This Week in Startups First Citizens acquires SVB, the daunting reality of AI & Refiberd CEO Sarika Bajaj | E1707
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Mar 27, 2023 Sarika Bajaj, CEO and co-founder of Refiberd, leads the charge in revolutionizing textile recycling using AI and spectroscopy. She shares insights on the inefficient current recycling processes and the innovative solutions her company is implementing to tackle the textile waste crisis. Additionally, the conversation delves into the recent acquisition of SVB by First Citizens and the profound impact of generative AI on creative jobs, highlighting the emotional toll and legal challenges facing artists today.
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First Citizens Bank Acquisition of SVB
- First Citizens Bank acquired Silicon Valley Bank's assets, including loans and deposits, from the FDIC.
- The FDIC received equity appreciation rights in First Citizens Bank, potentially worth $500 million.
3D Artist Job Loss Due to AI
- A 3D artist lost their job because AI image generation made their skills obsolete.
- The artist's boss prioritized cost savings over the artist's creative work, leading to job displacement.
Impact of Generative AI on Creative Jobs
- Generative AI is rapidly replacing creative artists and knowledge workers, raising ethical concerns around stolen content.
- The lack of proper licensing and credit in AI-generated art leads to protests, lawsuits, and societal strife.