Could OpenAI Go Bankrupt by 2024?

🗞️ The Tech Issue | August 15, 2023

Author

Qamar Zia
August 15, 2023

☕️ Greetings. It's Tuesday, I'm excited to share some amazing AI news and updates with you today. Let’s dive in.

🗞️ Today’s Highlights:

  • LATEST NEWS & TRENDS — AI startups are losing their bloom for seed investors, argues one VC

  • INDUSTRY | FUNCTION — 10 Key Uses of Artificial Intelligence in Marketing:

  • RESOURCES — 11 Most Popular Machine Learning Software Tools In 2023

  • WORK — 20 Artificial Intelligence Careers & Job Opportunities In Demand

  • AI TOOLS — OneShot: OneShot uses AI & machine learning to pinpoint ideal leads and generate highly personalized, ChatGPT-powered messaging.

  • JUST FOR FUN — AI-generated video: AI-Socrates discusses "University" and "Education"

🤖 OpenAI, creator of the AI chatbot ChatGPT, may face financial issues by 2024. ChatGPT, once the talk of the town, is now facing financial troubles. Despite its early hype, the costs to maintain it ($700,000 daily) are outpacing revenues. OpenAI reported a whopping loss of USD 540 million by May 2023. Plus, their user base shrunk from 1.7 billion to 1.5 billion. A big issue? Their business model. Many are turning to open-source alternatives like Meta's Llama 2. While OpenAI's planning ‘GPT 5’, they’re hit by a GPU shortage. Luckily, Microsoft's USD 10 billion investment is their lifeline. But with tough competition, OpenAI's future is uncertain.

🗞️ LATEST NEWS & TRENDS

1️⃣ In 2023, AI startups initially drew significant investor interest, with high valuations and limited diligence. However, as established tech firms like Adobe entered the AI space with successful ventures, the enthusiasm began to wane. Investments in U.S. AI seed startups dropped from $295 million in March to $179 million in July. The rapid obsolescence risk of AI startups, especially those relying heavily on OpenAI models, has grown. Consequently, investors are becoming more discerning, seeking clear competitive advantages in AI ventures.

2️⃣ AI is reshaping travel, much like previous innovations did. Short-term effects are underestimated, and long-term effects are overestimated. Online agencies, reviews, and sharing economy transformed travel. AI-driven chatbots will enhance hotel websites, automation democratizing technology. Adapting to AI trends is key for competitiveness and addressing over-tourism.

3️⃣ Plum Guide, led by CEO Doron Meyassed, has integrated generative AI from tech giants like OpenAI into their rental home vetting process. Over three years, they've shifted from human-led vetting to AI-driven curation with a 91% accuracy rate. AI applications at Plum Guide include efficient home vetting, pooling public reviews for sentiment analysis, and crafting home listings. Despite its benefits, AI inaccuracies remain a challenge, necessitating human oversight. Meyassed sees vast AI potential in the travel industry and aims to balance AI innovation with genuine human interaction.

4️⃣ Amazon is testing a generative AI feature to summarize product reviews, giving shoppers a quick overview on the product page. Currently available to some U.S. mobile users, the feature may expand based on feedback. Amazon is focusing on integrating more AI into its services, with CEO Andy Jassy highlighting its importance. The company also plans to introduce a product insights feature to emphasize common review themes.

5️⃣ The exponential rise in data creation, primarily in the digital field, is notable, with 90% generated in the past two years. User interactions fuel Generative AI (GenAI), but its potential comes with risks like misinformation and job displacement. The responsibility for ethical GenAI lies with a committee of experts, not solely corporations. Similar to nuclear tech, an independent entity could govern AI's development to ensure responsible growth.

🗞️ INDUSTRY | FUNCTION

10 Key Uses of Artificial Intelligence in Marketing:

  1. AI in Market Research: AI automates report creation, analyzes feedback, tracks eye movements, and offers real-time insights for data-driven decisions.

  2. Chatbots for Interaction: AI-driven chatbots engage 24/7, offer advice, learn from interactions, and collect feedback, boosting sales and retention.

  3. AI-Enhanced Email Marketing: AI automates campaigns, optimizes subject lines, personalizes content, and increases customer engagement.

  4. Efficient Advertising with AI: AI optimizes ad copy, analyzes performance, targets audiences, and allocates budgets effectively.

  5. AI's SEO Impact: AI tools enhance search rankings, analyze competitors, and suggest content improvements.

  6. AI Augments Reality: AI in AR offers personalized experiences, predicts interfaces, and tracks user interactions.

  7. AI Advances Video Marketing: AI detects emotions, analyzes viewing patterns, recommends content, and optimizes video strategies.

  8. Social Media with AI: AI automates content generation, analyzes posts, provides insights, and optimizes scheduling.

  9. AI-Driven Segmentation: AI refines customer segments, personalizes content, improves targeting, and boosts engagement.

  10. AI for Competitive Insight: AI monitors competitors, tracks changes, and provides insights for strategic decisions.

🗞️ RESOURCES

Comparison of Machine Learning Tools: 

  • Scikit-learn: Python-based library with models and algorithms for classification, regression, clustering, etc.

  • PyTorch: Python-based library for building neural networks and optimization algorithms.

  • TensorFlow: Offers a JavaScript library for machine learning and neural networks.

  • Weka: A Java-based tool for data preparation, classification, regression, and more.

  • KNIME: Platform for data analytics, supporting various programming languages.

  • Colab: Google's cloud service for building machine learning applications using libraries like PyTorch and TensorFlow.

  • Apache Mahout: Provides algorithms for preprocessors, regression, clustering, and more.

  • Accord.Net: Offers machine learning libraries for image and audio processing.

  • Shogun: Provides algorithms and data structures for machine learning in various languages.

  • Keras.io: Python-based API for neural networks and rapid prototyping.

  • Rapid Miner: A platform for machine learning, data preparation, and predictive analytics.

The article discusses various machine learning tools listed above, highlighting their features, languages they're written in, and use cases.

🗞️ WORK

This article provides an overview of 20 artificial intelligence (AI) careers and job opportunities that are currently in high demand. It highlights the essential skills and qualifications needed for AI careers, ranging from programming and mathematics to data analysis and machine learning techniques. The top 20 AI careers mentioned include:

  1. Machine Learning Engineer

  2. Data Scientist

  3. Robotics Engineer

  4. Research Scientist

  5. User Experience (UX) Designer

  6. Big Data Engineer

  7. Business Intelligence Developer

  8. Software Engineer

  9. Computer Vision Engineer

  10. Natural Language Processing Engineer

  11. Robotics Automation Technician

  12. Deep Learning Engineer

  13. AI Engineer

  14. AI Strategist

  15. Chatbot Developer

  16. AI Ethicist

  17. Algorithm Developer

  18. AI Product Manager

  19. AI Consultant

  20. AI Lead

The article also provides guidance on how to start a career in AI, including choosing a specialization, pursuing education, attending conferences, building a portfolio, and continuously learning. It outlines both the benefits and challenges of working in the AI field, such as high demand, great pay, opportunities for innovation, and rapid technological changes, as well as issues like lack of standards, ethical concerns, and technical complexity. Additionally, the article lists several companies known for hiring AI talents, including Google, Amazon, Microsoft, IBM, and NVIDIA.

🗞️ AI TOOLS

Gamma: A new medium for presenting ideas. Powered by AI. Just start writing. Beautiful, engaging content with none of the formatting and design work.

Mailivery: Land in the Inbox. Not the Spam Folder. Maximize Email Deliverability

Supermeme: Turn text into memes using AI Meme Generator

SheetGPT: The Power of AI in Google Sheets. SheetGPT is the easiest way to integrate OpenAI's text and image generation in your Google Sheets™

OneShot: OneShot uses AI & machine learning to pinpoint ideal leads and generate highly personalized, ChatGPT-powered messaging.

Disclaimer: 1) The tool descriptions are from the company behind each tool/app. 2) Please read the site details thoroughly before using and/or acquiring any of the tools listed above. We have not tested these tools and we will not be liable for anything.

🗞️ JUST FOR FUN

 👀 AI Talk, a YouTube channel produces these interesting AI-generated videos. According to the channel, the script for this was generated by GPT4 and the visuals by Midjourney v5.

Disclaimer: The audio-visual content is courtesy of the source provided above.

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