Artificial Intelligence News: AI will add $15 trillion to the global economy (according to Gartner) by 2030. This fast-moving, technological breakthrough is powering the next industrial revolution and will disrupt the global economy in unforeseen ways. The DailyAlts AI channel tracks the latest developments, capital flows, technological advancements, and other influences that will transform the 2020s.
Chinese AI company Parametrix.ai has raised $100 million in a Series B round led by Sequoia China and joined by existing investors 5Y Capital and Gaorong Capital. Though the valuation was not disclosed, Parametrix has joined the hallowed unicorn club (>$1 billion) after the funding.
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Stanford University’s latest report, AI Index, provides useful insights into the progress of AI.
According to the report, Singapore, Brazil, Australia, Canada, and India experienced the fastest growth in AI hiring from 2015 to 2019. However, in the US, the share of jobs in AI-related topics increased from 0.26% of total jobs posted in 2010 to 1.32% in October 2019.
Gecko Robotics Scoops up $ 40 Million in Series B Funding. Gecko will use the money to develop industrial inspection robots.
Investors that plugged into Gecko Robotics’ $ 40 million series B funding included marquee names such as Peter Thiel’s Founders Fund, Y Combinator, and Next47. Also opening up their wallets were Mark Cuban, SoftBank senior managing partner Deep Nishar, and Gusto CEO Josh Reeves. Drive Capital led the raise.
The financial industry, including banks, could save hundreds of billions of dollars using automation and AI.
Accenture’s report issued last week says North American banks could save more than $70 billion by 2025. The whole financial services industry could cut costs by $87 billion to $140 billion by 2025. AI and automation could be deployed to help or replace employees.
By 2025, 7% to 10% of tasks will get automated, the report estimates. These tasks include those performed by loan officers, personal financial advisers, tellers, and customer service representatives.
A year of celebrating Beethoven’s 250th birthday starts today.
The celebrations begin today in Bonn with the inauguration of Beethoven’s home as a museum after extensive renovations. This 250th year of Beethoven’s birth may be notable also in the annals of artificial intelligence (AI). That’s because machine learning algorithms will try to write the final notes of the legendary composer’s unfinished 10th symphony.
A Wells Fargo report said robots would take away 200,000 banking jobs in the next decade. What about trading and advisory jobs on Wall Street?
The House Financial Services Committee’s Task Force on Artificial Intelligence met last week to consider the impact of AI on Wall Street jobs.
Deep learning, a kind of AI applied on MRI scans improved ADHD detection significantly.
The University of Cincinnati College of Medicine and Cincinnati Children’s Hospital have developed an AI system to help detect ADHD.
Banks could save a humongous $447 billion by 2023 by deploying artificial intelligence (AI), says the AI IN BANKING research report from Business Insider Intelligence.
Of this, front office banking AI applications could yield $199 billion, middle office $217 billion and the back office $31 billion.
Considering that the world is awash in oil, the oil and gas industry should deploy artificial intelligence (AI) to improve efficiencies and cut costs.
The lackadaisical adoption of artificial intelligence (AI) by the oil and gas industry is surprising, says an article in the Houston Chronicle by Chris Tomlinson.
South Korean Go master Lee Se-dol was the only human ever to defeat artificial intelligence (AI) Go player AlphaGo. In 2016, Go master Lee Se-dol managed to win one game in a tournament of five games playing against the AlphaGo Artificial Intelligence algorithm. Lee has recently retired, admitting that AI was unbeatable at Go.
Huawei and the Pengcheng Laboratory released Cloud Brain II, a new AI computing platform, on Friday. The platform will use Huawei’s Atlas 900, claimed to be the world’s fastest AI training cluster. Further, Huawei will take the battle right into the Intel and NVIDIA camps by using its Kunpeng 920 chipset to power Atlas 900.
If you want a single malt, but don’t know which, an artificial intelligence (AI)-based app will guide you.
Diageo has launched an online service that will help consumers choose their whisky based on answers to 11 questions.
Pensa Systems raised another $10 million in a seed funding round that brought its total raised tally to $17.2 million.
Pensa’s autonomous drones, powered with computer vision and artificial intelligence (AI), may revolutionize the mundane chore of retail inventory taking.
Heliogen, a startup backed by Bill Gates, announced a breakthrough solar energy technology that could be a boon for heavy industry. Heliogen uses artificial intelligence and mirrors to reflect and concentrate sunlight to generate ultra-high temperatures. Said to be The Holy Grail of clean energy, it generates no emissions and is cheaper than fossil fuels.
An inexpensive tool combines machine learning and AI to forewarn of lightning bolts.
A team of researchers from École Polytechnique Fédérale de Lausanne, Switzerland, has found a way to use artificial intelligence (AI) to predict lightning strikes within 10 to 30 minutes.
The area covered at a single time is a 30-kilometer radius (approximately 18.6 miles).
In the arms race to implement (and avoid) censorship, David has a new tool against Goliath. It’s called Genetic Evasion, or Geneva for short.
Censoring regimes and authoritarian governments are all the time developing new and sophisticated online means to implement their censorship laws. Manual methods of circumventing censorship have been slow and ineffectual. But the AI-based Geneva tool will change the balance in favor of the researchers and protesters.
The artificial intelligence race draws many comparisons to the moon race between the United States and China. But is that an overreaction, and, if so, who is winning right now?
JP Morgan invested an undisclosed amount in a startup that uses AI and NLP to simplify and focus research documents.
Imagine you wanted to find all references to Netflix in a bulky financial research document. JP Morgan may have made that easier for you by investing in fintech startup Limeglass.
Limeglass uses proprietary rich Natural Language Processing (NLP), artificial intelligence (AI), machine learning, and their comprehensive cross-asset and macro taxonomy to smart-tag each paragraph in context.
Its “Research Atomization” solution will find out all references to Netflix in that research document with a simple search.
Nasdaq, for the first time, has brought in A.I. and machine learning to detect any malicious trading.
“By incorporating AI into our monitoring systems, we are sharpening our detection capabilities and broadening our view of market activity,” says Martina Rejsjo. Martina is VP and Head of Market Surveillance, North America Equities, Nasdaq. Her objective is to safeguard the integrity of the country’s markets – “the largest, most liquid ecosystem in the world.”
New York’s DFS, a financial regulator, will investigate whether the Apple Card differentiated between men and women over credit limits.
Apple co-founder Steve Wozniak has accused the Apple Card of gender bias by offering men higher credit limits compared to women. Wozniak found that his credit limit was 10X that of his wife, even though they both share banks and other credit cards.
Just as in computers “Garbage In = Garbage Out,” so also in Machine Learning: “Bias In = Bias Out.”
The Microsoft Twitter chatbot Tay had to be hastily withdrawn after it reacted to trolls with racist and misogynist tweets. Presumably, the bot developed this artificial intelligence bias from its machine learning basics.
AstraZeneca, the British pharma giant, will launch a $1 billion fund with China International Capital Corporation (CICC).
ABI Research said this week that the United States is the top market for investment in artificial intelligence. According to the study, the U.S. represented 52.3% of all AI investment in 2018. That figure signaled that the U.S. has replaced China as the global leader.
Dr. Barzilay decided to use artificial intelligence to collect and analyze the available information on breast cancer.
Harnessing artificial intelligence to treat breast cancer
Dr Barzilay is a holder of a doctorate in computer science. She went on to create a database from the pathological reports stretching back three decades at the Mass General Hospital. She developed an algorithm to parse this data, which covered more than 100,000 breast cancer patients.
SCB Asset Management Company, the largest mutual fund company in Thailand, wants to offer new funds using AI technology.
SCB Asset will utilize cutting-edge tools such as artificial intelligence, data analytics and programmed trading to identify and offer new equity funds. These funds will invest in overseas equities and generate higher fees.