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| Welcome to today's Inside AI! Here are the top headlines: - The U.K. wants to involve China in its upcoming AI Summit.
- Survey: Only 37% of investors trust generative AI to offer financial planning advice.
- Alibaba debuts multimodal open-source AI models.
- Amazon rolling out AI features for Thursday Night Football.
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p/beth-duckett | |
| 1 | | The U.K. government is determined to include China in its upcoming AI Summit, despite resistance from the U.S., Japan, and the EU, as reported by Politico. The November AI Summit is expected to be a topic of discussion during British Foreign Secretary James Cleverly's upcoming visit to Beijing. More: - According to Politico sources, U.K. officials have grappled for months with the challenge of engaging China without upsetting key allies.
- Japan opposes inviting China to the AI Summit, deeming it premature as democratic nations haven't established a unified AI governance stance.
- U.S. and EU officials, while preferring China's exclusion, recognize that London holds the final say on the AI meeting, according to Politico.
- A compromise could be likely, such as allowing China to be involved in policy discussions at the summit but not diplomatic showpiece events.
Zoom out: - The AI Summit, set for Nov. 1-2 at Bletchley Park, will focus on the risks of AI, advanced frontier models, misinformation during elections, AI in warfare, and other topics.
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| 2 | | Only 37% of polled U.S. consumers strongly or somewhat trust generative AI to offer financial planning advice, which is higher than social media but far below other sources like human financial advisers or their own research. About 31% of investors are comfortable following AI-generated financial advice without verifying it first, according to the results of the CFP Board Consumer Sentiment Survey. 
What the numbers show: The survey found that 71% lack trust in social media for financial advice, compared to 51% for genAI tools like ChatGPT or Google Bard. However, 52% of investors are comfortable acting on verified AI-generated financial advice after consulting a financial planner, while 46% feel the same about verified social media advice. Surprisingly, younger investors were more cautious about AI advice: 62% of those aged 45 and above were "very satisfied" with generative AI financial advice, while only 38% of those under 45 were. What brands should care: JPMorgan Chase is reportedly developing a GPT-powered investment adviser. The bank applied for a trademark for "IndexGPT," which would use AI-powered cloud software to analyze and choose financial securities for customers. According to CNBC, it would analyze a wide range of data, including market trends, economic indicators, and client preferences, to offer tailored advice. The bottom line: Robo-advisors, which automate investors' asset allocation using algorithms, have gained in popularity, but their ability to match human financial advisors is questionable. Kevin Keller, CEO of the CFP Board, advises using AI for financial guidance with a "trust but verify" approach. Q: Have you used AI tools or robo-advisors for financial/investment decisions? If so, what has been your experience? Join the conversation here. | | | |
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| 3 | | Alibaba Cloud has released two open-source AI models, Qwen-VL and Qwen-VL-Chat, trained on the company's Tongyi Qianwen (Qwen) large language model. Qwen-VL and Qwen-VL-Chat can interpret visual data, like text in images, and respond to location-based queries, like offering directions by interpreting images of signs. More: - Qwen-VL can answer open-ended queries about various images and create image captions.
- Qwen-VL-Chat handles complex interactions, including multi-image comparisons, multi-round question-answering, story writing, and image creation from user-input photos.
- The models offer superior image recognition and understanding performance over other open-source large vision language models, according to Alibaba.
- The models are open-source, allowing researchers and companies to develop their own AI applications without the need for extensive training.
Zoom out: - Alibaba's previously launched models, Qwen-7B and Qwen-7B-Chat, have gained popularity, with over 400,000 downloads.
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| 4 | | Amazon Prime Video is introducing AI-powered features in its Thursday Night Football (TNF) lineup this NFL season. In 2021, Amazon secured exclusive rights to TNF as part of the NFL's broadcasting agreements, spanning from 2023 to 2033. The new AI features will be available starting from Sept. 14. Features: - Defensive Alerts predicts defender blitzes using an in-house machine learning model, highlighting players of interest with red orbs on the screen. The model was trained on 35,000 plays.
- Prime Targets, previously known as Open Receiver, employs a green orb to identify open receivers for QB passes.
- Fourth Down Territory, an analytics tool, shows when a team should go for it on fourth down and the probability of success.
- Field Goal Target Zones displays multiple lines displaying the success probability for field goals at different positions.
- Key Plays, powered by AI and machine learning, delivers in-game highlights and critical moments.
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| 5 | | Former Meta AI researchers, creators of an AI model for biology, have founded EvolutionaryScale, a startup that recently raised over $40M in funding, according to Forbes sources. Led by former Facebook AI scientist Alexander Rives, the team developed the transformers-based model ESMFold, which can predict the molecular structures of proteins from viruses, bacteria, and other microbes. More: - This past spring, Meta's ESMFold team was disbanded as part of larger layoffs within the company.
- Eight of the unit's founding members have since joined EvolutionaryScale.
- The startup sought seed funding to significantly scale up its AI model, according to a pitch document seen by Forbes.
- Lux Capital reportedly led the ~$40M funding round, which was said to value EvolutionaryScale at $200M, with participation from AI investors Nat Friedman and Daniel Gross.
The vision: - EvolutionaryScale's vision involves creating a new model each year.
- By the third year, the focus is on integrating other biological data types beyond protein structure prediction, including DNA sequences, gene expression, and epigenetic data.
- The company still predicts that it could take a decade for biology AI models to aid in the design of new products and therapies.
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| 6 | | Weekly roundup — The top AI stories you might have missed this week: - Nvidia reported second-quarter revenue of $13.5B, more than doubling from a year ago, driven by surging demand for its AI chips. The company announced record-breaking fiscal Q2 2024 earnings on Wednesday, reporting a $6.2B profit, which is an 843% YoY increase.
- Art created solely by AI cannot be copyrighted under U.S. law, as confirmed in a ruling by U.S. District Court Judge Beryl Howell. While the decision highlights the evolving relationship between AI and copyright, the plaintiff plans to appeal.
- New York-based AI startup Hugging Face announced it had raised $235M in funding at a $4.5B valuation, with major contributions from tech giants including Google, Amazon, Nvidia, and Salesforce. The funds will primarily be used to attract top talent and further develop the platform and open-source AI.
- Brain implants combined with AI technology have restored communication for two individuals, one paralyzed and another with Lou Gehrig's disease, marking major progress in brain-computer interfaces. The breakthroughs were highlighted in two studies published in the journal Nature.
- Meta, the parent company of Facebook, introduced a free AI coding tool called Code Llama, which uses the open-source Llama 2 language model to generate and debug code in popular programming languages. Like other generative AI tools, it has potential drawbacks such as security vulnerabilities and unpredictable code generation.
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INSIDE AI LEADERBOARD (7 DAYS) |
 | AI and technology writer | | Beth is the curator and writer of the AI and Tech newsletters at Inside. With a career in journalism and editing that began in 2007, she has written for publications including USA Today, The Arizona Republic, Arizona Business Gazette, and more. You can reach her at Beth.Duckett@yahoo.com. | | This newsletter was edited by Aaron Crutchfield | |
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