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Plus: AI chatbot debates congressman?
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Geoffrey Hinton and John Hopfield just took home the Nobel award in Physics. Hinton says the next 10 years in AI will bring just as much change as the last decade, and there’s no sign of slowing down.
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AI INSIGHTS
⚖️ Governance of AI: A critical imperative for today’s boards
Source: Deloitte
A new survey shows almost half of board members aren’t even talking about AI yet. It's like AI is the elephant in the room, and no one's looking at it.
Keys takeaways:
AI is rarely on the agenda. Only 14% of boards talk about AI at every meeting, and they’re still figuring out if AI oversight should stay with committees or the full board.
More time is needed. Almost half of the board members think they aren’t devoting enough time to AI discussions. Most agree the pace of adoption needs to pick up.
There’s a big education gap. A huge 79% of boards have little to no AI experience, and some are starting to bring in AI specialists, but they’re still playing catch-up.
AI’s current use is mostly for productivity, but it’s still in the experimental phase for many.
Governance is confusing. Boards are unsure how to manage AI oversight and are starting to engage with stakeholders like employees and regulators as rules evolve.
Why it matters: Boards need to make AI a regular discussion, set clear roles for handling it, and get the right info from management. They should also focus on learning more about AI, bring in experts, and ensure they have the right skills.
TODAY IN AI
AI HIGHLIGHTS
🤖 Virginia candidate creates AI chatbot to debate incumbent congressman who's skipping debates. Bot trained on Beyer's official statements for the October 17 online event.
❤️ Grindr plans AI 'wingman' by 2027 for its dating app. It will find matches, plan dates, and talk to other apps for its 14 million users.
🏆 AI pioneers Hopfield and Hinton win 2024 Nobel Physics Prize for machine learning breakthroughs enabling the current AI boom.
👓 Harvard students demo I-XRAY system, using Meta's smart glasses, which combines facial recognition reverse image search and LLMs to find the personal data of strangers.
💼 A free app is coming that uses AI to give financial info, just like the expensive Bloomberg Terminal. It's made by a new company called OpenBB.
🖼️ Nvidia teamed up with a Chinese university to create EdgeRunner, a new tool that makes detailed 3D models with sharp edges and clear shapes.
DAILY AI FUNDRAISING
KoBold Metals, an AI-powered mineral exploration startup, has raised $491M of a targeted $527M. This funding will help develop a massive copper deposit in Zambia and advance over 60 other projects.
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💰 OpenBB Terminal makes smarter investment decisions with AI research.
👥 Opencord AI is AI Agent continuously finds the right customers and personalizes interactions for conversion.
📚 Theneo is an AI-powered platform transforming API documentation.
🗃️ Firebender is Android Studio's most powerful AI assistant.
❓ Dashworks Bots creates AI assistants that answer your team's questions
AI QUICK HITS
🎨 Adobe to launch free app for creators to protect AI content in 2024 (Link)
☁️ Fei-Fei Li chooses Google Cloud as main provider for World Labs AI projects (Link)
📰 OpenAI and Hearst partner to bring news to ChatGPT (Link)
🎮 Redditors use AI to give classic video games photorealistic graphics (Link)
🚗 Uber to launch AI assistant powered by OpenAI for driver EV questions (Link)
AI CHART
AI is slowly being adopted by U.S. companies, with only 5% using it for production recently. But it’s expected to make a big impact across industries in the next five years.
Here’s the breakdown:
AI could boost operating margins in 23 out of 25 industries. Software and semiconductor companies will see the biggest benefits, with semiconductor revenues expected to grow by 34%.
Energy and utilities will use AI for things like monitoring pipelines, while the auto industry will save on maintenance costs. Overall, AI could save S&P 500 companies up to $55 billion each year.
Though progress is slow, AI is set to transform how industries operate.
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The AI Fire Team
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