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  • Meta Is Developing a New, More Powerful AI System

Meta Is Developing a New, More Powerful AI System

Also: Nasdaq announced it has received SEC approval for the first exchange AI powered order type


The world of AI is buzzing with exciting developments, and today is no exception. Meta is gearing up to challenge the AI big players with its new model, while UK's Prime Minister Rishi Sunak seeks to steer AI governance on a global stage. Nvidia decodes the secret behind its astounding AI success, and Nasdaq ushers in a new era with its AI-powered order type. eBay simplifies the listing process with its innovative AI tool, and venture capital shows an unabating love for AI startups. Dive in to get updated on these advancements and more.


  • 🦾 Meta Is Developing a New, More Powerful AI System

  • 🇬🇧 Rishi Sunak hopes AI could be his legacy

  • 📈 The Secret to Nvidia’s AI Success

  • 🤖 Nasdaq announced it has received SEC approval for the first exchange AI powered order type

Meta is aggressively advancing its AI ambitions, aiming to develop a new AI system that rivals OpenAI's top-tier model. Internal sources reveal that Meta is targeting the release of an AI model several times more potent than their recently unveiled Llama 2. Set for initial training in 2024, this model aims to assist businesses in generating sophisticated textual and analytical outputs. As competition in the AI sector heats up, Mark Zuckerberg aspires to position Meta at the forefront, emphasizing an open-source approach for broader accessibility. However, concerns arise about potential misuse and copyright issues with such potent open-source tools. Notably, while Meta's endeavors aim to match the capabilities of OpenAI's GPT-4, they may still lag, especially with Google's forthcoming Gemini model in the pipeline.

UK Prime Minister Rishi Sunak aims to leave a global legacy through his drive for AI governance. Despite facing a challenging political landscape with an upcoming general election and his Conservative Party significantly trailing in the polls, Sunak is channeling his focus on positioning the UK as the foremost authority on AI governance. He views the Windsor Framework, which enhanced UK-EU and UK-US relations post-Brexit, as a prime achievement. Sunak has been using platforms such as the G20 summit to promote an upcoming AI safety summit in the UK, where he hopes to unite world leaders on the responsible and secure development of AI. However, gaining support from global leaders has been a challenge, with notable absences expected at the summit and some questioning the UK's mediation role in AI discussions.

Nvidia's impressive rise in AI performance and market dominance over the past decade can be attributed to a combination of factors highlighted by Chief Scientist Bill Dally at the IEEE’s Hot Chips 2023 symposium. The most significant boost, 16-fold, came from improved number representation, where Nvidia adapted its GPUs to utilize less precise numbers without compromising neural network accuracy, allowing for faster and more efficient computations. Complex instructions, with a 12.5-fold gain, allowed Nvidia GPUs to perform substantial calculations in a single instruction, reducing overhead. The company's adherence to Moore's Law contributed a 2.5-fold increase, with investments in the most cutting-edge manufacturing technology. Lastly, with a 2-fold enhancement, Nvidia capitalized on the sparsity in neural networks, introducing hardware that optimizes computation by recognizing and ignoring non-contributory neurons.

Nasdaq has secured approval from the SEC for its AI-driven Dynamic Midpoint Extended Life Order (M-ELO), a novel exchange order type. The AI-based M-ELO aims to match investors with longer-term perspectives by necessitating a brief wait before trades can occur. This AI system, taking into account over 140 determinants, can adjust holding periods in real-time, which has been demonstrated to optimize fill rates and diminish market repercussions. Traditional M-ELO used a static hold period, but Nasdaq's research showed enhanced results when this was dynamically aligned with current market situations. As a result, Dynamic M-ELO, the first real-time AI order, was created, showing substantial improvements in execution metrics. This advancement showcases Nasdaq's dedication to modernized, efficient markets using AI technology, further evidenced by its application of predictive AI in US options markets to streamline strike listing processes.

🛠️ AI tools updates

eBay has unveiled a cutting-edge AI tool within its iOS app that crafts product descriptions from just a single image. By simply taking a photograph, the AI provides details such as the title, description, release date, and even suggests pricing and shipping costs. An earlier version, which transformed user-provided titles into descriptions, garnered positive reactions; with 30% of US sellers using it daily and 95% of testers preferring AI-generated descriptions. eBay aims to simplify the listing process, especially for novices who might find it daunting. An individual's trial of the feature, using a Hydroflask image, produced a coherent, professional description. Additionally, eBay introduced an efficient background removal tool. These innovations signify eBay's commitment to evolving its platform with advanced technology.

💵 Venture Capital updates

In 2023, funding for AI startups in the U.S. witnessed a significant surge, with over a quarter of investments in startups directed towards AI, according to Crunchbase data. This represents more than double the percentage from 2022, where AI startups only garnered about 12% of the total funding over a five-year average from 2018 to 2022. This spike in AI investment occurs against a backdrop of a 50% decrease in overall North American startup funding for the first half of the year. Unlike other sectors which have seen a decrease in investment, AI funding has been on the rise. The versatility of AI as a technology, applicable across various industries, means that even as sectors face decreased investment, startups that incorporate AI solutions are securing more funding. The growing importance of AI might soon render its categorization redundant, much like how startups no longer emphasize being "an Internet company." AI might soon be seen as a fundamental aspect of every startup's tech stack.

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