Bloomberg: AI could transform UK’s public finances as Labour touts gains

+ Think tanks say AI could help inefficient public services

+ Labour says UK well-positioned to benefit from the technology

IMF warns of ‘profound concerns’ over rising inequality from AI: Fund says governments should do more to protect their economies in face of massive potential labour disruptions. FT

Surgeon general calls for social media warning labels: WP reports heavy social media use poses mental health risks to kids and teens, Vivek H. Murthy wrote in a New York Times essay.

Reuters: Appeals court to hear challenges to potential US TikTok ban on Sept. 16

Governor, lawmakers are already planning big revisions to Colorado’s first-in-the nation artificial intelligence law: The Colorado Sun reports Jared Polis, Attorney General Phil Weiser, and a top Democratic lawmaker agree that Senate Bill 205 needs “additional clarity” and “improvements.” The proclamation follows a letter signed by 200 prominent technology executives and venture capitalists.

Japan’s chip equipment maker Disco catches AI fever: WSJ reports the maker of equipment for semiconductor manufacturing occupies important role in chip supply chain.

Bloomberg: Microsoft’s Japan chief sees country accelerating its use of AI

+ Software maker has grown into leader in pushing AI to masses

+ Beyond data centers, company sees untapped potential in Japan

Microsoft is planning to invest $7.16 billion to develop new data centers in Spain's northeast Aragon region, making a third major cloud computing hub in Europe. The company recently announced a 2.1 billion euro investment in data centers in Madrid. 

How AI is revolutionizing drug development: In high-tech labs, workers are generating data to train AI algorithms to design better medicine, faster. But the transformation is just getting underway. NYT

Google DeepMind shifts from research lab to AI product factory: Bloomberg reports the company combined its two AI labs to develop commercial services, a move that could undermine its long-running strength in foundational research.

Cannes Lions looks to laughter as ad industry feels threat of AI: New humour category highlights ‘human connection’ in a sector beset by a crisis in creativity. FT

McDonald’s will stop testing AI to take drive-thru orders, for now: The Verge reports the company is looking for other partners for AI chatbot-based ordering.

Enjoy the ride + plan accordingly.

-Marc