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Bloomberg Created Their Own Financial AI Model

April 3, 2023

April 03, 2023

⚡ Today’s Highlights

  • 📰 News: Bloomberg creates its own financial AI model and Italy bans ChatGPT

  • 💰 Funding: Wellth and Kiro

  • 🦾 Tools: AI-generated photorealistic 3D images and videos and one-stop AI business automation

  • 📅 Events: Don’t miss The Data Dividend and Healthcare NLP Summit, starting tomorrow April 4!

📰 Today's Top Stories

(6 min read) (Source: Bloomberg)

TLDR: Bloomberg has released BloombergGPT, a large-scale generative AI model trained on a diverse range of financial data.

  • The model is designed to assist with natural language processing tasks in the financial industry, including sentiment analysis, named entity recognition, and news classification.

  • The development of BloombergGPT was a collaborative effort between Bloomberg's ML Product and Research group and AI Engineering team, using one of the largest domain-specific datasets to date.

  • BloombergGPT outperforms existing models of similar size on financial tasks and maintains competitive performance on general-purpose language models.

(4 min read) (Source: Financial Times - here is an archived link without a paywall)

TLDR: On March 31, Italy became the first government to temporarily block ChatGPT due to concerns that the tool violates the country's policies on privacy and data collection.

  • The Italian data protection agency announced the ban on Friday, citing a data breach on March 20 that put some users' personal data at risk, such as their chat history and payment information. OpenAI claims the bug that caused the breach has been fixed.

  • The Italian government also raised concerns about OpenAI's data collection practices and whether the scope of data being retained is legal. The agency also criticized the lack of an age verification system to protect minors from inappropriate content.

  • OpenAI has been given 20 days to respond to the agency's concerns and could face a fine of up to $21 million or 4% of its annual revenue if the issues are not addressed.

(46 min) (Source: The New York Times - Hard Fork Podcast)

TLDR: Google CEO Sundar Pichai responded to criticism of the experimental AI chatbot Bard, which failed its demo in February and assured that Bard will soon be upgraded to a more capable Pathways Language Model (PaLM) to handle tasks like logical reasoning and coding issues.

  • Currently, Bard operates on a lightweight and efficient version of LaMDA and is considered less capable than other AI chatbots like Microsoft's Bing AI and OpenAI's ChatGPT.

  • Pichai admitted that Google's conservative approach to AI development contributed to Bard's restrictions based on consultations with the company's co-founders after a Code Red was issued late last year.

💰 Funding Alerts

  1. Wellth, a digital health company that uses behavioral economics and machine learning AI to encourage people to prioritize their health, has raised $20 million in an oversubscribed Series B funding round led by SignalFire (Yuanling Yuan, Principal). The funding round also included participation from former Evolent Health CEO Frank Williams and existing investors, such as The Social Entrepreneurs’ Fund and Partnership Fund for NYC. The company plans to use the new capital to invest in its behavioral science engine and expand its team to support its growing member base.

  2. Kiro is a French digital medicine company that uses artificial intelligence and machine learning to develop a health platform for clinical biology in Europe. Recently, it raised €13.8 million in Series A funding, led by Sofinnova Partners with participation from Bpifrance, Kurma Partners, and Propulia Capital. With the funds, Kiro plans to expand commercial operations in Europe, reinforce its position in France, and prepare for entry into the US market by further developing its technology and platform.

🦾 Trending Tools

  • Luma is an AI-powered tool that enables users to create high-quality, photorealistic 3D images and videos on iPhone. Users can capture intricate details, reflections, and lighting, and easily share their creations on social media platforms. The tool is particularly useful for showcasing products on websites, creating 3D game assets, or capturing landscapes and scenes. Luma's technology requires no Lidar or specialized equipment, just an iPhone 11 or newer. The company recently received $20 million in Series A funding and is expanding its team to further develop its product.

  • Cheat Layer's custom-trained machine learning model acts as a personal AI software engineer to solve seemingly impossible business automation problems. Using simple language and an internal library, ChatGPT builds end-to-end automations and instantly executes solutions to eliminate last-mile automation roadblocks.

  • Marvin is a free-to-use software library that helps developers integrate AI tools into their projects. With Marvin, developers can use AI functions to work with structured data in a way that's much easier than writing traditional code. Marvin also offers AI assistants that can have conversations to help solve complex problems. The library is still being developed and will soon include more features like interactive AI functions, interfaces for admins and chats, advanced data loading and processing, observability tools for AI, and guides to help with deployment.

  • AImyINTERIOR is a web app that leverages AI to quickly transform any interior/room into a chosen style with a single photo. Users can upload or take a new photo, select a style, and receive a rendered design in approximately 30 seconds. It’s free for a limited time so try it now!

👀 More Reading

🌎 Fresh Content

1. Hashem Al-Ghaili directed an incredible short film that was made almost entirely using AI. From the script to the voices and visuals, “Last Stand” is a peak into the future of filmmaking and is most definitely worth a watch. (YouTube)

2. Blast Theory created Cat Royale, an experimental utopia for cats that contains a robot arm connected to a computer vision system and an AI designed to maximize the cats’ happiness. Check out the full playlist here to see how Pumpkin, Clover, and Ghostbuster did over the 12-day experiment. (YouTube)

3. Researchers used GPT-3 and GPT-4 to enhance Ameca the humanoid robot’s facial expressions and it is terrifying and incredible all at once. (Twitter)

🧠 Resources

Looking to enhance your Excel capabilities and supercharge your resume? Check out this informative tutorial by Kevin Stratvert on how to use OpenAI's ChatGPT to write nested functions, calculate unique text values, write basic invoicing macros, and more. With just a few clicks and some simple refinements, you can take your Excel skills to the next level!

📚 Research

 📅 Upcoming Events

  1. Introducing The data dividend: harnessing the power of people, processes and technology to unlock value from data (April 4, 2023 / Boston, MA, USA) a forum that brings together leaders in government and industry to discuss how to establish the strategy, culture and skills needed to foster a data-driven enterprise and cultivate new ways of thinking and working. They’ll explore questions like:

    1. What is top of mind for data and analytics leaders in 2023? What key challenges are they facing?

    2. How is the regulation of data and AI evolving, and how will it affect your industry and organisation to bring new opportunities and challenges?

    3. Can we trust decisions and recommendations made by AI? How can tech leaders mitigate risk, bias and harm?

  2. Healthcare NLP Summit (April 4-5, 2023 / Virtual) is a two day event consisting of immersive, industry-focused content including over 30 technical sessions, focusing on NLP applications in healthcare and life sciences. Join live Q&A sessions with the speakers, connect with others through networking features, and access all content on-demand after the event. The second week will feature beginner to advanced live training workshops and certifications. Learn, share, and apply best practices for putting AI to good use! Register for this free online event today!

 💼 Jobs

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