📈 How are companies using AI?

➜ ABN AMRO Implements AI for Trade Finance Automation: ABN AMRO aims to automate tasks such as credit risk analysis and portfolio management in its trade finance operations using AI.
Finextra

➜ Starling Bank Founder Steps Down to Focus on New AI Venture: Yet another challenger bank executive jumps on the AI wagon. Starling Bank founder and ex-CEO Anne Boden has quit the board to form a new startup, AI by Boden. No further details are known at this moment. Founded in 2014, Starling recently reported its third profitable year.
Fintech Futures

➜ AWS Kicks Off GenAI App Studio: AWS has unveiled a new service that uses generative AI to enable developers to create applications without the need for coding. The service makes it easier for developers to create complex applications and reduces the time required to develop them.
Finextra

➜ Free AI Training from Banco Santander and Google: Banco Santander and Google have partnered to provide free AI training in three languages to everyone. "Machine Learning Crash Course" will provide learners with an understanding of the basics of machine learning, as well as hands-on experience in building machine learning models.  

Finextra

➜ Fair AI Use in Insurance: The New York State Department of Financial Services is concerned that using AI in insurance processes may lead to unfair or unlawful discrimination. They announced guidelines for insurers to analyze external consumer data, information sources, and AI systems.

NewYorkState

➜ Meta Suspends AI Tools in EU and Brazil: Within two weeks, Meta has suspended the use of AI tools in Brazil due to concerns about potential misuse for political advertising, and in the EU. I feel like soon I should add a third part to my newsletter - on “how companies are NOT using AI.”

TechCrunch

➜ Looking for great examples of AI implementation? The Target Store Companion app, powered by generative AI, is definitely one of them. The AI-powered chatbot was created to help employees access information more efficiently, enhancing their ability to serve customers effectively. By integrating AI, Target aimed to significantly boost employee productivity and improve guest experiences across its nearly 2,000 stores.

Read more on Netguru blog

💡 What are the nerds up to?

➜ From Oculus Headsets to AI Weapons for Ukraine: When still a teenager, Luckey launched his first tech company, Oculus, the virtual reality headset for gaming. He sold it a couple of years later to Facebook for $2 billion. Luckey is now running a new company, Anduril, that’s making AI intelligence weapons like drones and submarines. Good profile story.

NPR

➜ Insights From Unstructured Data: Founded by Andrej Karpathy, Silicon Valley-based startup Eureka Labs is set to transform the field of natural language processing and machine learning. It’s designed to help businesses and organizations extract insights from unstructured data, such as text and speech, and turn it into actionable intelligence.
EurekaLabs.AI

➜ LLM Knowledge Graph Builder: Speaking of unstructured data, recently a team of researchers introduced the Neo4j LLM Knowledge Graph Builder, an AI tool that can create a text-to-graph experience by utilizing machine-learning models to transform unstructured text into an extensive knowledge graph.

MarkTechpost

➜ Figma Ripped Off Apple’s Design?: Figma recently pulled its “Make Designs” generative AI tool after a user discovered that asking it to design a weather app would spit out something suspiciously similar to Apple’s weather app. 

TheVerge

➜ AI Bubble?: The future of the AI industry is being debated among investors, researchers, and industry analysts. Veteran Goldman Sachs tech analyst Jim Covello thinks that the $1 trillion companies plan to spend on AI development and infrastructure in the coming years won’t pay off. 

MorningBrew

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