July 20, 2024

Innovation & Tech Today


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F-16C Fighting Falcons, assigned to the 27th Fighter Win. Credit: Tech. Sgt. Kevin Gruenwald, USAF

Tech News to Know This Week: March 2 – 8

Every day we wake up, drink some coffee, get ready for work and check on the latest tech. So here’s a handful of stories from around the tech world condensed to fit into that first cup. These are things you need to know before you step foot out of your door (or in front of a webcam) and into the real world this morning.

RAIVEN Integrates AI in Target Acquisition

Raytheon Technologies has unveiled RAIVEN, a revolutionary electro-optical intelligent-sensing capability, which will enable pilots to have faster and more precise threat identification. The new threat identification system can identify multiple objects optically and spectrally at once in real time using artificial intelligence (AI), hyperspectral imaging, and light detection and ranging (LiDAR). 

The system increases aircraft survivability and gives the warfighter decision advantage over peer threats.

Credit: Jpalens via Pexels

RAIVEN builds upon the company’s Multi-Spectral Targeting System family of sensors for long-range surveillance, target acquisition, tracking, range finding, and laser designation

The AI automatically detects and identifies threats, reducing pilot workload and enabling them to make critical decisions faster. RAIVEN is a modular, open system that can support a wide array of missions, including the U.S. Army’s Future Vertical Lift modernization effort. The first flight test of RAIVEN is expected in 2024

First Republic Bank Seized & Sold by FDIC

In an expected, but nonetheless shocking move, the Federal Deposit Insurance Corporation (FDIC) seized First Republic Bank, the second-largest bank in the US, on Friday and sold it to JPMorgan Chase for $1.5 billion. The FDIC said that First Republic Bank was “critically undercapitalized” and faced “imminent failure” due to its exposure to risky loans and investments. 

The deal marks the largest bank failure since the 2008 financial crisis and the first time that the FDIC has used its authority to sell a failing bank to another institution. JPMorgan Chase said that it will assume all of First Republic Bank’s deposits and assets, and that it expects to incur minimal losses from the transaction. 

The FDIC said that the deal will protect depositors and taxpayers, and that it will not affect its insurance fund. The news sent shockwaves through the financial markets, as investors worried about the stability of other banks and the health of the economy.

Amazon Offers Free Fire TV

Amazon has launched a new hub for free, ad-supported streaming channels on Fire TV devices. The hub, called Fire TV Channels, features over 100 channels from various genres and categories, such as news, sports, entertainment, lifestyle, kids and more. Users can browse, discover and watch these channels without any subscription or additional app.

The move comes as Amazon sees a surge in demand for free streaming content on its platform. According to the company, monthly hours streamed of free ad-supported TV (FAST) content increased by more than 300% in the past six months. Amazon also plans to add more than 100 original shows and movies to its free streaming service, Freevee, in 2023.

Fire TV Channels is rolling out to Fire TV users in the U.S. starting today. It will also be available on Fire tablets and Fire TV Edition smart TVs in the coming months.

Foxconn Balks on Lordstown Agreement

Foxconn, the Taiwanese electronics giant that is supposed to rescue Lordstown Motors from bankruptcy,

Credit: Lordstown Motors

is now threatening to withdraw its funding. According to a report by The Wall Street Journal, Foxconn is unhappy with Lordstown’s management and financial situation, and wants to renegotiate the terms of the deal. Foxconn had agreed to invest $230 million in Lordstown and take a 10% stake in the electric truck maker, which has been struggling to produce its flagship Endurance pickup. Lordstown said it is still in talks with Foxconn and hopes to reach a mutually beneficial agreement soon.

The news of Foxconn’s potential withdrawal comes as a blow to Lordstown, which has been facing multiple challenges in recent months. The company has been under investigation by the Securities and Exchange Commission and the Department of Justice for allegedly misleading investors about its pre-orders and production capabilities. 

It has also faced several lawsuits from shareholders and former employees, and has had to recall some of its prototype vehicles due to fire risks.

Social Media WIthout the Algorithm – Nice

The news social networking app, RTRO, aims to connect users with their friends, family, and favorite creators and brands in a positive and human-centered way. Unlike other social media platforms, RTRO does not use algorithms to curate content, but instead lets users choose what they want to see and who they want to interact with. 

RTRO also offers a separate space for brands and creators to showcase their products and services, without interrupting the personal connections of users. RTRO claims to have robust moderation features that prevent bullying and toxicity on the app. 

The app also allows users to chat with ChatGPT, an artificial intelligence assistant that can generate content and answer questions. RTRO was founded by two tech and marketing veterans, Nicole Falco and Tristan Brennan, who wanted to create a better social media experience for both users and brands. The app is launching this week and is available for iOS and Android devices

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By I&T Today

Innovation & Tech Today features a wide variety of writers on tech, science, business, sustainability, and culture. Have an idea? Visit us here: https://innotechtoday.com/submit/

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