Daily Business Report: Monday, May 8, 2023
Visual Capitalist
What is Generative AI?
By Nick Routley
Generative AI refers to a category of artificial intelligence (AI) algorithms that generate new outputs based on the data they have been trained on. Unlike traditional AI systems that are designed to recognize patterns and make predictions, generative AI creates new content in the form of images, text, audio, and more.
Generative AI uses a type of deep learning called generative adversarial networks (GANs) to create new content. A GAN consists of two neural networks: a generator that creates new data and a discriminator that evaluates the data. The generator and discriminator work together, with the generator improving its outputs based on the feedback it receives from the discriminator until it generates content that is indistinguishable from real data.
Generative AI has a wide range of applications, including:
Images: Generative AI can create new images based on existing ones, such as creating a new portrait based on a person’s face or a new landscape based on existing scenery
Text: Generative AI can be used to write news articles, poetry, and even scripts. It can also be used to translate text from one language to another
Audio: Generative AI can generate new music tracks, sound effects, and even voice acting
After the collapse of two California
banks, what can the state do?
By Grace Gedye — CalMatters
Two major California banks — Silicon Valley Bank and First Republic — have failed.
While some banking industry leaders have said the immediate crisis is over, stock prices for other regional banks, including PacWest and Western Alliance, fell last week.
It’s important for the financial system that people believe their money is safe, and banks failing in quick succession tends to erode confidence. So what’s a state to do?
“Unfortunately, there’s not a lot that the state regulator can do that would change the risk dynamics that occurred, crippling Silicon Valley Bank,” said Todd Baker, a senior fellow at the Richman Center for Business, Law, and Public Policy at Columbia University, who also testified to California lawmakers at a hearing about the collapse of Silicon Valley Bank.
The failures of Silicon Valley Bank and First Republic alone are not cause “for revolutionary changes in regulation,” said Ross Levine, a banking and finance professor at UC Berkeley’s Haas School of Business. Shareholders profited when the banks were taking on risk and were “wiped out” when interest rates went up, said Levine. But depositors at both banks saw very little disruption, Levine said.
$100 million grant will replace aging bridge
and build railroad station at Del Mar Fairgrounds
By Chris Jennewein | Times of San Diego
SANDAG and the North County Transit District announced the award of a $100 million state grant to replace the aging San Dieguito Bridge and build a new station at the Del Mar Fairgrounds,
Replacing the 107-year-old, single-track wooden trestle with two modern concrete structures is intended to improve safety and efficiency, while the new platform would be open during special events such as races, concerts and the county fair.
The grant from the California Transit and Intercity Rail Capital Program is expected to be matched by federal funds to cover the total project cost of $230 million.
SANDAG has already finished environmental clearance and design work for the project. Construction is scheduled to be completed by 2028.)
Free trips for California legislators lead to bills
By Jeremia Kimelman and Alexei Koseff | CalMatters
After touring Portland and Seattle in 2020 to research waste disposal, state Sen. Ben Allen,
a Santa Monica Democrat, successfully carried a measure to restrict which plastics can bear the triangular arrow recycling symbol.
Because of a study trip to Japan in November, Assemblymember Devon Mathis,
a Visalia Republican, introduced a bill this year, which failed in committee, that would have required the state to procure more electricity from nuclear power plants instead of natural gas facilities.
And inspired by a visit to Portugal two years ago to learn about offshore wind farms, Assemblymember Laura Friedman, a Glendale Democrat, is pursuing legislation this session to streamline the approval of electrical infrastructure projects such as new transmission lines.
All of these tours were organized and paid for by the California Foundation on the Environment and the Economy, a San Francisco-based nonprofit that for the past four decades has been taking legislators and other state officials on free trips to learn about policy issues — trips funded and attended by representatives of companies and interest groups with business before the state.
UC San Diego professor elected
to National Academy of Sciences
By Christine Clark | UC San Diego
Barbara F. Walter, professor of political science at the University of California San Diego’s School of Global Policy and Strategy, has been elected to the National Academy of Sciences. The announcement comes just weeks after Walter was elected to another prestigious honorary society, the American Academy of Arts and Sciences.
Walter is one of the 120 members and 23 international members who were selected into National Academy of Sciences this year in recognition of their distinguished and continuing achievements in original research.
As one of the world’s leading experts on civil wars, political violence and terrorism, Walter occasionally consults for the World Bank, the United Nations, the U.S. Departments of Defense and State and the January 6th Committee.
My Pathway to College presents the
Pre-College Experience July 29-Aug. 2
My Pathway to College, a San Diego-based company that has helped more than 500 students find their best-fit school, presents My Pathways Conference: The Pre-College Experience, taking place July 29 to Aug. 2 at the University of San Diego. During the conference, renowned essay coaches and a team of independent college counselors will guide high school juniors and seniors through the college essay and application process, just in time for the Aug. 1 opening of the UC App and the Common App. Students will also enjoy a taste of college life by living, dining and engaging in a service opportunity, on the University of San Diego campus. Early bird registration is available through May 15, 2023, for $2,200, plus fees. Register at mypathwaytocollege.com/conference.
Report: San Diego needs more AI workers
SAN DIEGO — San Diego businesses must embrace more artificial intelligence initiatives and increase the local AI talent pool in order to catch up with increasingly high demand for the red-hot technology. This is one of the big takeaways from San Diego Regional Economic Development Corporation’s fifth study in a series on the proliferation of Artificial Intelligence and Machine Learning within the county’s key economic clusters.
One-Time $4,000 grant program opens
for low-income families hurt by COVID-19
SAN DIEGO — A few thousand low-income San Diego County families and seniors hurt by the COVID-19 pandemic could receive $4,000 in cash to help them recover, County and Jewish Family Service leaders announced. The one-time, $4,000 allocations are intended to help low-income people who live in the 39 county ZIP codes hit the hardest by COVID-19, particularly families and seniors who are at risk of becoming homeless. Apply here.
Quick Custom Intelligence continues
expansion in Australia with 5 new sites
SAN DIEGO — Gaming Dynamics (Australia) and San Diego-based Quick Custom Intelligence (QCI), a leading global provider of gaming analytics software, announces its continued expansion in the Australian market with the addition of five new sites. Celebrating three successful years in Australia, QCI demonstrates its commitment to innovation and its ability to cater to the global demand for advanced gaming analytics solutions. This expansion is made possible through a strategic partnership with Gaming Dynamics, the premier Australian distributor of cutting-edge gaming technology.
Cymbiotika CEO named Entrepreneur of the
Year 2023 Pacific Southwest Award finalist
SAN DIEGO — Ernst & Young LLP announced that Shahab Elmi, CEO and founder of San Diego-base Cymbiotika, was named an Entrepreneur Of The Year 2023 Pacific Southwest Award finalist. Now in its 37th year, Entrepreneur Of The Year is one of the leading competitive business awards for transformative entrepreneurs and leaders of high-growth companies. The impact of Elmi’s leadership can be seen in the remarkable growth of Cymbiotika. In the past three years, the company experienced an astonishing 7000 percent growth in revenue and received numerous accolades from the business community.
Medical Solutions ranked among HRO Today’s
Baker’s Dozen Satisfaction Ratings List
SAN DIEGO — Medical Solutions, one of the largest health care talent ecosystems, which has an office location in San Diego, has been named to HRO Today’s 2023 Baker’s Dozen Customer Satisfaction Ratings List for Managed Services Providers (MSPs). The HRO Today List is considered to be the gold standard among HR service providers. The Baker’s Dozen ratings are based solely on feedback from buyers of the rated services and not on the opinions of the HRO Today staff, providing those on the list with insight into their performance.
Positive Change Counseling Center joins ARC Health
SAN DIEGO — ARC Health, a Thurston Group portfolio company, announced the acquisition of Positive Change Counseling Center (PCCC), a leading mental health practice in San Diego and Ventura counties. Founded by Jennifer Lundy-Aguerre in 2006, PCCC has grown into four clinic locations, offering in-person therapy and telehealth to those in need. The practice specializes in serving couples, families, and individuals of all ages, with each therapist having their own specialties, enabling a holistic, strength-based approach to mental health.
ClickUp launches the world’s only role-base AI assistant
SAN DIEGO — ClickUp, the productivity platform that brings work together in one place, announced the availability of ClickUp AI — a transformative AI solution that will change the way people work forever. Native to the ClickUp platform, ClickUp AI delivers a purpose-built experience designed to take the guesswork out of leveraging AI for work across every role. ClickUp helps customers go beyond the basic application of AI in the workplace. It puts dozens of AI commands and role-specific prompts directly into the hands of its users.
Aging & Independent Services offers
in-person and virtual chronic disease classes
SAN DIEGO — San Diego County’s Aging & Independence Services (AIS) is offering free in-person classes focused on helping San Diegans cope with chronic disease. The classes were virtual during the pandemic but are officially back in public gathering places with a new series serving the community. Virtual classes will also continue. The classes are six weeks long, offered virtually and in-person and free educational materials are provided. To learn more or sign up, visit www.healthierlivingsd.org or call (858) 495-5500.
SDSU’s rehabilitation counseling
program tied for third best in nation
Another impressive ranking has come the way of San Diego State University. The school’s rehabilitation counseling program has tied as the third best program in the country with the University of Iowa. The rankings come from U.S. News & World Report highlighting the best graduate schools across the country. More than 90 schools were ranked for this report. SDSU’s third place ranking for its master of science degree in rehabilitation counseling is the best the school has ever done in this area.
