American multinational technology company Google logo seen at Googleplex, the corporate headquarters complex of Google and its parent company Alphabet Inc.
Alex Tai | SOPA Images | LightRocket | Getty Images
SINGAPORE — Singapore has “very high” potential as a global AI hub — thanks in part to an environment that fosters innovation, a Google Cloud executive told CNBC.
“In order for AI to really deliver on its potential, you need really good public and private partnerships,” Caroline Yap, managing director, global AI business and applied engineering at Google Cloud, told CNBC.
Yap was speaking on the sidelines of Explore AI summit in January, a meeting hosted by Google Cloud and the Singapore government to recognize the top generative AI solutions from organizations that took part in the “AI Trailblazers” initiative.
The initiative was first announced in July by Singapore’s Ministry of Communications and Information, Digital Industry Singapore, Smart Nation and Digital Government Office, and Google Cloud.
“… when you do have good public and private partnerships, you can really start to not just improve the public sector use cases like citizen services, but you can also foster an environment for innovation,” said Yap.
Singapore was one of the first countries with an AI game plan and in December, launched the National AI Strategy 2.0 — an updated version of its plans to expand the use of AI.
As part of the AI trailblazers initiative, two sandboxes were set up to provide as many as 100 organizations in the city-state with access to Google Cloud’s high-performance graphical processing units, Vertex AI platform, pre-trained generative AI models, and low-code developer tools. That enables to build and test their own generative AI solutions in a controlled and dedicated cloud-based environment.
Through the joint partnership, 43 organizations across government and industry sectors successfully built their own generative AI solutions utilizing Google’s AI stack.
At the same time, it also benefits Singaporeans as a whole, “either as consumers of these technologies or being in the economy as it grows for these types of innovation,” said Yap.
On whether other governments are as open and collaborative as Singapore, Yap told CNBC, “some are, some aren’t.” She did not elaborate on which countries they were.
“In many ways, Singapore already possesses the right foundations needed to flourish as a global AI hub,” said Kenddrick Chan, senior policy analyst at Tony Blair Institute for Global Change.
“The government has launched various AI initiatives, supported local research on AI and engages private sector tech companies in consultative dialogues in its policymaking process.”
The Center for Security and Emerging Technology said Singapore’s star “continues to rise as an AI hub” presenting significant opportunities for international collaboration. The center is a think tank within Georgetown University’s Walsh School of Foreign Service.
“Initiatives such as fast-tracking patent approval, incentivizing private investment, and addressing talent shortfalls are making the country a rapidly growing global AI hub,” CSET said in a March report.
“There is also thinking at the national level about the ethics and governance issues of AI. All of this helps position Singapore as a key player in the global AI landscape,” said Chan.
He added there are “some challenges ahead” for Singapore such as fierce competition for top AI talent from other hubs.
AI craze
Interest in AI exploded when OpenAI’s chatbot ChatGPT — which has the ability to generate humanlike responses to users’ prompts — took the world by storm in November 2022.
During the Explore AI summit on Jan. 29, Singapore’s Minister for Communications and Information said partnerships are “yet another important aspect of good governance.”
“We partner for inclusion. Inclusion means making sure that people not only have access to the tools, but they are provided with opportunities to grow the skills that will enable them to use these tools well,” said Josephine Teo.
Singapore has been making efforts to promote the responsible use of AI.
The country rolled out AI Verify in May 2022 – the world’s first AI governance testing framework and software toolkit for companies – that enables users to conduct technical tests on their AI models and record process checks.
Companies such as Google, Meta, Microsoft and Singapore Airlines have already tested the AI Verify tool or provided feedback.
Florida CFO Jimmy Patronis delivers remarks before Gov. Ron DeSantis took to the stage during his Don’t Tread on Florida Tour in Sarasota on Nov. 6, ahead of the Nov. 8 midterm election, 2022.
Tiffany Tompkins | Bradenton Herald | Tribune News Service | Getty Images
Fresh off its victories in the 2024 election cycle, the crypto industry is going big in Florida.
Affiliates of the Fairshake super PAC, a fundraising group that helped elect pro-crypto candidates up and down the ticket, is trying to boost Republican candidates in two Florida races, which could determine whether Republicans hold their thin House of Representatives majority.
The vacancies emerged after sitting Republican members left to join President Donald Trump’s second administration. One of them, former Congressman Matt Gaetz, withdrew his nomination for attorney general as he faced a number of legal controversies. The other, Michael Waltz, stepped down to become Trump’s national security adviser.
Fairshake is backing State Sen. Randy Fine with $1.16 million in ad spending, and investing another $345,000 to support Jimmy Patronis, Florida’s chief financial officer. Both have expressed support for digital assets.
Orlando school teacher Josh Weil is the Democratic nominee going up against Fine for the seat previously held by Waltz. Democrat Gay Valimont, a gun violence prevention activist in Pensacola, is looking to take over Gaetz’s seat.
Early voting in Florida begins this weekend. Democrats are aiming to flip both seats in races that have brought in more than $16 million combined, with the vast majority of the cash going towards backing the challengers. The districts have historically leaned red, but Democrats see an opportunity to compete due to the market and economic volatility that have headlined President Trump’s first two months in office.
Fairhsake, which aims to shape Congress in a way that supports favorable crypto regulation, is backed by crypto companies including Coinbase and Ripple as well as venture firm Andreessen Horowitz. It emerged as a major political force in the 2024 House and Senate races, outraising sectors like oil and banking. Fairshake and its affiliates brought in around $170 million in the 2024 cycle, and have $116 million in cash on hand.
The House is currently operating four members short due to recent Democratic vacancies in Texas and Arizona. A sweep by Democrats in those races and the Florida contests could leave Republicans with just a one-seat majority.
WATCH: CNBC’s full interview with Coinbase CEO Brian Armstrong
Technology
Microsoft rallies in last 10 minutes of trading to avoid first eight-week losing streak since 2008
Microsoft CEO Satya Nadella speaks at the Microsoft Build AI Day event in Bangkok, Thailand, on May 1, 2024.
Chalinee Thirasupa | Reuters
With about 10 minutes left until the market’s close, Microsoft’s stock was down for the week. It would’ve been the first eight-week losing streak since 2008.
But the shares popped just before the end of trading, pushing the stock up 0.7% for the week to close at $391.26. It’s still down 7% for the year.
The last time Microsoft had a weekly slump like its seen this year was between January and February 2008, when the country was in the midst of a financial crisis. Microsoft shares fell nine straight weeks.
Microsoft’s 2025 downdraft is notable as the company is viewed as central to the artificial intelligence boom. It has a hefty stake in OpenAI, is investing heavily in its Azure cloud infrastructure and has many products that are incorporating generative AI technologies.
Along with its megacap peers, Microsoft has seen a recent pullback on concerns that President Donald Trump’s tariffs and massive cost cuts will hurt the economy, possibly leading to a recession.
Since reaching a closing high of $467.56 in July 2024, Microsoft is down about 16%, pushing its market cap to $2.9 trillion. The company issued disappointing revenue guidance on Jan. 30.
Within cloud and AI, competition is heating up across the board from rivals like Amazon and Google as well as from emerging startups. Earlier this week, Google announced its intent to acquire cloud security startup Wiz for $32 billion.
WATCH: Trump’s FTC moves ahead with broad Microsoft antitrust probe, reports say
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