One more thing in AI

Welcome to this first edition of the “One More Thing in AI newsletter”. Why “One more thing”? This phrase was made memorable by that master presenter and visionary- Steve Jobs, and I decided to borrow it! He would use this phrase before unveiling some of the iconic product features. There is so much happening in AI that curating that “One thing” to focus on is becoming very difficult. That is where this newsletter comes in. It is the result of my attempt to understand more about the AI revolution and figure out its implications for business.

My aim is to sift out one AI-related news item under various headings like Fintech, Insurtech, Web3, VCs, HealthTech, and Startups.

I will do all the heavy lifting so that you don’t have to; by reading scores of articles, listening to podcasts, and watching videos on the topic of AI that you don’t have time for.

Fintech

Marqeta Unveils First Generative AI Investments

Marqeta, a leading global card issuing platform, has launched "Marqeta Docs AI", an AI-driven tool designed to facilitate external-facing queries.

This tool, leveraging OpenAI’s Large Language Models, is aimed at helping Marqeta's clientele swiftly navigate its documentation, thereby enhancing their grasp of Marqeta's services and the intricacies of payment solution development. Especially important for B2B companies like Marqeta.

Marqeta has also been testing an internal code generation tool that's shown to cut down coding and testing time by a whopping 75%. Think of it as a chef's assistant who preps all the ingredients, allowing the chef to focus solely on cooking.

Key Insights for Fintech Stakeholders:

1. Generative AI's Potential: The rapid adoption and interest in generative AI indicate its transformative potential in fintech. Marqeta is harnessing this technology to optimize operations and enhance customer experiences.

2. Time-to-Value (TTV) Optimization: Tools like Marqeta Docs AI emphasize the importance of reducing TTV for customers. As fintech solutions become more complex, tools that simplify and expedite user understanding can offer a competitive edge.

3. Data Security and Trust: Data security remains paramount with the integration of advanced AI tools. Companies must ensure robust security protocols are in place, especially when dealing with customer data and AI-driven solutions. It is quite possible that OpenAI has created a cordoned-off zone to handle Marqeta’s documents and data securely.

Startups

How Index Ventures Secured Prime AI Tech Amidst a GPU Frenzy

Ever tried securing a reservation at a Michelin-starred restaurant during peak season? That's the kind of challenge AI startups face when trying to get their hands on graphics processing units (GPUs). But here's a twist: Index Ventures found a way to jump the queue.

The GPU Gold Rush:

Imagine GPUs as the "rare earth metals" of the tech world. With big companies and even entire nations racing to grab them, startups are left in the dust. Some founders are even resorting to calling in favors or navigating complex government programs to get a piece of the action.

Index Ventures' Masterstroke: In a move reminiscent of a savvy investor securing prime real estate, Index Ventures partnered with Oracle. The goal? To ensure their portfolio companies aren't left GPU-less. They've managed to provide their startups with Nvidia's coveted H100 and A100 chips. Think of it as a VIP pass to the hottest tech in town.

The Oracle Connection: Erin Price-Wright, a partner at Index Ventures, shed light on this partnership. It's not just about money; it's about access. With over 95% of GPU capacity already spoken for by the big players, startups can wait anywhere from three months to a year just to get started. By partnering with Oracle, Index Ventures is giving their startups a head start in the race.

Bigger Picture: This isn't just a tech story for our senior leaders in fintech and insurtech. It's a lesson in strategic partnerships and forward-thinking. Having the right allies can make all the difference in a rapidly evolving landscape. And as AI becomes the beating heart of software, ensuring access to essential tools like GPUs will be crucial.

Food for Thought for you:

 1. Strategic Alliances: How can partnerships, like the one between Index Ventures and Oracle, be leveraged in the financial sector to gain a competitive edge?

2. The AI Revolution: How can financial services adapt and stay ahead of the curve as AI becomes ubiquitous in software?

3. Resource Scarcity: With GPUs becoming the "rare earth metals" of tech, what other resources might become scarce in the future, and how can businesses prepare?

While the tech world races for GPUs, Index Ventures has shown that even startups can get a slice of the pie with the right strategy and partnerships. It's a reminder that adaptability and foresight are key in a world of constant change.

Geopolitics

The AI Gold Rush in the Middle East 🌍

Picture this:

It's the 19th century, and there's a gold rush in the Wild West. Prospectors are racing to stake their claims, hoping to strike it rich. Fast forward to today, and there's a new kind of gold rush, but this time, it's all about AI and the chips that power it.

1. The Middle Eastern AI Ambition 🌐 

Saudi Arabia and the UAE are in a race, not for gold, but for Nvidia chips - the modern-day "gold" for AI development. These aren't just any chips; they're high-performance marvels crucial for building top-notch AI software. It's like the difference between a regular shovel and a state-of-the-art excavator in our gold rush analogy.

2. The Strategy Behind the Purchase 🛍️ 

Both countries have grand visions of becoming AI leaders, aiming to supercharge their economies. Imagine trying to build a skyscraper (their AI ambitions) and needing the best tools and materials (Nvidia chips) to make it happen. Saudi Arabia, for instance, has acquired at least 3,000 of Nvidia's H100 chips via the King Abdullah University of Science and Technology. These chips are described as "the world's first computer chip designed for generative AI." On the other hand, the UAE is not far behind, securing thousands of these chips and even developing its own AI model, Falcon.

3. The Bigger Picture 🖼️

While the acquisition of these chips is a significant move, it's essential to remember that hardware is just one piece of the puzzle. The real magic happens when you combine it with cutting-edge research and vast amounts of data. It's like having the best gold mining equipment but also needing the right techniques and knowledge to find those precious nuggets.

In a Nutshell 🥜 The global AI landscape is evolving rapidly, with nations vying for dominance.

Healthtech

 🩺 DoctorGPT: The Future of Medical Consultations?

Imagine a world where you have a personal doctor at your fingertips, available 24/7, without the need for an internet connection. Sounds like science fiction, right? Well, it's closer to reality than you might think.

🤖 What is DoctorGPT? 

DoctorGPT is a Large Language Model (LLM) that's been trained to pass the US Medical Licensing Exam. Think of it as a digital doctor, always ready to provide medical advice. Developed by Siraj Raval on GitHub, this open-source project aims to democratize healthcare by offering everyone their own private doctor. The best part? It's designed to work offline, ensuring patient confidentiality, and is available across multiple platforms, including iOS, Android, and the Web.

💼 Why Should You Care?

Imagine the potential for startups in the health tech space. With the rise of web3 and decentralized platforms, DoctorGPT could be the next big thing in telemedicine, offering a blend of AI-powered healthcare that respects user privacy.

🌐 Breaking it Down:

- Offline Capabilities: Just like how you don't need to be online to access files on your computer, DoctorGPT can provide medical advice without an internet connection. This is akin to having a medical encyclopedia in your pocket but with the added benefit of AI-driven insights.

- Cross-Platform: Whether you're an Apple aficionado or an Android enthusiast, DoctorGPT has got you covered. It's like having a cross-platform app but for medical consultations.

- Data Privacy: In the age of data breaches and privacy concerns, DoctorGPT ensures that your health data remains confidential. It's akin to having a private conversation with your doctor in a soundproof room.

💡 Dive deeper into the DoctorGPT project on GitHub. The developer of DoctorGPT’s Twitter handle is @SirajRaval on Twitter

That is it for this first edition of the newsletter - I hope you enjoyed reading this. I welcome your comments and feedback to improve. Till next time- keep on learning AI!

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