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OpenAI's DevDay 🎉
Sam Altman has some new announcements, and the highlight? GPT-4 Turbo. CFTC playing the crypto cop. CoinShares' numbers say crypto's back. IBM's $500M AI Venture fund. Bank founder's $470M loss.
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OpenAI, the mastermind behind the AI revolution, threw its first-ever developer shindig.
At the SVN West facility in San Francisco, OpenAI rolled out the virtual red carpet for developers globally at its inaugural DevDay conference.
CEO Sam Altman kicked off the event by showcasing OpenAI's strides in AI over the past year and setting the stage for a series of announcements that would mark the day as a milestone in AI development.
What are the new things happening in OpenAI's world?
The Dawn of GPT-4 Turbo
First off, let's talk about GPT-4 Turbo.
It's like GPT-4 went to the gym, bulked up, and now has a context window so big it needs its own zip code.
GPT-4 Turbo is primed to elevate AI interactions with a context window quadruple the size of ChatGPT.
It made a grand entrance with a massive 128,000-token context window, outpacing Claude 2's 100,000 token limit.
This powerhouse can process images within prompts and output human-like speech.
Not one but two versions of GPT-4 Turbo were announced: a text-only model and another that understands both text and images, broadening the horizon for AI's potential applications.
DIY AI? Yes, Please
OpenAI introduced a platform allowing users to craft their custom GPT models.
Think of it: AI for your grandma, your dog, your plant—AI for anything, really.
And the best part? You don't need to be a coder. It's like AI just went IKEA-style.
DALL-E 3 and Audio API
With the new DALL-E 3 API, your words can become images.
As simple as that 👆🏻
The DALL-E 3 API offers text-to-image capabilities with built-in moderation tools, broadening the scope for creative AI applications.
Meanwhile, the Audio API brings a selection of voices to life, allowing for diverse text-to-speech implementations.
The GPT Store: A Marketplace for AI Creations
A marketplace where AI models are the hot commodities—this is the vision for the upcoming GPT Store.
Here, creators can monetise their GPT brainchildren, fostering an economy of innovation and exchange.
OpenAI's CEO, Sam Altman, spotlights this as a fertile ground for verified builders to generate income from their popular GPT creations.
For the Developers: Assistants API
Expanding the toolbox for developers, the new Assistants API is designed to breathe life into agent-like AI applications.
This API allows developers to instruct AI assistants to perform complex tasks, from data analysis to coding, all powered by OpenAI's generative models.
The conference also highlighted the expanded customisation options for GPT-4.
With a 16K version available, researchers can now collaborate with companies to develop bespoke models, tailoring AI even closer to specific industry needs.
Copyright Shield: A Safeguard for Users
Addressing the critical issue of copyright, OpenAI announced the Copyright Shield program to protect ChatGPT enterprise and API customers from copyright litigation, instilling confidence in the use of AI models for content creation.
A New Look for ChatGPT
The conference also revealed a refreshed interface for ChatGPT, boasting a sleek design with a dark theme.
This updated look promises a seamless user experience, making it easier for users to navigate between ChatGPT and DALL-E 3.
The CFTC's crackdown on crypto-related infractions has hit new highs, with the regulator launching 47 actions that account for just under half of all its enforcement activity for the fiscal year 2023.
These actions have culminated in a hefty sum of over $4.3 billion in fines and orders for restitution and disgorgement, signalling a firm stance against financial misconduct in the crypto sphere.
“In financial year 2023, the CFTC cemented its reputation as a premier enforcement agency in the digital asset space.”
CFTC Chair Rostin Behnam has voiced his satisfaction with the regulator's assertive approach to overseeing the crypto market.
High-profile cases have included actions against FTX and its former CEO, Sam Bankman-Fried, Binance and its CEO, and the now-bankrupt crypto lender Celsius, along with its former CEO Alex Mashinsky.
The CFTC's reach has extended to the decentralised finance (DeFi) sector, with a number of platforms facing charges for allegedly conducting illegal commodity transactions.
Companies such as Opyn, Inc, ZeroEx, Inc., and Deridex, Inc. have settled with the CFTC, reflecting the regulator's intent to establish clear rules for emerging financial technologies.
Contrasts with the SEC
The SEC, under Chair Gary Gensler, has faced criticism from some congressional members for creating confusion and potentially stifling innovation in the digital asset sector.
This criticism has been underscored by recent court rulings, such as the SEC's setback in the Grayscale Bitcoin Trust ETF case, which have questioned the consistency of the SEC's decisions.
The FTX Saga🚨
“What are the challenges and opportunities that crypto trading platforms face in the post-FTX era”👇🏻
TTD Numbers 🔢
We are experiencing an uptick in investor confidence, reminiscent of the heady days of the 2021 bull market, says CoinShares.
The crypto funds have witnessed a substantial influx of capital, marking the most extended period of sustained inflows in recent times.
CoinShares' data points to a robust momentum that aligns with the mid-2023 enthusiasm, and it's the most noteworthy positive movement since the bull market's peak at the end of 2021.
$767 million: The total inflows into crypto funds over the past six weeks.
$261 million: Net inflows were recorded last week alone, continuing the positive trend.
$229 million: Last week's inflows into Bitcoin funds.
$842 million: Total inflows into Bitcoin funds for the current year.
$17.5 million: Ether funds' largest inflows since August 2022, signalling a resurgence in investor interest.
$11 million: Inflows into Solana (SOL) funds last week as the cryptocurrency's price peaked at a 14-month high.
$2 million: Funds attracted by Chainlink (LINK) in the same period.
The inflow into digital asset funds is a significant indicator of institutional demand, serving as a barometer for the health of the crypto market.
The current wave of investment suggests that the bear market woes, punctuated by the collapse of FTX and other high-profile crypto entities, might be giving way to a more bullish outlook among institutional investors.
TTD Fund 💸
IBM has rolled out the big guns—or rather, the big funds.
A $500 million Enterprise AI Venture Fund has been unveiled, and it's laser-focused on pushing the boundaries of generative AI in the enterprise arena.
While consumer-focused AI marvels like ChatGPT and Google's Bard have been soaking up the limelight, IBM is cutting its own path through the enterprise jungle with its Watson X platform and an arsenal of cloud services.
Details are as hush-hush as a secret society meeting, but what's clear is that IBM's fund is eyeing the crème de la crème of AI companies, from sprouting startups to those in the springtime of hyper-growth.
According to Rob Thomas, senior vice president at IBM:
“AI is slated to unlock nearly $16 trillion in productivity by 2030. With the launch of the IBM Enterprise AI Venture Fund, we’re opening another channel to harness the enormous potential of the AI revolution into tangible, positive outcomes for IBM and the companies we invest in.”
Following on the heels of IBM’s investment in the Series D funding of generative AI firm Hugging Face, known for its expansive transformer libraries, this new fund continues the trend of strategic investments in the enterprise AI space.
IBM's involvement in the funding rounds of companies like Hugging Face and machine learning security platform Hidden Layer underscores its support for open-source platforms and the startup ecosystem.
The focus on open models is highlighted by Hugging Face’s extensive libraries, which are crucial for developing generative pre-trained transformer (GPT) models.
TTD WTF 🙄
Imagine having a treasure chest so secure that even you can't open it again.
That's essentially what happened to Rain Lõhmus, the founder of Estonia's LHV Bank.
Lõhmus has found himself in a particularly painful pickle, having lost access to a digital wallet brimming with Ethereum (ETH) to 250,000 coins, worth $470 million at current valuations.
The very technology designed to protect his assets ended up turning against him. The private keys to his Ethereum wallet, the only means of access, are nowhere to be found.
The AI Escape Plan That Never Took Off
Lõhmus contemplated creating an AI clone of himself to jog his memory and recover the lost keys.
However, he ditched this plan, realising that AI, while smart, isn't quite ready to take a deep dive into the human brain's forgotten corners.
Plus, he preferred tasks with more visible daily progress — can't blame him there.
A Drop in the Ocean of Lost ETH
While Lõhmus' loss is indeed vast, it's but a fraction of the estimated 909,800 ETH (worth over $1.73 billion) that's been declared lost in the cryptoverse.
Lõhmus' predicament sheds light on a critical weakness within the crypto ecosystem — the ease with which one can lose passwords.
He points out the irony of perfect decentralisation: while it offers freedom from institutional control, it also lacks the safety nets that traditional systems provide.
“Perfect decentralisation has other risks that you don’t usually think about. But it’s very common for me to lose passwords. I went to renew my ID card passwords today; if it were crypto, I’d be in a big crisis again, but luckily the police and border police work.”
TTD AI 📍
AI x YouTube's Comment Section
Google is pilot-testing new AI tools on YouTube aimed at improving the user and creator experience. One tool aims to streamline comment sections by organising them into thematic clusters, enabling content creators to efficiently manage and interact with viewers' feedback.
AI-Enhanced Comment Organisation
Tool to categorise large comment sections by theme.
Allows creators to highlight, sort, or delete comments by topic.
Generative AI Chatbot
Provides real-time interactions with viewers during video playback.
Answers questions, suggests related content, and offers interactive quizzes.
Currently in testing with a select number of YouTube Premium subscribers.
Accessible for a small group of videos in English with large comment volumes.
Chatbot experiment limited to U.S.-based Premium users on Android, with expansion plans.
Xbox's NPC Glow-Up
Xbox is embracing AI through a new partnership aimed at enhancing game development. The collaboration with Inworld AI will introduce generative AI into game creation toolkits.
This initiative will allow for the development of AI-powered non-playable characters (NPCs) with more dynamic interactions.
The AI toolset will include
An AI design copilot to assist designers in converting prompts into scripts, dialogue trees, and quests.
An AI character runtime engine that can be integrated into game clients for evolving narratives and player experiences.
NPCs will have the capability to generate unlimited responses, moving beyond fixed scripts to more natural conversations.
The integration of AI aims to reduce complexity in game design and foster creative exploration for developers.
TTD Surfer 🏄
Cathie Wood's Ark Invest has sold $3.8 million worth of Grayscale Trust (GBTC) shares and purchased $5.6 million in Block shares.
Vietnamese Web3 coalition Ninety Eight has launched a $25 million ecosystem fund to support Web3 startups in Asia.
The Ministry of Culture and Information of Kazakhstan has confirmed that it has blocked access to the Coinbase website in the country.
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