šŸŽ„ChristmAIs Is Coming!

Plus: Are Banks relying too much in AI?

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Happy Monday Team,

Get ready for a wave of AI gifts this December as major LLMs and new automation tools are set to launch. Banks are increasingly relying on AIā€”are these moves risky, safe, or simply inevitable? Plus, we explore why OpenAI might be overvalued. Happy Monday, everyone! Enjoy the read and see you in the comments!

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  • ChristmAIs Is Coming!

  • Is OpenAI Over Estimated?

  • Banks to Lean more on AI.

  • šŸ§° AI Tools (Voice Cloning)

  • šŸ“° News and Trends.

Is OpenAI Over Estimated?

OpenAI's $157B valuation may be overestimated, with more valuable AI companies yet to emerge. Despite rapid growth and revenue projections, OpenAI faces challenges as its costs increase with scale, unlike traditional software models. Competitors like Meta provide cheaper alternatives, using their extensive user base to gain an edge. OpenAIā€™s reliance on heavy infrastructure investments and its partnership with Microsoft also pose risks. The real value in AI is expected to come from specialized applications addressing industry-specific needs, as future startups could better capitalize on AIā€™s transformative potential.

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ChristmAIs Is Coming!

December is set to be a pivotal month for AI as OpenAI, Google, and Anthropic gear up to release major models and technologies, potentially reshaping the tech landscape.

OpenAI plans to launch its new AI model, codenamed Orion, marking the two-year anniversary of ChatGPT. Unlike previous models, Orion will initially be available only to partner companies, and Microsoft is preparing to host it on Azure as early as November. Despite CEO Sam Altmanā€™s denials, hints suggest that Orion, which could be 100 times more powerful than GPT-4, will be released soon.

Google, meanwhile, is preparing its next-generation ā€œGeminiā€ AI model for a December release, directly competing with OpenAIā€™s timeline. The model will improve browser-based AI tasks like research and shopping, enhancing its use in enterprise applications.

Anthropic is also launching a groundbreaking AI system designed to control browsers and perform tasks autonomously. Googleā€™s similar project, ā€œProject Jarvisā€, demonstrates the push toward AI seamlessly integrating into personal computing.

This December, these major releases mark a critical moment as tech giants compete to dominate the AI space. With these models set to redefine user interactions and capabilities, the AI race is heating upā€”just in time for the holiday season.

šŸ§° AI Tools

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Banks to Lean more on AI.

Bank of America has doubled its artificial intelligence (AI) and machine learning patents over the past two years, now holding nearly 1,100 patents, a 94% increase since 2022. The bank has integrated AI into various tools, including its Erica chatbot, wealth management analytics, treasury management systems, and trader support chat tools. As banks invest heavily in AI, regulators like the Consumer Financial Protection Bureau are monitoring developments, expressing concerns that underdeveloped AI chatbots could hinder customer service.

  • AI-Powered Robots Revolutionize Grape-Picking at Vineyards, Combining Precision Tech to Automate Delicate Harvests (TheEconomist)

  • Meta strikes multi-year AI deal with Reuters (Axios)

  • NotebookLlama released by Meta recreates a basic version of the very popular NotebookLM system from Google (GitHub)

  • Google to Unveil Next Gemini Model in December Amid AI Showdown with OpenAI, as Anthropic Eyes Your PC and Satya Nadella Celebrates a Successful Year (TheVerge)

  • Appleā€™s first iOS 18.2 beta adds more AI features and ChatGPT integration (TheVerge)

  • Yahoo and McAfee are partnering to detect images that may be digitally manipulated by AI on Yahoo News (Variety)

šŸŒ Other Tech news

  • Tesla to roll out a paid robotaxi service in CA and TX starting next year, allegedly it will be 1000x better than human drivers by 2025 (The Verge)

  • Sothebyā€™s is set to sell the first artwork made by a humanoid robot ā€” a portrait of computer scientist Alan Turing (Hypebeast)

  • Waymo has closed an oversubscribed investment round of $5.6 billion, led by Alphabet, with continued participation from Andreessen Horowitz, Fidelity, Perry Creek,  Silver Lake, Tiger Global, and T. Rowe Price (Waymo)

  • Nvidia overtakes Apple as world's most valuable company (Reuters)

  • Science Corporation Says Its Eye Implant Restored Vision in Blind People

    using retinal implant that allowed some people who lost their central vision to read, play cards, and recognize faces (Wired)

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