🤖 AI stock portfolio beats hedge funds

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AI and Machine Learning

AI could have ‘human-level’ intelligence in next few years, Google DeepMind CEO says (3 minute read)
According to Demis Hassabis, the CEO of Google DeepMind, the debut of artificial intelligence systems with cognitive abilities equivalent to humans could be achievable within the next few years. Hassabis highlighted the significant progress that has been made in the development of "artificial general intelligence," which he defined as an advanced AI system with human-like cognitive abilities. During his appearance at the Wall Street Journal's Future of Everything Festival, Hassabis stated that he sees no reason why this progress should slow down and even believes that it could accelerate. The race to develop AGI systems has sparked a fierce debate in the AI industry, with many industry leaders weighing its potential benefits against the perceived risks it could pose to society.

White House tells tech CEOs they have ‘moral duty’ on AI (2 minute read)
During a two-hour meeting at the White House, the CEOs of Google, Microsoft, OpenAI and Anthropic were urged by US Vice President Kamala Harris to ensure that the development of artificial intelligence (AI) does not have a negative impact on society. The tech executives, including Google CEO Sundar Pichai and Microsoft CEO Satya Nadella, attended the meeting to discuss the regulation and development of AI. US President Joe Biden, who briefly attended the meeting, acknowledged the "enormous potential and enormous danger" associated with AI, and asked the CEOs to provide guidance on how society can be protected while the technology continues to advance.

Nvidia’s 20 Siggraph papers highlight generative AI, 3D characters and hair (4 minute read)
Nvidia Graphics Research has announced it will debut 20 research papers at the upcoming SIGGRAPH conference in Los Angeles. The research papers showcase generative AI. In addition to this, Nvidia is also presenting more conventional 3D graphics, such as realistic hair, to enable developers and artists to bring their ideas to life in various forms - still or moving, in 2D or 3D, realistic or imaginative. Aaron Lefohn, Vice President of Graphics Research at Nvidia, expressed his excitement about the potential for the research to help artists and developers alike in an interview with GamesBeat.

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Business

Microsoft opens Bing AI for public testing, no waitlist required (3 minute read)
Microsoft is integrating Bing's AI capabilities into its SwiftKey keyboard app. The third-party tool already has some AI features, such as personalized suggestions based on users' writing styles. With the new integration, a Bing button will appear on the top left side of the keyboard, offering three options: Search, Tone, and Chat. Users can conduct searches without leaving their conversation, and the Chat function will suggest responses based on the content of the message or email. The Tone function will provide assistance in creating a more professional tone in work emails.

Salesforce launches SlackGPT, embracing generative AI for enterprise workflows (2 minute read)
Salesforce has unveiled SlackGPT, a new generative AI experience for its popular messaging app Slack. The SlackGPT experience is built around three key areas: AI features natively integrated within the Slack app, automated workflows that embed AI actions, and the inclusion of the Einstein GPT app within the platform. These native features are currently being prototyped to assist enterprise users with tasks such as summarization and drafting assistance. The writing assistant, for example, will sit as a dedicated button in the message composer and Slack canvas, allowing users to write text from scratch, distill content, and adjust its tone.

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Misc

A stock portfolio created by ChatGPT is outperforming the top UK investment funds (2 minute read)
According to finance website Finder.com, a theoretical stock portfolio composed of 38 companies selected by ChatGPT has outperformed the 10 most popular funds in the UK over an eight-week period. The AI-powered portfolio has risen by 4.93% since March 6, 2023, while the competing funds have averaged a loss of 0.78% over the same period. The ChatGPT portfolio has outperformed the real funds for 34 of the 39 market days since the experiment began. The top three performing stocks in the ChatGPT portfolio were Meta, Microsoft, and Intel Corporation, which saw increases of approximately 30%, 20%, and 18%, respectively.

Will A.I. Become the New McKinsey? (10+ minute read)
In a recent article, A.I. is compared to management-consulting firms like McKinsey & Company, as both are hired for various reasons and used for many purposes. Social-media companies utilize machine learning to keep users engaged on their platforms while Purdue Pharma used McKinsey to increase sales of OxyContin during the opioid epidemic. A.I. offers a cost-effective solution to replace human workers, and McKinsey and similar firms have helped make mass layoffs a norm to increase stock prices and executive compensation, leading to the decline of the middle class in America. The comparison highlights the potential impact A.I. could have on society, as well as the importance of ethical considerations in its development and implementation.

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