✨ Issue #44

Clark Valberg
April 10, 2024 • Estimated Reading Time: 9 minutes

Your weekly briefing on all things AI

As AI evolves, businesses need to continuously rethink and revitalize their models, from pricing to production strategies, in order to meet rising expectations of consumers. While many of the juggernauts of today excel at distribution (Google, Youtube, Spotify, etc.), the juggernauts of tomorrow will be those that dominate production.

Let’s dive in:

📰 JP Morgan Discloses $15B IT Budget

📈 Celestial AI Secures $175M for Memory System Enhancement

💡 IT Pros Optimistic About AI Enhancing Corporate Cybersecurity

🛠️ Effortless Meeting Management: AI Tools to Automate Your Workflow

📰 AI in the News

JPMorgan Hit Record Breaking Revenue & Has 400 AI Use-Cases in Production

JPMorgan Chase had a record revenue of $162.4B and net income of $49.6B in 2023 and AI has been a noteworthy part of their strategy. With a whopping $15B, they’ve invested heavily in AI, cloud computing, and IT. According to Jamie Dimon’s letter to shareholders, they’ve hired a Chief Data & Analytics Officer, they’ve got a team of over 2000 AI/ML experts and have over 400 AI use-cases in production. You can read the full letter here.

Google Shifting to a Paid Model for AI-Enhanced Search?

Google is contemplating the introduction of new "premium" features in its search engine, driven by generative AI, which could be the most significant overhaul in its search division ever. This planned transformation of its main revenue-generating search engine would be the first instance of Google placing a central service behind a paywall.

This decision reflects the company's ongoing struggle with AI technologies that potentially challenge its advertising model, especially since ChatGPT's launch about 18 months ago. Last year, Google earned $175 billion from its search and associated advertisements, accounting for over half of its total revenue. This presents a complex situation for Google, as it seeks to integrate cutting-edge AI advancements without compromising its primary source of income. Nothing is official yet, so we’ll have to watch what happens in the coming months. (Full Story)

📈 Venture Deals

Celestial AI Raised $175M to Enhance Computer Memory Systems

Following a Series B funding round that raised $100M at the end of June 2023, Celestial AI has closed a Series C round totaling $175M.

This investment aims to further develop Celestial AI’s Photonic Fabric technology, providing scalable solutions crucial for AI infrastructure. Celestial AI's innovations address critical aspects of data-center computing and memory, positioning the company as a potential partner for businesses seeking to enhance their AI capabilities.

More Venture Deals

SiMa.ai Secured $70M to Develop Multimodal GenAI Chip (link)
Anthropic Raised an Additional $2.75B from Amazon (link)
Hailo Raised $120M to Develop More Efficient AI Chips (link)
The Brandtech Group Secured $115M for AI-Powered Marketing (link)
Hume AI Raised $50M for API Toolkit Measuring Human Emotional Expression (link)
Robovision Raised $42M to Advance AI-Powered Industrial Automation (link)
Luminance Raised £32M for Proprietary Legal AI Model (link)
Skyflow Raised $30M to Enhance Data Privacy (link)
Vizcom Secured $20M for AI-Powered Product Design (link)
Gather AI Raised $17M for Inventory Management (link)
Scrut Automation Raised $10M to Integrate Gen AI in Mid-Market Businesses (link)
StealthMole Secured $7M for AI-Powered Dark Web Intelligence Platform (link)

💡 Industry Impacts

🔐 Cybersecurity

IT Pros are Optimistic on AI's Role in Cybersecurity: According to a recent Google survey, 63% of IT and security professionals are optimistic about AI's potential to enhance corporate cybersecurity, with 55% of global companies intending to integrate AI into their cybersecurity strategies by 2024. AI applications are expected to focus on security rule creation and compliance management. Despite some concerns regarding potential hacker benefits, the majority (58%) see AI as a valuable tool for skill enhancement, although there's a consensus on the need to avoid overreliance. (link)

⚖️ Legal

NYC's AI Chatbot Faces Criticism: Despite Mayor Eric Adams' support, the city's new AI chatbot faces scrutiny for providing misleading advice to business owners since its October launch. Efforts for improvement are underway by both Microsoft and the city's Office of Technology and Innovation. Updated disclaimers now warn against using the chatbot's responses as legal guidance, emphasizing the importance of accuracy, as stressed by Andrew Rigie of the NYC Hospitality Alliance. (link)

💰 Finance

Finance Innovation Alert: Kelp (KELP) stands at the forefront of finance innovation, merging AI, cryptocurrency, and DeFi into a unified platform. With its Autonomous Trading Engine (K.A.T.E.), Kelp revolutionizes trading strategies in the crypto market. Its dynamic monetary policy stabilizes token value amidst crypto volatility. The vision extends to a comprehensive DeFi ecosystem, inviting early adopters to join a venture reshaping finance. (link)

🛠️ Tool of the Week

Revolutionize your meeting experience with Fireflies.ai – the comprehensive solution for seamless meeting management. Automatically record and transcribe meetings across various platforms, from Google Meet to Zoom, Teams to Webex, and beyond. AI-driven search optimizes meeting reviews by effortlessly identifying key action items and metrics. Collaboration is seamless with features for adding comments, reactions, and creating shareable soundbites of memorable moments.

More Meeting Management Tools

Otter.ai - Simplify note-taking with automated meeting transcription and summaries.
Rewatch - Enhance meeting efficiency with AI-driven note-taking, screen recording, and centralized collaboration.
Avoma - Maximize meeting productivity with pre-scheduling, automated recording, and AI insights.
Fathom - Enhance professionalism with transcribing, summarizing, and CRM integration for efficient meeting management.