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Chicago Tribune
a day ago
- Business
- Chicago Tribune
Illinois lawmakers have mixed results in efforts to rein in AI
Illinois lawmakers have so far achieved mixed results in efforts to regulate the burgeoning technology of artificial intelligence, a task that butts up against moves by the Trump administration to eliminate restrictions on AI. AI-related bills introduced during the spring legislative session covered areas including education, health care, insurance and elections. Supporters say the measures are intended to address potential threats to public safety or personal privacy and to counter any deceitful actions facilitated by AI, while not hindering innovation. Although several of those measures failed to come to a vote, the Democratic-controlled General Assembly is only six months into its two-year term and all of the legislation remains in play. But going forward, backers will have to contend with Republican President Donald Trump's administration's plans to approach AI. Days into Trump's second term in January, his administration rescinded a 2023 executive order from Democratic President Joe Biden, that emphasized the 'highest urgency on governing the development and use of AI safely and responsibly.' Trump replaced that policy with a declaration that 'revokes certain existing AI policies and directives that act as barriers to American AI innovation.' Last week, the states got a reprieve from the federal government after a provision aimed at preventing states from regulating AI was removed from the massive, Trump-backed tax breaks bill that he signed into law. Still, Democratic Illinois state Rep. Abdelnasser Rashid, who co-chaired a legislative task force on AI last year, criticized Trump's decision to rescind Biden's AI executive order that Rashid said 'set us on a positive path toward a responsible and ethical development and deployment of AI.' Republican state Rep. Jeff Keicher of Sycamore agreed on the need to address any potential for AI to jeopardize people's safety. But many GOP legislators have pushed back on Democratic efforts to regulate the technology and expressed concerns such measures could hamper innovation and the ability of companies in the state to remain competitive. 'If we inhibit AI and the development that could possibly come, it's just like we're inhibiting what you can use metal for,' said Keicher, the Republican spokesperson for the House Cybersecurity, Data Analytics, & IT (Information Technology) Committee. 'And what we're going to quickly see is we're going to see the Chinese, we're going to see the Russians, we're going to see other countries come up without restrictions with very innovative ways to use AI,' he said. 'And I'd certainly hate in this advanced technological environment to have the state of Illinois or the United States writ large behind the eight ball.' Last December, a task force co-led by Rashid and composed of Pritzker administration officials, educators and other lawmakers compiled a report detailing some of the risks presented by AI. It addressed the emergence of generative AI, a subset of the technology that can create text, code and images. The report issued a number of recommendations including measures to protect workers in various industries from being displaced while at the same time preparing the workforce for AI innovation. The report built on some of the AI-related measures passed by state lawmakers in 2024, including legislation subsequently signed by Pritzker making it a civil rights violation for employers to use AI if it subjects employees to discrimination, as well as legislation barring the use of AI to create child pornography, making it a felony to be caught with artificially created images. In addition to those measures, Pritzker signed a bill in 2023 to make anyone civilly liable if they alter images of someone else in a sexually explicit manner through means that include AI. In the final days of session in late May, lawmakers without opposition passed a measure meant to prevent AI chatbots from posing as mental health providers for patients in need of therapy. The bill also prohibits a person or a business from advertising or offering mental health services unless those services are carried out by licensed professionals. It limits the use of AI in the work of those professionals, barring them, for example, from using the technology to make 'independent therapeutic decisions.' Anyone found in violation of the measure could have to pay the state as much as $10,000 in fines. The legislation awaits Pritzker's signature. State Rep. Bob Morgan, a Deerfield Democrat and the main House sponsor of the bill, said the measure is necessary at a time when there's 'more and more stories of AI inappropriately and in a dangerous way giving therapeutic advice to individuals.' 'We started to learn how AI was not only ill-equipped to respond to these mental health situations but actually providing harmful and dangerous recommendations,' he said. Another bill sponsored by Morgan, which passed through the House but didn't come to a vote in the Senate, would prevent insurers doing business in Illinois from denying, reducing or terminating coverage solely because of the use of an artificial intelligence system. State Sen. Laura Fine, the bill's main Senate sponsor, said the bill could be taken up as soon as the fall veto session in October, but noted the Senate has a year and half to pass it before a new legislature is seated. 'This is a new horizon and we just want to make sure that with the use of AI, there's consumer protections because that's of utmost importance,' said Fine, a Democrat from Glenview who is also running for Congress. 'And that's really what we're focusing on in this legislation is how do we properly protect the consumer.' Measures to address a controversial AI phenomenon known as 'deepfakes,' when video or still images of a face, body or voice are digitally altered to appear as another person, for political purposes have so far failed to gain traction in Illinois. The deepfake tactic has been used in attempts to influence elections. An audio deepfake of Biden during last year's national elections made it sound like he was telling New Hampshire voters in a robocall not to vote. According to the task force report, legislation regulating the use of deepfakes in elections has been enacted in some 20 states. During the previous two-year Illinois legislative term, which ended in early January, three bills addressing the issue were introduced but none passed. Rashid reintroduced one of those bills this spring, to no avail. It would have banned the distribution of deceitful campaign material if the person doing so knew the shared information to be false, and was distributed within 90 days of an election. The bill also would prohibit a person from sharing the material if it was being done 'to harm the reputation or electoral prospects of a candidate' and change the voting behavior of electors by deliberately causing them to believe the misinformation. Rashid said hurdles to passing the bill include whether to enforce civil and criminal penalties for violators. The measure also needs to be able to withstand First Amendment challenges, which the American Civil Liberties Union of Illinois has cited as a reason for its opposition. 'I don't think anyone in their right mind would say that the First Amendment was intended to allow the public to be deceived by political deep fakes,' Rashid, of Bridgeview, said. 'But … we have to do this in a really surgical way.' Rashid is also among more than 20 Democratic House sponsors on a bill that would bar state agencies from using any algorithm-based decision-making systems without 'continuous meaningful human review' if those systems could have an impact on someone's civil liberties or their ability to receive public assistance. The bill is meant to protect against algorithmic bias, another threat the task force report sought to address. But the bill went nowhere in the spring. One AI-related bill backed by Rashid that did pass through the legislature and awaits Pritzker's signature would prohibit a community college from using artificial intelligence as the sole source of instruction for students. The bill — which passed 93-22 in the House in the final two days of session after passing 46-12 in the Senate on May 21 — would allow community college faculty to use AI to augment course instruction. Rashid said there were 'technical reasons' for not including four-year colleges and universities in Illinois in the bill but said there'd be further discussions on whether the measure would be expanded to include those schools. While he said he knows of no incidents of AI solely replacing classroom instruction, he explained 'that's the direction things may be moving' and that 'the level of experimentation with AI in the education space is significant.' 'I fully support using AI to supplement instruction and to provide students with tailored support. I think that's fantastic,' Rashid said. 'What we don't want is during a, for example, a budget crisis, or for cost-cutting measures, to start sacrificing the quality of education by replacing instructors with AI tools.' While Keicher backed Morgan's mental health services AI bill, he opposed Rashid's community college bill, saying the language was 'overly broad.' 'I think it's too restrictive,' Keicher said. 'And I think it would prohibit our education institutions in the state of Illinois from being able to capitalize on the AI space to the benefit of the students that are coming through the pipeline because whether we like it or not, we've all seen the hologram teachers out there on the sci-fi shows that instruct our kids. At some point, 50 years, 100 years, that's going to be reality.' Also on the education front, lawmakers advanced a measure that would help establish guidelines for elementary and high school teachers and school administrators on how to use AI. It passed 74-34 in the House before passing 56-0 in the Senate during the final hours of spring session. According to the legislation, which has yet to be signed by Pritzker, the guidance should include explanations of basic artificial intelligence concepts, including machine learning, natural language processing, and computer vision; specific ways AI can be used in the classroom to inform teaching and learning practices 'while preserving the human relationships essential to effective teaching and learning'; and how schools can address technological bias and privacy issues. John Sonnenberg, a former director of eLearning for the State Board of Education, said at a global level, AI is transforming education and, therefore, children should be prepared for learning about the integration of AI and human intelligence. 'We're kind of working toward, not only educating kids for their future but using that technology to help in that effort to personalize learning and do all the things in education we know we should be doing but up to this point and time we didn't have the technology and the support to do it affordably,' said Sonnenberg, who supported the legislation. 'And now we do.'
Yahoo
30-06-2025
- Business
- Yahoo
Flotek's Data Analytics Becomes a Key Revenue Growth Driver
Flotek Industries' FTK Data Analytics segment is rapidly becoming the driving force of the company's future. In Q1 2025, revenues from Data Analytics surged by 57% year over year. This impressive growth stems from increasing demand for solutions like gas measurement, flare monitoring, and power generation. Importantly, this isn't just about selling hardware; more and more, this growth comes from long-term service contracts. This shift means Flotek is moving toward high-margin, subscription-based revenues, which provide greater predictability and financial stability for the transformation is fueled not just by demand, but by Flotek's unique service delivery. Their VariX Analyzer and patented Edge-to-Cloud architecture offer real-time hydrocarbon monitoring with top-tier accuracy. This tech advantage helps clients manage fuel quality, optimize turbine operations and minimize downtime, all while ensuring that they meet regulations. As more operators adopt automated, data-driven approaches, Flotek's analytics offerings are becoming financial impact of this shift is remarkable. Data Analytics boasts significantly higher gross margins than Flotek's traditional chemistry business. With more mobile power generation units coming online throughout 2025, recurring revenues are set to jump. What was once a niche offering is now a core profit driver for Flotek. Management even expects Data Analytics to generate over half of Flotek's total profitability by 2026, marking a huge change in the company's earnings structure. To conclude, Flotek's growing Data Analytics business is quickly becoming its defining story for investors. ChampionX CHX is aggressively expanding its data analytics offerings with its Theta Automation & Optimization platform. ChampionX's system blends real-time monitoring with AI for artificial lift optimization, slashing downtime and boosting production efficiency. In particular, ChampionX excels in downhole and production data Baker Hughes BKR provides extensive digital solutions through its Leucipa production management platform, using AI to predict declines and automate workflows. Baker Hughes covers the entire energy lifecycle, from underground to refining, giving it immense scale. Baker Hughes's services are often bundled with larger equipment or contracts. Shares of Flotek Industries have surged more than 200% in the past year. Image Source: Zacks Investment Research From a valuation standpoint, FTK trades at a forward price-to-earnings ratio of around 22. Image Source: Zacks Investment Research The Zacks Consensus Estimate for Flotek Industries' 2025 and 2026 earnings implies a 65% and 35% improvement year over year, respectively. Image Source: Zacks Investment Research The stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Baker Hughes Company (BKR) : Free Stock Analysis Report Flotek Industries, Inc. (FTK) : Free Stock Analysis Report ChampionX Corporation (CHX) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Globe and Mail
05-06-2025
- Business
- Globe and Mail
Big Data Market Size, Share, Top Opportunities, Emerging Trends, Top Key Players Update, and Forecast 2028
Big Data Market by Offering (Software (Big Data Analytics, Data Mining), Services), Business Function (Marketing & Sales, Finance & Accounting), Data Type (Structured, Semi-structured, Unstructured), Vertical and Region - Global Forecast to 2028. The global big data market is expected to grow at a compound annual growth rate (CAGR) of 12.7% over the course of the forecast period, from an estimated USD 220.2 billion in 2023 to USD 401.2 billion by 2028. A confluence of forces is driving the expansion of big data solutions. These include the growing need for data-driven decision-making, the exponential growth in data volume, and the advent of artificial intelligence (AI) and machine learning (ML) in corporate applications. Download PDF Brochure@ By offering, big data consulting services segment to register the largest market share during the forecast period. Big data consulting services play a pivotal role in guiding businesses through the complexities of implementing and optimizing big data solutions. With a focus on tailored strategies, these services assist companies in harnessing the full potential of their data. The dominance of big data consulting services can be attributed to the increasing awareness among businesses about the strategic importance of data-driven decision-making. Current market trends reflect a growing demand for personalized, industry-specific consulting, as organizations seek expertise to navigate evolving technologies and extract maximum value from their data assets. By business function, operations segment is poised for the fastest growth rate during the forecast period. The operations segment in the big data market involves optimizing internal processes, enhancing efficiency, and ensuring seamless workflows. This business function is set to register the fastest growth due to a heightened focus on operational excellence, cost reduction, and increased demand for real-time analytics in supply chain management. The integration of big data with operations business function indicate a rising adoption of predictive maintenance, inventory optimization, and demand forecasting, leveraging big data to streamline operations and gain a competitive edge in the ever-evolving business landscape. By region, Asia Pacific to account for highest growth rate during forecast period. The Asia Pacific region leads as the fastest-growing segment in the big data market, fueled by factors such as rapid digitization, expanding internet connectivity, and government support for technological advancements. Countries like China, India, and Japan are at the forefront of this revolution, with their burgeoning tech ecosystems, large consumer bases, and proactive adoption of big data solutions. The region's dynamic business landscape, coupled with a growing emphasis on data-driven strategies, positions Asia Pacific as a key player in shaping the future of the global big data market. Request Sample Pages@ Unique Features in the Big Data Market The Big Data market is uniquely defined by its ability to handle vast volumes of data, extremely high velocity of data generation, and extensive variety of data types—structured, semi-structured, and unstructured. Technologies in this market are engineered to efficiently capture, store, process, and analyze petabytes of data in real-time or near real-time. One of the most distinguishing features is the deep integration of advanced analytics and AI/ML algorithms. Big Data platforms empower organizations with predictive analytics, machine learning models, and data mining techniques that uncover hidden patterns, insights, and trends to drive data-driven decision-making. Modern Big Data solutions offer cloud-native, on-premise, and hybrid deployment models. These flexible architectures support scalable computing, elastic storage, and global access, making it easier for enterprises to manage their data infrastructure cost-effectively and securely. Big Data technologies provide real-time stream processing for time-sensitive applications like fraud detection, dynamic pricing, IoT analytics, and personalized recommendations. Frameworks such as Apache Kafka, Flink, and Spark Streaming enable businesses to act on live data streams instantly. Major Highlights of the Big Data Market The Big Data market is witnessing unprecedented growth driven by the exponential increase in data generation from various sources such as IoT devices, social media, mobile applications, and enterprise systems. This surge is compelling organizations across industries to adopt robust Big Data solutions to harness actionable insights and maintain competitive advantage. A key highlight is the growing demand for real-time analytics to support instant decision-making in sectors like finance, e-commerce, healthcare, and telecommunications. The ability to process and analyze data as it is generated is driving innovation in stream processing tools and low-latency infrastructure. The market is shifting towards cloud-based Big Data platforms, driven by benefits such as scalability, lower infrastructure costs, and ease of integration. Cloud providers like AWS, Microsoft Azure, and Google Cloud are offering specialized services for Big Data processing, storage, and analytics, accelerating adoption among businesses of all sizes. AI and ML are becoming integral to Big Data analytics. Their integration enhances capabilities such as automated pattern recognition, predictive modeling, and decision intelligence. This synergy is enabling businesses to derive more accurate, context-aware, and forward-looking insights from their data assets. Inquire Before Buying@ Top Companies in the Big Data Market Some major players in the big data market include Oracle (US), Microsoft (US), SAP (Germany), IBM (US), and SAS Institute (US) along with startups and SMEs such as Sisense (US), Ataccama (Canada), Imply (US), Centerfield (US), and Datapine (Germany). Oracle Oracle is one of the prominent players in the big data market, offering comprehensive solutions that empower organizations to harness the vast potential of massive datasets. With a robust suite of products and services, Oracle seamlessly integrates traditional and emerging technologies to provide scalable, high-performance solutions. Its Big Data Appliance and Oracle Exadata Database Machine are pivotal in handling the velocity, volume, and variety of big data. Oracle's approach emphasizes the entire data lifecycle, from ingestion and storage to processing and analysis. The platform supports various data types, including structured and unstructured data, enabling businesses to derive valuable insights from diverse sources. Advanced analytics tools and machine learning capabilities further enhance Oracle's big data offerings, facilitating predictive modeling and data-driven decision-making. The platform's flexibility accommodates both on-premises and cloud deployment models, ensuring adaptability to varying business needs. Microsoft Microsoft offers a comprehensive suite of solutions that cater to the evolving needs of businesses in today's data-driven landscape. With Azure, its cloud computing platform, Microsoft provides a robust and scalable infrastructure for handling large volumes of data. Azure's data services, including Azure Data Lake Storage and Azure SQL Data Warehouse, empower organizations to store, process, and analyze massive datasets efficiently. Powerful tools like Azure HDInsight integrate seamlessly with popular open-source big data frameworks like Hadoop and Spark, facilitating data processing and analytics at scale. Microsoft's commitment to open-source technologies ensures compatibility and flexibility for users seeking diverse solutions. Additionally, Azure Machine Learning enables businesses to harness the potential of machine learning algorithms, making predictive analytics and data-driven insights more accessible. Microsoft's holistic approach extends to user-friendly interfaces such as Power BI, which allows for intuitive data visualization and reporting. IBM IBM leverages its extensive expertise and cutting-edge technologies to empower organizations in extracting valuable insights from vast and complex datasets. With a comprehensive suite of big data solutions, IBM offers a robust platform that enables businesses to manage, analyze, and derive actionable intelligence from their data. The company's flagship big data platform, IBM BigInsights, incorporates advanced analytics, machine learning, and data processing capabilities, providing a scalable and efficient solution for handling massive datasets. IBM's commitment to open-source technologies, such as Apache Hadoop and Spark, underscores its dedication to fostering innovation and collaboration within the big data community. Moreover, IBM's cloud-based offerings, like IBM Cloud Pak for Data, facilitate seamless integration and accessibility, allowing enterprises to harness the power of big data irrespective of their infrastructure. With a rich history in data management and analytics, IBM continues to push the boundaries of what's possible in the big data landscape. Accenture Accenture, based in Ireland, is a global leader in professional services, offering a wide range of solutions in the big data market. They provide consulting, data engineering, and advanced analytics services to help organizations harness the power of data for insights and innovation. Accenture specializes in developing data strategies, building scalable architectures, leveraging cloud-based solutions, ensuring data governance and compliance, and delivering industry-specific solutions tailored to various sectors. SAP SAP, based in Germany, offers a comprehensive suite of big data solutions, including SAP HANA and SAP Data Intelligence. These platforms enable organizations to manage, analyze, and derive insights from large datasets in real-time. With a focus on industry-specific solutions, cloud-based offerings, and advanced analytics capabilities, SAP empowers businesses to harness the power of big data for informed decision-making and innovation.
Forbes
31-05-2025
- Business
- Forbes
AI Is Reshaping The Work Faster Than Companies Can Upskill
AI workforce preparation and upskilling within enterprises to increase adoption Work is no longer changing incrementally—it's evolving exponentially. The tectonic shifts being driven by artificial intelligence, automation, and multi-model transformation aren't projections for the distant future; they're the current reality unfolding in real time and we're all experiencing the impact at different speeds. According to a McKinsey Global Institute report, up to 45% of work activities could be automated by 2030. While this statistic might induce anxiety for the masses, it misses a nuanced truth: roles are not simply disappearing; they are also being redefined. As a former C-Suite exec in the Data, Analytics, Robotics, and AI Space, I've witnessed firsthand that the most impactful transformations aren't about replacing people with machines—they're about elevating human potential. AI isn't just about algorithms and automation; it's about adaptation, agility, and amplifying human potential. And while the pace of change is faster than what most people and enterprises can keep up with, the clear winners will be those that lead the future of work with AI, and prepare people to thrive alongside it. The transformation of AI isn't just technical; it's also organizational. If you take the use cases of predictive restocking algorithms, dynamic pricing tools, or warehouse robotics, behind the technology also comes the work that goes into preparing and upskilling the workers: In these cases, AI didn't reduce the workforce, it redefined their roles. In this juncture, licensing AI software or tools is not a strategy, it's a checkbox. Companies that are serious about the future of work know that AI implementation without workforce enablement is an empty investment. A 2024 IBM Institute for Business Value study supports this. It found that companies actively investing in AI training and upskilling see 15% higher productivity gains compared to those that don't. So what does real AI readiness look like? Outlined below are recommendations for forward-thinking companies, leaders, and individuals making the leap: Yes, the workplace is transforming at breakneck speed because of AI, and the future won't be built by those who use AI, but will be led by those who partner with it. As you reflect on your organization's AI journey, or your personal one, ask yourself not just what tech are we buying, but what transformation are we enabling? Because in the end, it's not about replacing jobs—it's about redesigning them. And those who master that redesign will lead the future of work.
Yahoo
19-03-2025
- Business
- Yahoo
A market 'bull crash' saw fund managers make a huge pivot away from stocks, Bank of America says
Fund managers made their biggest cuts in U.S. equity allocations ever in March and bumped their cash allocations by the most in five years, according to Bank of America's (BAC) monthly survey of the industry. The speed of this month's 'bull crash' — a rapid shift from an upward surge in stocks into a correction — has in the past 30 years coincided with end of stock corrections, the bank's Data Analytics team wrote Tuesday in a note to clients about the survey. That said, positioning isn't close to extremely bearish, and nobody is long recession and bonds, they said. Stocks dropped again on Tuesday, despite better-than-expected economic numbers, with the S&P 500 index falling 1.2% as of 11:33 a.m. local time, the tech-heavy Nasdaq Composite index sliding 1.7%, and the Dow Jones Industrial Average shedding 348 points, or 0.8%. And while the survey shows the second biggest drop in global growth expectations ever — minus 44% now expect faster global growth — 64% of respondents still expect a soft landing with 55% giving a trade war as their No. 1 tail risk. About 68% say the Federal Reserve will cut interest rates two to three times. In terms of allocations, cash has jumped to 4.1% from 3.5%, global equities has slumped to +6% from +35%, driven by U.S. and tech — to which their exposure is the lowest in two years. The allocation to euro-zone shares is the highest in almost four years, and banks are now the world's favorite industry, according to the survey. The contrarian trade for bulls who expect trade war and stagflation concerns to unwind is going long equities and short cash, with long stock positions on tech and short on staples. For bears who expect U.S. recession risks to increase, the trade is to go long on bonds and short on banks and European assets. For the latest news, Facebook, Twitter and Instagram. Sign in to access your portfolio
