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- Meta launches AI Studio
Morning!
In today’s newsletter, we spotlight Meta’s launch of AI Studio, a user-friendly platform empowering individuals to create and share AI characters with ease. The global AI platforms software market is set for remarkable growth, projected to reach $153 billion by 2028, driven by widespread AI adoption across industries. Open-source AI has notably accelerated China’s advancement in this sector, while JPMorgan Chase introduces an AI-based research analyst chatbot for its employees. A study highlights the Asia-Pacific region’s leadership in generative AI deployment. Additionally, the AI tutor Squirrel Ai is revolutionizing personalized education in China. We also cover AI job openings, tools updates, and venture capital trends, underscoring the diverse landscape of AI investments.
Sliced:
🆕 Meta launches AI Studio
📈 Demand for AI Platforms Software is Forecast to Drive Remarkable Growth over the Next Five Years, According to IDC
🇨🇳 Open source AI helped China catch up to the world, researchers reckon
🤖 JPMorgan launches in-house chatbot as AI-based research analyst
🌏 Study: Brands in APAC lead in global gen AI rollout
🧠 This AI tutor could make humans 10 times smarter, its creator says
Meta has introduced AI Studio, a user-friendly platform that allows anyone to create, share, and discover AI characters without requiring technical skills. Leveraging the Llama 3.1 model, AI Studio enables users to craft AI that can engage in various activities, from generating memes to providing travel advice. It also offers creators the ability to design AI extensions of themselves to handle common inquiries and interact with their audience on Instagram, Messenger, WhatsApp, and web platforms. With customizable features such as personality, avatar, and tone, users can tailor their AI to their specific needs and interests. This initiative is part of Meta’s broader strategy to democratize AI technology, providing tools and expert guidance to help users maximize the creative potential of AI while ensuring safe and responsible use. Available in US only for launch.
The market for AI platforms software is expected to experience significant growth over the next five years, with worldwide revenue projected to reach $153.0 billion by 2028, representing a compound annual growth rate (CAGR) of 40.6%. This growth is driven by the increasing adoption of AI across various industries, with innovations in generative AI reshaping business models and competitive strategies. In 2023, AI platform software revenue grew by 44.4% year over year to $27.9 billion. Leading providers in this market include Microsoft, Palantir, OpenAI, Google, and Amazon Web Services. Cloud-based deployments of AI platforms are expected to outpace on-premises deployments, with a forecasted five-year CAGR of 50.9%, attributed to enhanced security, regulatory compliance, and scalability offered by cloud vendors. The IDC report highlights the transformative potential of AI in enhancing user experience, optimizing advertising, personalizing content, and improving data analytics while also emphasizing the need for responsible AI adoption and risk mitigation.
Open-source software has been instrumental in accelerating China's AI development, allowing the country to rapidly advance and potentially lead in this sector. Chinese researchers highlighted that open-source technologies were pivotal in their progress. Additionally, significant regional developments include Bangladesh experiencing a prolonged internet shutdown due to anti-government protests, which inadvertently shielded the country from a global cybersecurity threat. In South Korea, the founder of Kakao faced legal issues over alleged stock manipulation, and in Singapore, Grab shifted its acquisition focus from a taxi operator to a restaurant booking service. Meanwhile, Alibaba has refuted allegations of cronyism involving its founder Jack Ma, and several key partnerships and expansions were announced in the Asia-Pacific region, including Equinix's acquisition of data centers in the Philippines and a digital twin project by Naver with Saudi Arabia.
JPMorgan Chase has started deploying a generative AI tool, modeled after OpenAI's ChatGPT, for its asset and wealth management employees. Known as LLM Suite, this AI-driven chatbot is designed to assist with tasks such as writing, idea generation, and document summarization, effectively taking on the role of a research analyst. This initiative has been gradually introduced within the bank since early this year and now supports approximately 50,000 employees. This move follows similar advancements by Morgan Stanley, which launched a GenAI-powered chatbot in collaboration with OpenAI last September to enhance the efficiency of its financial advisors.
A recent study by Adobe reveals that brands in the Asia-Pacific and Japan (APJ) region are leading in the global rollout of generative AI, with 65% having implemented full or initial AI solutions. Japan has the highest deployment rate at 82%, followed by India and Asia at 72%. Despite this, there is a significant gap between senior executives and practitioners regarding the existence of formal AI adoption strategies. Many brands are developing guidelines for responsible AI use and aligning AI initiatives with business goals. Advanced AI skills training and policies for ethical use are top priorities, with significant changes anticipated in operating models and organizational structures to support AI adoption. The study indicates that generative AI will significantly transform data analytics and management, with increased investment in customer data management expected in 2024. Additionally, a Capgemini study found that 80% of organizations are increasing their AI investments, with nearly 24% having integrated AI into their operations.
Squirrel Ai, an AI tutor used in China, is significantly enhancing personalized education by addressing disparities between urban and rural educational resources. This AI employs a large adaptive model to tailor lessons based on individual students' needs, drawing on data from millions of students and expert teachers. Schools like Baishaping Primary in Hubei Province have seen marked improvements in student performance, engagement, and confidence after implementing this technology. The success of Squirrel Ai highlights the potential for AI to bridge global educational gaps, as the demand for teachers is projected to rise significantly by 2030. The World Economic Forum emphasizes that while AI will not replace human teachers, it can significantly augment their capabilities, making education more accessible and equitable worldwide.
🧑🏽💻 AI Jobs
🛠️ AI tools updates
Hypernatural, an AI tool designed for creating short videos, offers practical features that distinguish it from other AI video tools like Runway ML. Users can generate videos by simply pasting a link, text, or audio, without needing prior video editing experience. The tool provides a variety of visual styles and AI narrators, automatically generates captions, and allows for customization of images, captions, and scripts. Hypernatural's unique ability to generate new images and video clips based on input material enhances its utility. Despite requiring AI credits for high-quality rendering, Hypernatural is a cost-effective solution for creating shareable videos, especially for social media and professional content.
💵 Venture Capital updates
Despite the current hype surrounding generative AI, venture capital is not solely focused on AI startups. An analysis of Crunchbase data reveals that over the past two months, AI companies accounted for only about 20% of all Series B and earlier funding rounds, attracting around 24% of total funding dollars when excluding Elon Musk's xAI's massive Series B round. The remaining 80% of venture capital is distributed across a diverse range of sectors including biotechnology, manufacturing, healthcare, and non-AI software companies. This diversification is crucial for venture funds to manage risk and align with their investment theses, even as significant investments continue in AI. Factors such as the overwhelming investment by major tech companies in AI and the lack of a transformative AI "killer app" contribute to this broader funding landscape.
🫡 Meme of the day
⭐️ Generative AI image of the day
Before you go, check out These 5 cities are making innovative use of generative AI
