AI Report #8

A new report from McKinsey + 9 free courses from Google

Author

Omar N
June 16, 2023

Happy Friday morning!

Here’s a recap of the latest in AI from this week.

Reading time: 3 minutes

📰 News

💰 Generative AI could add $4.4T to the economy: McKinsey

McKinsey, the consulting powerhouse, just published a 68-page report on the economic potential of generative AI. These guys really do some detailed research.

Here are the key takeaways:

  • Generative AI could make the world's economy trillions of dollars richer. Specifically, a $2.6T to 4.4T boost to the economy.

  • 75% of AI's financial value will be in customer service, marketing, coding, and research

  • Industries like banking, tech, and life sciences could gain the most from AI

  • AI could automate up to 70% of jobs, especially those needing understanding of human language

  • AI could lead to half of today's tasks being automated by 2060

  • Generative AI is new and exciting but presents challenges that need addressing (risks, ID’ing necessary workforce skills, training)

The economic potential of generative AI: The next productivity frontier

Generative AI’s impact on productivity could add trillions of dollars in value to the global economy—and the era is just beginning.

www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier

In related news:

Meta continues open-sourcing

In case you couldn’t tell, I’m a fan of The Zuck. Making tools like I-JEPA open source is definitely the correct long term play.

You can read about this more here, or directly from their paper which will be presented next week at CVPR 2023.

💰 Cohere raises some serious cash

Toronto-based startup Cohere just raised another $270M, bringing its valuation to around $2.2B. This Series C round was backed by Oracle and Nvidia, with the goal of supporting Cohere in its development of Enterprise software.

In case you didn’t know, Cohere is a direct competitor to OpenAI, Google, and Anthropic; they also develop LLM-based applications similar to ChatGPT, Bard, or Claude.

Cohere Announces $270M Series C to Bring Generative AI to Enterprises

Funding will accelerate Cohere’s leadership position giving enterprises the power of AI on the cloud platform of their choice, keeping their data private and secure. Today, we have some exciting news to share! Cohere announced $270M in new capital as part of its Series C financing. Inovia Capital led

txt.cohere.com/announcement

📝 Learn

Google just came out with its Generative AI Learning Path, which includes 9 courses to learn all about topics like large language models (LLMs) and how to use them with Google’s products.

The courses are:

  • Introduction to Generative AI

  • Introduction to Large Language Models

  • Introduction to Responsible AI

  • Generative AI Fundamentals

  • Introduction to Image Generation

  • Encoder-Decoder Architecture

  • Attention Mechanism

  • Transformer Models and BERT Model

  • Create Image Captioning Models

  • Introduction to Generative AI Studio

The best part: it’s free!

🎨 AI Image of the Day

That’s all for today, thanks for reading!

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