Dear Readers, the AI world was buzzing last week with major developments across regulation, funding, competition, and life-changing applications. Here are the top 5 stories that AI enthusiasts were talking about:

1. EU's AI Act Approved Amid Debate: The EU passed a groundbreaking AI Act to regulate the ethical development and safe use of artificial intelligence. While lauded by some as a crucial step, others fear it could hamper innovation in the field.

2. UAE Funds OpenAI's Custom AI Chips: The UAE inked a deal to help bankroll OpenAI's creation of specialized AI chips, signaling a major push into custom AI hardware optimized for these advanced systems.

3. Anthropic Brags About Blazing AI Model: AI research company Anthropic claims its new Claude 3 Haiku language model is the fastest of its size, heating up the race for AI speed supremacy.

4. OpenAI Hits Back at Musk Lawsuit: The legal battle escalated as OpenAI issued a statement dismissing claims in Elon Musk's lawsuit against the company as "incoherent." The drama continues.

5. AI Spots Life-Threatening Baby Heart Defects: Researchers unveiled an AI algorithm capable of automatically detecting a specific congenital heart defect in newborns, potentially saving countless lives through early diagnosis.

The future of AI is rapidly unfolding. Stay tuned for more groundbreaking developments that will reshape our world. What AI news has you most excited?

Sources: artificialintelligence-news, aiweekly