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Hartford aims to be hub for artificial intelligence – NBC Connecticut

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The fear of the unknown is what a lot of us are dealing with. Is artificial intelligence going to eliminate our jobs and use our data against us, like so many worry?

Or will the good outweigh the bad, like using search engines for medical journals, going 24/7 through them to find patterns and maybe lead to a cure for cancer. Who knows?

And if all of this does happen, how do you regulate it to begin with?

NBC Connecticut’s Mike Hydeck spoke with Hartford Mayor Arunan Arulampalam (D), who recently spoke at a Meta conference about AI and government.

Mike Hydeck: So first up, can you use, to your knowledge so far, because it’s such a nascent industry, artificial intelligence and local government, and can it speed up things like permitting process? And can it help with like replacing old water lines. Do you have to search the whole state?

Arunan Arulampalam: It’s something we’re already doing in the City of Hartford. You know, we’ve got this technology that we put into our city trucks to go around city streets and check out when there are divots in streets, when streets are kind of getting broken down. So we can get on top of fixing up those patches, making our streets better along the way. What we found out is, if we wait for people to call into 311, it tends to be certain neighborhoods, certain people. This kind of democratizes it, so everybody in every street, whichever street needs help the most, gets it first. And so that’s one small example. We’re expanding out the ways in which we’re using it in government. But you know, I want to talk to that fear of AI. I think what the fear is so many of us have is that this is going to take my job. It’s going to change my way of life. And I’ve heard a few people say AI is not going to replace you. Your job is not going to be replaced by AI. It’s going to be replaced by somebody who knows AI. And I wanted to make sure that Hartford residents, Hartford-area folks, are not seeing their jobs replaced, that our way of life isn’t changing, that we’re up at the front end of this challenge, that we’re adapting first before other communities. And so we’re creating this AI center to be the way to build out a workforce that’s among the most advanced in the nation in the years ahead, to deal with the technological changes of tomorrow.

Mike Hydeck: So where’s that center going to go? How’s it going to be funded? When’s it going to be open?

Arunan Arulampalam: All good questions. We are working on an application right now to the state through the innovation clusters program. We’re hoping to build it right behind Dunkin’ Donuts Park. There’s a whole community coming together with housing, with a couple other businesses, and we’re hoping to turn that old data center that’s there, we’re hoping to knock that down and turn that into a little bit of housing and an AI center that will bring together our institutions. But you know, wherever we put it, the goal is to use all of the ingenuity and innovation coming out of our big corporations. And so we’ve got all the big insurance companies signed on, the Aetna and CVS, The Hartford, Travelers, Cigna. We’ve got Hartford HealthCare signed on, Stanley Black and Decker, saying we want to innovate in this space, but we’ve also got every higher ed institution in the state. It’s then, we’re the first state to do this, to create a consortium of higher ed institutions for AI, and we’re going to lean on that pipeline. We’re going to have those companies innovate in the space, but using folks, the young people coming out of our higher ed institutions, from high school up until graduation, to do the actual innovation. So if you’re working on a product, you go into this space, you develop it in this space using some of our soon to be graduates so they can work on these projects. And we’re hoping by doing that we’re investing in our workforce and giving them the skills they need to be among the most advanced in the country when it comes to AI.

Mike Hydeck: So considering it’s in the application process, it’s likely still a couple years away, at least?

Arunan Arulampalam: Although, we’re hoping to build a beta version of that soon. So I think we’re going to see that, we might not see the building right away, but to us, we don’t need a building to get started. We’re hoping to build a version of that soon and get started using using the City of Hartford as the guinea pig, using some test cases, use cases within the city of Hartford.

Mike Hydeck: So let’s address the fears for a second, too. So AI and all these things that are generated with use troves of data, they find patterns, that kind of thing. From a governmental perspective, say, one of these searches or the conclusions made by an AI engine is wrong. Should there be a way for, or maybe it benefits one party financially better than another. Are there ways, do you think, should be in local government to protest this and say, Look, that wasn’t the right outcome here.

Arunan Arulampalam: Well, that’s exactly why we want to keep this in this contained space. Tech folks would call it a sandbox, and so I mean, the folks who are most worried about data right now are insurance companies, because there are troves of data that they are holding back from some of this innovation, because there’s not a safe space for this. And our insurance companies are signing on and saying, we want to do this in this center. The idea is that you take this data and you take it away from the entity that it’s with, and you put it in a controlled setting. There’s going to be ethical safeguards within that setting. We’re going to have folks who are, you know, very stringent safeguards. We’re going to have folks who are, who are conversant in this and, know, different models of AI. So you’re not just sending it out to some random company to work on this innovation. It is within a very tightly controlled space that the City of Hartford is in, as well as the state. And you can try out a use case in there. You can figure out what the vulnerabilities are, what the concerns are, what the ethical considerations are, first, and then you bring it back and incorporate it into the setting. And at the same time, as I said, you know, you’ve got a workforce of folks building that out, and so say NBC wants to create a product. NBC wants to create a product to ensure that everybody gets the news that they’re looking for based on their interests. Instead of going out to some company, finding some company, and hoping you get it right, and paying millions of dollars to build out that product, you come into this AI center in Hartford, you have kids from UConn, kids coming out of high school. We’re gonna have high school certifications. We’re gonna have workforce training all the way up until they get jobs working on these products. And so what you’re paying for is those stipends for kids here in our city and in our region to be able to learn these skills, to be able to grow this ecosystem. And then it’s gonna attract the best minds in AI to our universities. It’s going to attract companies who want to find workforce that’s ready to use this technology here to the City of Hartford, and so we’re going to build out this workforce that is ready for the technological changes so that Hartford doesn’t get steamrolled by it. That we’re on the forefront of this wave. We’re riding this wave into the future.



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Goldman Sachs Warns An AI Slowdown Can Tank The Stock Market By 20%

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Artificial intelligence has propelled the stock market to all-time highs, but Goldman Sachs (NYSE:GS) recently warned that once AI spending slows down, the stock market can tank by 20%. A research note from Goldman Sachs Analyst Ryan Hammond cited the danger of hyperscalers inevitably cutting back on AI expenditures, according to Fortune.

“A reversion of long-term growth estimates back to early 2023 levels would imply 15% to 20% downside to the current valuation multiple of the S&P 500,” Hammond reportedly wrote in his research note.

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Right now, AI spending is full steam ahead, but Hammond wrote that a few analysts are assuming that a sharp deceleration will take place in Q4 2025 and 2026.

Tech giants haven’t gotten the memo. Meta Platforms (NASDAQ:META) said this week it will spend $600 billion on AI over the next three years. Zuckerberg later posted on Threads that it’s possible the company will invest more than $600 billion during those three years. He even said a “significantly higher number” was likely through the end of the decade.

Microsoft (NASDAQ:MSFT) made another big AI deal this week by securing a five-year, $17.4 billion AI infrastructure deal with Nebius (NASDAQ:NBIS). This type of rapid spending indicates AI growth can continue beyond the current rally.

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Artificial intelligence plays a critical role in the stock market’s performance based on the top companies in major benchmarks like the S&P 500 and Nasdaq. Data from Slickchart shows that top AI beneficiary Nvidia (NASDAQ:NVDA) makes up approximately 7% of the S&P 500.

The top eight publicly traded corporations on the S&P 500 are all heavily invested in artificial intelligence. They are ramping up their AI spending and aim to release products and services that use AI. These eight companies make up more than 36% of the S&P 500.

There are also corporate giants outside of the S&P 500’s top 10 that still invest heavily in artificial intelligence. Oracle (NYSE:ORCL), Palantir (NASDAQ:PLTR), and Cisco (NASDAQ:CSCO) are some of the most notable S&P 500 members in the category.



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A Sample Grant Proposal on “Artificial Intelligence for Rural Healthcare” – fundsforNGOs

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A Sample Grant Proposal on “Artificial Intelligence for Rural Healthcare”  fundsforNGOs



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Robinhood CEO says just like every company became a tech company, every company will become an AI company

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Earlier advances in software, cloud, and mobile capabilities forced nearly every business—from retail giants to steel manufacturers—to invest in digital transformation or risk obsolescence. Now, it’s AI’s turn.

Companies are pumping billions of dollars into AI investments to keep pace with a rapidly changing technology that’s transforming the way business is done.

Robinhood CEO Vlad Tenev told David Rubenstein this week on Bloomberg Wealth that the race to implement AI in business is a “huge platform shift” comparable to the mobile and cloud transformations in the mid-2000s, but “perhaps bigger.”

“In the same way that every company became a technology company, I think that every company will become an AI company,” he explained. “But that will happen at an even more accelerated rate.”

Tenev, who co-founded the brokerage platform in 2013, pointed out that traders are not just trading to make money, but also because they love it and are “extremely passionate about it.”

“I think there will always be a human element to it,” he added. “I don’t think there’s going to be a future where AI just does all of your thinking, all of your financial planning, all the strategizing for you. It’ll be a helpful assistant to a trader and also to your broader financial life. But I think the humans will ultimately be calling the shots.”

Yet, Tenev anticipates AI will change jobs and advised people to become “AI native” quickly to avoid being left behind during an August episode of the Iced Coffee Hour podcast. He added AI will be able to scale businesses far faster than previous tech booms did. 

“My prediction over the long run is you’ll have more single-person companies,” Tenev said on the podcast. “One individual will be able to use AI as a huge accelerant to starting a business.”

Global businesses are banking on artificial intelligence technologies to move rapidly from the experimental stage to daily operations, though a recent MIT survey found that 95% of pilot programs failed to deliver.

U.S. tech giants are racing ahead, with the so-called hyperscalers planning to spend $400 billion on capital expenditures in the coming year, and most of that is going to AI.

Studies show AI has already permeated a majority of businesses. A recent McKinsey survey found 78% of organizations use AI in at least one business function, up from 72% in early 2024 and 55% in early 2023. Now, companies are looking to continually update cutting-edge technology.

In the finance world, JPMorgan Chase’s Jamie Dimon believes AI will “augment virtually every job,” and described its impact as “extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years: think the printing press, the steam engine, electricity, computing, and the Internet.”

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