📘 AI May Boost Value by $4.4T Annually

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What to decode:

• 📘 AI May Boost Value by $4.4T Annually

• 🤖 Synthesia Nabs $90M in Series C

• 🚨 EU Advances AI Regulation Draft

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📘 AI May Boost Value by $4.4T Annually

In a study by the McKinsey Global Institute, it is asserted that generative AI could contribute as much as $4.4 trillion annually to the worldwide economy.

The study posits that between the years 2030 and 2060, automation could encompass 50% of all labor - a projection that has been fast-tracked owing to the advancements in generative AI technologies compared to past estimates.

Furthermore, McKinsey emphasized that such transformations “will put to test the relevance of prolonged educational qualifications,” implying that individuals in knowledge-intensive professions might face the greatest career setbacks…

🤖 Synthesia Nabs $90M in Series C

Synthesia has recently unveiled a Series C funding round that successfully raised $90 million, with Accel at the forefront as the leading investor, and participation from Nvidia among other contributors.

Focusing on the production of AI-rendered videos through the utilization of virtual avatars and AI-driven voices, Synthesia boasts an impressive clientele, exceeding 50,000 customers, and a staggering 456% growth rate in users year-over-year.

With this injection of capital, Synthesia's market valuation has soared to an impressive $1 billion, marking a substantial rise of $300 million since the close of 2021.

🚨 EU Advances AI Regulation Draft

The European Union is significantly advancing in the governance of Artificial Intelligence through the adoption of the AI Act by the European Parliament.

Following the latest balloting, the finalized form of the legislation will undergo discussions among the different arms of the EU, with aspirations to attain a consensus before the year concludes.

Primary Points: The draft bill necessitates preliminary evaluations for generative AI mechanisms, such as ChatGPT, before they are launched in the market. Additionally, it champions the ban of real-time facial recognition technology.

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FASCINATING FINDS

• On this day - June 15, 1985, Russian spacecraft Vega 2 landed on Venus.

MISCELLANEOUS

(News, podcasts, videos, blogs etc)

• Different development paths of LLMs. (link)

• Researchers warn of ‘model collapse’ as AI trains on AI-generated content. (link)

• Market Map: Generative AI Companies with Fundational Models. (link)

• Backed by Google’s Gradient, Versed wants to help storytellers create video games using generative AI. (link)

• Reddit is OpenAI’s moat. (link)

• The NVIDIA AI red team. (link)

• Vercel's AI Accelerator - A 6 week program with over $850k in credits from Vercel and top AI platforms. (link)

• Some US doctors are using ChatGPT to communicate more empathetically with patients. (link)

• How AI is Changing (and Challenging) the art world. (link)

• Paro raises $25M to match freelance financial experts with firms. (link)

• 33-46% of workers on MTurk used LLMs in a text production task. (link)

🛠️ COOL TOOLS

(Product launches, updates and demos)

• Fini AI - Turn your knowledgebase into AI chat in 2 minutes. (link)

• Trickle 1.0 - Your AI-driven workspace for notes, tasks & knowledge base. (link)

• Birthd AI cards - Become a birthday superhero with unique and personalized birthday messages. (link)

• The Alium - Satirical AI news generated by GPT-4, laugh while keeping up-to-date. (link)

• AI analyst by Rows - Summarize any dataset, run deep dive analysis and answer questions in plain language. (link)

• Uizard Autodesigner – Text to design, automated by AI. (link)

• Prem - Privacy-centric open source AI models that you own. (link)

• Scalenut - AI co-pilot that powers entire SEO content lifecycle. (link)

• Superpowered - AI copilot for your meetings. No bots, no recordings, just really good notes. (link)

• Octopulse AI – Growth AI platform for maximizing conversion and retention. (link)

• FashionAI - Modify clothing or explore fashion using AI. (link)

• Lancey - Run PLG growth experiments using AI. (link)

That's all for now!

As always, thanks for reading, and see you next time. 🫡