POOF! Italy is out. $300,000 to do...what? ChatGPT, but for finance, announced!
GM, and happy Sunday! Today’s all about cancellations, $$$ , and surprise, surprise…new AI that could change the world. Are you ready?
Here’s what we’ve got for ya today:
Start up that Vespa, ChatGPT, ‘cause you are OUT
If you know English, then your hot, new career is a-waitin’
Midjourney Update: No more free trials…for now
Finance gurus, get ready for BloombergGPT
Top AI news you need to know: Part ☝🏾
1/ Start up that Vespa, ChatGPT, ‘cause you are OUT
It’s official: Italy has banned ChatGPT.
[The News] According to reports from the Garante, the Italian data protection authority, ChatGPT set off a data breach alarm, which means authorities suspect that individual’s private requests, conversations, and financial information are at risk and being processed.
But OpenAI rebutted promptly and stated that it complies with EU privacy laws.
As of a recent update, the Garante officials tell the BBC that:
"there is no legal basis to justify the mass collection and storage of personal data for the purpose of training the algorithms underlying the operation of the platform” AND…
"the app exposes minors to absolutely unsuitable answers compared to their degree of development and awareness.”
…making both privacy and age verification a problem.
[Why this matters] With the mass release of AI programs all over the world, including the near future OpenAI integrations into Microsoft suite products…
…this could slow the release of future AI product updates.
As regulation is still scarce, this could also be the catalyst for other countries to start looking into banning ChatGPT as well.
Looking forward… BBC News states that the IDPA is giving OpenAI 20 days to address these concerns, with a penalty fine of $21.7 million, or up to 4% of annual revenues.
We will, for sure, be following this story.
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2/ If you know English, then your hot, new career is a-waitin’
Please help me welcome the newest job title on the market:
The AI Prompt Engineer.
[The News] Back in January 2023, one of the founding members of OpenAI tweeted a message that could only send shivers down a software engineer’s spine:
Yup, that means Java and Ruby on Rails are no longer among the most sought-after programming languages.
English is.
Take a look at this job posting from Anthropic.
According to Anthropic, a role as a prompt engineer is a “hybrid between programming, instructing, and teaching’’ with the goal to “figure out the best methods of prompting our AI to accomplish a wide range of tasks.”
Simply put, you find the best way to communicate with the AI chatbot using plain English in order to generate the most accurate result for a task.
The pay range? Between $175,000 and $335,000 a year.
[Debate it] On one hand, the job market and demand for prompt engineers are growing.
Anna Bernstein, a prompt engineer at Copy.ai and an ex-freelance writer/research assistant, told Insider News that she “loves the ‘mad scientist’ part of the job where I’m able to come up with a dumb idea for a prompt and see it actually work.”
Essentially, it’s trial and error.
Even the Anthropic job posting states that “the field of prompt engineering is arguably less than 2 years old, so this position is a bit hard to hire for” and that “you can best demonstrate your prompt engineering skills by spending some time experimenting with Claude or GPT3.”
But on the other hand, some people believe that this is simply a “fad” job that will die out eventually.
Here’s a short and sweet Twitter debate.
Looking forward… Let’s be frank here: No one is a true expert…yet.
After all, you’ve heard the claim that it takes a minimum of 10,000 hours, or 10 years, of practice to become an expert at anything.
The benefit here? It’s not too late for anyone to start learning how to write prompts. If anything, this is THE chance to get ahead.
Want to sponsor a future newsletter and share your business with our growing list of followers?
Go ahead and send an email to [daniel@aicyclopedia.com].
This space could be yours…🥳
Top AI news you need to know: Part ✌🏼
3/ Midjourney Update: No more free trials…for now
Sad news: Midjourney is getting rid of its free tier.
(This is the AI image generator that made the Pope wearing a puffer jacket image)
But the pause has nothing to do with the viral photos and everything to do with abuse.
[The News] According to Forbes, the Midjourney CEO David Holz broke the news that the AI company will be ending free trial access as a result of “extraordinary demand and trial abuse.”
Some believed it was due to the many deepfakes surfacing online, like Trump getting arrested. (we shared the images in a past newsletter)
But Holz clarified and told The Verge that Midjourney stopped free trials “because of massive amounts of people making throwaway account to get free images.”
According to Holz, the company "believes the culprit was probably a viral how-to video in China" and that "this happened at the same time as a temporary GPU shortage."
When the two things collided, the service for paid users suffered.
Looking forward… Midjourney hopes to bring back a free tier for the public. But with the abuse of the free accounts, they are “back to the drawing board” in hopes of realizing an abuse-free alternative.
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4/ Finance gurus, get ready for BloombergGPT
Bloomberg released a research paper detailing the development of BloombergGPT. In other words, it’s ChatGPT, but for finance.
[The News] As first reported by Fox News, here’s what we know so far.
Using the company’s own data resources, BloombergGPT was trained using “ a comprehensive 363 billion token dataset consisting of English financial documents.”
The model can analyze financial data sets to assist with accounting automation, auditing tasks, risk assessment, sentiment analysis, etc.
Because the AI needs a large financial dataset, BloombergGPT will be able to access the Bloomberg Terminal-a computer software system used by investors and financial professionals to make the most informed financial decisions.
Gideon Mann, Head of Bloomberg’s ML Product and Research team, tells Fox News,
“The quality of machine learning and NLP models comes down to the data you put into them…Thanks to the collection of financial documents Bloomberg has curated over four decades, we were able to carefully create a large and clean, domain-specific dataset to train a LLM that is best suited for financial use cases.”
[Why this matters] Institutional investors, portfolio managers, and financial analysts all use the Bloomberg Terminal at the moment.
In the near future, you can expect to see these target markets as the first early adopters of BloombergGPT.
How this will change the landscape of the stock market is still TBD.
Looking forward… It will be interesting to see how Bloomberg's competitors react to this news.
ChatGPT’s release has already proven to tickle the bellies of Google, Microsoft, and many others, so it wouldn’t be surprising if other financial AI models are soon released to compete with Bloomberg.
Your AI news break 🥳
AI News Tid Bits…
👉🏻 Swifties are using ElevenLabs’ feature to create personal Taylor Swift voice clones. Taylor, you belong with me. Forever.
👉🏻 We all saw Will Smith slap Chris Rock. But what was Chris’ point of view? With the help of AI, now we know.
👉🏻 Ex-Google researcher claims Google is trained on ChatGPT data, but Google denies the allegations. You wanted a twist, eh?
Try this AI tool 🪄 : Gamma AI
According to ProductHunt, Gamma can now do hours of work (compiling content, designing, and formatting a presentation from scratch) in just a few minutes.
In other words: create presentations and pitch decks easily using AI.
Grant Lee, one of the co-founders of Gamma, commented on what you can try now with Gamma:
🪄 Generate - tell us what you'd like to make. We'll help you generate an outline and a first draft instantly, and you'll be able to get started on your presentation faster than ever before.
👩🚀 Chat - meet your AI design partner. Ask for things like interesting images to include, writing and design suggestions, and even formatting help.
📄 Inline - you can also highlight any text or block directly as you edit. Get help rephrasing and visualizing your content with just a click.
Here’s what people are saying:
Our team at Opus has been using Gamma since the very first day after we found it, and can't say enough about how useful and versatile Gamma is! Excited to use the AI version to help our team tell a better story both internally and externally!
Gamma has been my go-to deckbuilder since I found it, stumbled on the AI functionality last week and was blown away by how intuitive it was in my existing flow.
This is excellent. An efficient and productive tool. This will be extremely useful for designers like my self. this will save so much time. Great stuff
Gamma currently gives users 400 AI credits for free and will soon offer the option to buy more.
That’s it for today!
If you liked the newsletter, give it a ❤️ and, as always, feel free to sound off in the comment section below 👇🏾
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See you next Thursday 👋🏻
