An Alibaba-backed startup, PixVerse, released an AI tool allowing real-time, interactive video creation. Users can control actions like crying or dancing. The tool raised over $60 million in funding and competes with other Chinese AI video tools. PixVerse aims to reshape user interaction with AI-generated content.

PixVerse’s AI tool is embedded in a social media-style platform with 16 million monthly active users. Real-time video generation eliminates delays between content creation and distribution. The company aims to reach 200 million registered users and double its team to nearly 200 employees. PixVerse primarily serves users outside of China.

Kling, an AI video tool by Kuaishou, generated almost $100 million in revenue. PixVerse prioritizes technology development over commercialization. Concerns about low-quality AI-generated content are addressed, with PixVerse comparing it to early computer graphics development. The company believes quality will improve as technology advances.

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1. The U.S. economy added 943,000 jobs in July, surpassing expectations. Unemployment rate dropped to 5.4%, but concerns remain about the Delta variant’s impact on future growth.

2. Apple became the first U.S. company to reach a $3 trillion market cap. Strong iPhone sales and services revenue boosted the tech giant’s valuation.

3. Federal Reserve Chair Jerome Powell signaled that the central bank may start tapering its bond-buying program later this year. Markets reacted cautiously to the news.: Alibaba-backed PixVerse launches real-time AI video tool