SEC scared AI could cause market panic

July 18, 2023

July 18, 2023

Created with Midjourney. Prompt: “robots stock traders freaking out --ar 16:9 --v 5.2”

⚡ Today’s Highlights

  • 📰 News: SEC chair is scared generative AI could cause market panic

  • 💰 Funding: K Health, Runway, and Figure

  • 🦾 Tools: AI makes evaluating technical professionals easier than ever before

📰 Today's Top Stories

(4 min read) (Source: The Verge)

TLDR: In a speech, SEC Chair Gary Gensler expressed concerns about the impact of generative AI on financial markets, citing the risk of institutions relying on flawed data and making similar bad decisions.

  • Gensler highlighted the potential for a few tech platforms to dominate the field, narrowing the range of AI models available, and warned about the financial fragility and network inter-connectedness that could result from generative AI.

  • While AI has been used in the financial sector for tasks like fraud detection and market analysis, Gensler emphasized the transformative nature of large language models and called for updated risk management guidelines to address the challenges posed by new and powerful technologies. The SEC itself utilizes machine learning for market surveillance.

(4 min read) (Source: CNBC)

TLDR: ChatGPT has been found to possess creativity on par with the top 1% of human thinkers, according to a study by the University of Montana.

  • Researchers administered the Torrance Tests of Creative Thinking to both ChatGPT and a group of 24 University of Montana students, comparing their scores with a national sample of 2,700 students.

  • The AI-generated responses demonstrated remarkable creativity, outperforming a majority of the students nationally, particularly excelling in fluency, originality, and flexibility. The study suggests that AI like ChatGPT could contribute to innovative thinking and entrepreneurship.

(2 min read) (Source: Reuters)

TLDR: The United Nations Security Council will hold its first formal discussion on AI, led by British Foreign Secretary James Cleverly, to address the impact of AI on global peace and security.

  • The discussion comes as governments worldwide recognize the need to mitigate the risks and regulate emerging AI technology, which has the potential to reshape the global economy and affect international security. The proposal for an international AI watchdog body, similar to the IAEA, has gained support from U.N. Secretary-General Antonio Guterres and AI executives.

(6 min read) (Source: Wix Blog)

TLDR: Wix is now offering a suite of AI-powered capabilities, including ChatGPT for content generation, AI Image Creator for image editing, and AI eCommerce features for product descriptions and recommendations.

  • Additional, upcoming AI features include the AI Site Generator, which generates unique websites tailored to users' needs, and tools like AI Page and Section Creator and Object Eraser for faster website editing and image manipulation.

  • Wix is committed to integrating AI technologies to enhance the website-building experience and provide new opportunities for users to improve their websites and businesses.

💰 Funding Alerts

1. K Health, a clinical primary care company that has built an AI-powered platform that combines medical knowledge with patient clinical data, raised $59M in funding from investors including Cedars Sinai, Valor Equity Partners, Mangrove Capital Partners, 4W, Max Ventures, Pico Partners, Marcy Venture Partners, Primary Ventures, BoxGroup, and LTS Investments, as well as actress Gal Gadot and producer Jaron Varsano.

  • K Health gives doctors and users valuable insights into diagnoses and treatments based on similar symptoms and conditions.

  • With the funds, K Health plans to further develop its AI-powered platform, expand its user base, and continue its rapid growth.

2. Runway - a cloud-based platform that revolutionizes financial planning by providing businesses with an accessible, intuitive, and intelligent solution - raised $27.5M in a series A funding round led by Gary Tan’s Initialized Capital after a $5M seed round from Andreessen Horowitz.

  • With the funding, Runway plans to expand its team, enhance product features and integrations, and prepare for its general-availability launch. Runway also aims to become an operating system for businesses, connecting people, data, and work in a new way.

3. Figure - an AI robotics company that specializes in developing autonomous general purpose humanoid robots, raised a $9M investment from Intel Capital.

  • With the funding, Figure plans to strengthen its balance sheet, accelerate the development of its autonomous humanoid robot, enhance its AI data pipeline for autonomous operations, and drive commercialization efforts.

🦾 Trending Tools

  • dstack simplifies LLM development across multiple clouds, reducing costs and eliminating vendor lock-in. ML engineers can provision development environments quickly and execute LLM-specific tasks cost-effectively.

  • Tech Vetting by Revelo automates skill evaluation for technical candidates. With AI-powered insights and tailored tests, tech leaders can quickly identify top candidates, making data-driven hiring decisions effortlessly.

  • HeyGen enables the creation of high-quality business videos with AI avatars. Just type, click, and drag to create professional videos without the need for camera crews or editing skills.

  • Formsly AI Builder revolutionizes form and survey creation by utilizing AI-powered assistance. Create customized forms and surveys effortlessly with the beta version of this game-changing tool.

  • Goodspeed brings ideas to life 10X faster and cheaper with expert no code developers. They utilize AI and various tools like Figma, Bubble, Framer, and FlutterFlow to build innovative products.

👀 More Reading:

🌎 Fresh Content

1. The proliferation of generative AI tools has raised significant concerns about the authenticity of online content. As these tools improve in their performance, it will become increasingly difficult to identify authentic content and many companies are scrambling now to implement systems that can identify AI-generated content. Fireship broke down the Coalition for Content Provenance and Authenticity or C2PA and how they’re trying to battle disinformation. (YouTube)

2. Midjourney, the popular image generation tool (and the tool responsible for the many incredible and gorgeous images you see at the top of our newsletters), has seen some incredible updates in recent months. Two Minute Papers covered these updates and how this AI tool is evolving. (YouTube)

🧠 Prompts

Leverage ChatGPT to design a supply chain transition plan that accounts for the ongoing climate crisis, pivoting to green energy sources, and building resilience against climate-related disasters. This prompt guides you in creating a strategic plan for shifting your business supply chain towards renewable energy sources while being resilient to climate disasters.

Sustainable Supply Chain Transition Plan

  • Prompt: "ChatGPT, I need you to help me brainstorm how the current climate crisis might affect my company's supply chain and help me shift it towards using eco-friendly energy sources and build resilience to climate events. Please start by asking me questions to understand my supply chain and industry and then let’s devise a comprehensive plan taking into account cost-effectiveness, environmental impact, resilience, and potential challenges.”

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