AI cracks the stock market

Welcome, AI enthusiasts.

Brace yourselves, Wall Street — a brand new study just revealed that AI can outperform even essentially the most seasoned financial analysts.

Is that this the start of a brand new era for investing, or a recipe for some serious market mayhem? Let’s investigate…

In today’s AI rundown:

• Study: AI shows stock-picking prowess

• xAI’s record-breaking funding round

• Easily create stunning AI images

• Researchers develop AI sign language

• 6 latest AI tools & 4 latest AI jobs

• More AI & tech news

Read time: 4 minutes

LATEST DEVELOPMENTS

AI RESEARCH

🏦 Study: AI shows stock-picking prowess

The Rundown: A brand new study from the University of Chicago found that LLMs like GPT-4 can successfully perform financial plan evaluation and even outperform human analysts in predicting the direction of future earnings.

The main points:

• Researchers provided GPT-4 with standard, anonymized statements and a prompt to mimic how analysts process financial information.

• GPT-4’s insights outperformed skilled analysts in predicting future earning trends, despite not getting access to qualitative info.

• The model’s performance also matched and even barely exceeded other state-of-the-art models trained specifically for earning prediction tasks.

• The study also found that the model’s ability got here from its evaluation of trends, ratios, and economic reasoning — not from training data.

Why it matters: This study not only shows that AI is about to drastically alter the financial industry, but additionally challenges assumptions in regards to the tech’s limits in judgment-based tasks. Soon, everyone could have access to an AI financial expert, democratizing information and evaluation and changing how non-experts operate within the markets.

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XAI

💰 xAI’s record-breaking funding round

The Rundown: Elon Musk’s xAI just officially announced the corporate’s Series B funding round, raising a whopping $6B from major investors to challenge OpenAI and other competitors within the AI race.

The main points:

• The record-setting Series B funding round values the corporate at $24B post-money, only a yr after its launch in July of 2023.

• xAI said the funds shall be used to ‘bring the corporate’s first products to market, construct out advanced infrastructure, and speed up R&D’.

• The corporate can be hiring across its engineering and research division, with a reported pay higher than other competitors.

• The startup can be reportedly planning to construct its own AI supercomputer by fall 2025, which might require 100,000 of Nvidia’s H100 chips.

Why it matters: Elon Musk just predicted that AGI is coming next yr — and now armed with an enormous war chest, xAI can secure the compute needed to proceed scaling. The most important winner of the announcement is Nvidia, who’ll be greater than completely satisfied to offer the shovels for Elon’s AI gold rush.

AI TRAINING

🎨 Easily create stunning AI images

The Rundown: Freepik Pikaso makes generating AI images beginner-friendly by allowing users to pick from a wide range of predefined styles, colours, framings, and lighting effects.

Step-by-step:

1. Create a free account on Freepik Pikaso’s website. Recent users rise up to twenty free each day AI images.

2. Within the most important menu, select “Run” under the “AI image generator” option.

3. Customize image settings, including style, color, framing, and lighting, and enter an in depth prompt describing a desired image.

4. Click “Create,” and after just a few seconds, a screen shall be populated with a wide range of AI images.

Get more AI tutorials →

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• Take part in hands-on workshops led by AI experts

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AI RESEARCH

✌️ Researchers develop AI sign language

The Rundown: Researchers just introduced SignLLM, the primary multilingual Sign Language Production (SLP) AI model able to generating avatar videos of sign language gestures from prompts across eight languages.

The main points:

• The researchers first developed Prompt2Sign, a multilingual sign language dataset optimized for training on upper-body movements.

• The SignLLM AI model was then trained on the dataset, with two modes enabling video avatar generations in multiple languages from prompts.

• In tests, SignLLM outperformed all other sign language AI models on sign-related tasks across all eight languages within the training data.

Why it matters: SignLLM and broader AI-related data are potentially huge steps in making sign language more accessible for deaf and hard-of-hearing people all over the world. And the very best part is that that is just scratching the surface of what shall be possible for assistive tech within the near future.

NEW TOOLS & JOBS

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Recent AI Job Opportunities

• 🤖 Luma AI – Senior Machine Learning Engineer

• 🛠️ xAI – Product Data Engineer

• 🧭 Databricks – Head of Solutions Architecture (Data & AI)

• 💻 Captions – Software Engineer – Backend

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QUICK HITS

Helen Toner and and Tasha McCauley penned an op-ed for The Economist, with the previous OpenAI board members arguing that AI firms cannot govern themselves and stricter third-party regulation is required.

AI researcher Kai-Fu Lee doubled down on his 2017 prediction that AI would displace 50% of jobs by 2027, saying white collar jobs shall be eliminated faster than blue collar work.

Google’s ‘X’ moonshot lab has reportedly been reined in, with budget cuts and the rise of ChatGPT pushing the tech giant to deal with AI and search engine efforts.

Meta AI chief Yann LeCun clapped back at Elon Musk’s xAI hiring announcement, replying with a series of remarks taking shots at previous Musk commentary.

Netflix CEO Ted Sarandos said he doesn’t consider filmmakers and actors will lose jobs to AI, but that a ‘one who uses AI well’ might take the job as a substitute.

Rows secured $8.7M in funding to expand its AI-powered spreadsheet app, aiming to boost data integrations and grow into latest markets.

THAT’S A WRAP

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