-2025
- Business
- Reuters
Law firm Cleary buys legal tech company in AI bid
March 17 (Reuters) - Cleary Gottlieb Steen & Hamilton has acquired a legal technology company, a rare move as large law firms race to invest in generative artificial intelligence. Cleary acquired Springbok AI, a London-founded consultancy and company that develops technology products for lawyers, and that has previously partnered with other law firms. New York-founded Cleary said the addition of Springbok's team will help the firm build its own AI tools. Springbok and Cleary did not disclose the deal's financial terms. Artificial intelligence has captured the attention of law firms and the legal industry broadly, with promises to speed up tasks and change the way that lawyers work. Sixty-three percent of lawyers surveyed by Reuters' parent company Thomson Reuters last year said they have used AI for work, and 12% said they use it regularly. Thomson Reuters also markets AI tools for lawyers. Cleary managing partner Michael Gerstenzang said in a statement that the deal "immediately enables us to create custom AI-powered solutions — something that sets us apart from many of our competitors." It is not common for law firms to acquire technology companies, legal industry consultants said, with many instead contracting with outside vendors and working to build their own internal AI capabilities. "It's extremely rare" for law firms to make technology company acquisitions, said Joe Borstein, a partner at Baretz+Brunelle and co-founder of legal technology accelerator LexFusion. Law firms generally "don't have a vision of what they can do with embedded technology," he said. Cleary as part of the deal is bringing on Springbok AI's co-founder and CEO Victoria Albrecht and 10 data scientists and AI engineers who will form a new team at the firm. "We are bypassing the time that it would take to build this team by hand," Ilona Logvinova, director of practice innovation at Cleary, told Reuters. Legal experts said law firms have faced challenges attracting talent to create their own internal technology tools. "Building data science and AI teams in law firms is not easy," said Daniel Linna, director of law and technology initiatives at Northwestern University's law and engineering schools. Logvinova, who joined Cleary about a year ago from McKinsey, said the new team will focus on building AI for the firm's internal use to meet client needs. The firm also has a technology subsidiary, called ClearyX that works on projects directly with clients.
