Also: Apple in India, Temu v. Shein, Pfizer struggles.
Good morning.
This week’s Leadership Next podcast features an interview with the UAE’s Minister of State for Artificial Intelligence Omar Al Olama, whom I spoke with while in Abu Dhabi two weeks ago. He’s the world’s first to hold that title and took the job when he was only 27 years old. I met him on an earlier trip and found his enthusiasm for the technology and its possibilities infectious. My first question: why does the UAE need a Minister of AI?
“Historically, many technological advancements have created government positions. When energy production became very important for economic activity and prosperity, ministers of energy were put in place to ensure electricity was being produced in the right manner…the same thing happened with aviation and with telecommunications. Every time you have technology that touches every facet of life and has a huge impact on government, there’s a ministerial position created for it.”
I pointed out that AI has become the subject of an intense competition between the world’s two superpowers, the U.S. and China. How does tiny UAE, with a population of only 10 million and a land mass the size of Maine, stand a chance of playing in that race? His answer:
“First, in terms of computing power, compute per capita, what the UAE has access to is unprecedented or incomparable to anywhere else on earth. Second, in terms of talent, a lot of talent is moving to the UAE right now from both the East and the West. The reason why talent is moving is because visa restrictions around the world are making people reconsider, especially people with good tech capabilities…This is becoming a hub for AI talent.”
You can listen to the entire interview on Apple or Spotify. More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
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Apple in India
Apple’s entry into India is allowing the iPhone maker to take advantage of the country’s booming middle class. Apple and its suppliers are also investing in Indian manufacturers to reduce their reliance on China. Yet the company still faces significant challenges in India, such as regulations and tariffs that make the iPhone significantly more expensive in the country: the iPhone 15 costs about $960 in India, compared to $799 in the U.S. Fortune
Temu v. Shein
Temu is suing Shein in the U.S, accusing its fellow Chinese-owned e-commerce platform of copyright infringement and “mafia-style intimidation of suppliers,” including illegal detention. “Their actions are too exaggerated; we had no choice but to sue them,” Temu said. Temu overtook Shein in sales in May. Shein says the lawsuit is "without merit." CNBC
Pfizer struggles
Pfizer shares closed this week at their lowest point in a decade, following a 50% slide so far this year. The company had hoped COVID treatments like its vaccine would be a long-term source of revenue as the disease became endemic. Yet demand for COVID products has collapsed faster than Pfizer expected, and its other products are not yet making up the shortfall. The Wall Street Journal
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Driving outsized ‘biz’ outcomes Deloitte’s 15th annual Tech Trends report highlights how leaders can explore the impact of emerging technologies to drive outsized business outcomes. Discover advancements across six macro technology forces. Read here.
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Check out the Fortune Cyber 60 |
These startups are helping fight cybercrime Fortune teamed up with Lightspeed Venture Partners to highlight 60 venture-backed startups that offer enterprise-grade cybersecurity solutions. See the full list here |
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