👀Warren Buffett's Partner's Final AI Forecasts

Dear AI Enthusiasts!

In this edition of AI Secret, we pay our deepest respects to the passing of the legendary investor, Charles Munger. His visionary approach and enduring wisdom have left an indelible mark on the investment world. Munger's legacy reminds us of the importance of foresight and innovation, principles that continue to drive our industry forward.

In a fitting tribute to the spirit of progress, we also delve into the exciting launch of Amazon Q, Amazon's latest foray into AI. Amazon Q represents a bold new chapter in the company's AI strategy, promising to redefine how we interact with technology.

Join us as we explore the implications and potential of this groundbreaking development in the AI landscape.

Today’s AI Secret:

• R.I.P., Warren Buffett's partner left his true “Forecasts” about AI.

• ArticleGPT creates high-ranking & SEO-friendly articles.

• Amazon announces "Amazon Q," the firm's generative AI.

• 5 new AI tools to maximize your productivity.

• AWS takes the cheap shots.

• AI video editing startup, Pika, secured $55 million in funding.

• $4B startup Dataminr cuts 20% of labor to double down on AI.

Read Time: 3-5 minutes

Today's Headline

R.I.P., Warren Buffett's partner dies at 99, left his true “Forecasts” about AI.

AI Secret: Charles Munger, Warren Buffett's esteemed friend and business partner, who was also a billionaire investor, has passed away. He was 99 years old.

Berkshire Hathaway, co-led by Warren Buffett and Charlie Munger, has significant exposure to artificial intelligence (AI), despite Munger expressing doubts about AI's capacity to have monumental impacts in the short-term. So, what is Munger's true forecast for the AI industry? Let's scrutinize it in light of the facts.

Munger's True AI “forecasts”?

• Apple, which represents 47.2% of Berkshire's portfolio, is a significant player in AI, designing its own chips which are fundamental to AI.

• Bank of America, 8.1% of Berkshire's portfolio, has introduced an AI chatbot 'Erica' in 2018 to handle customer queries, thus reducing pressure on physical branches and call centers.

• Credit card company American Express, making up 6.6% of the Berkshire portfolio, launched a machine-learning system in 2020 to tackle fraud.

• Amazon, representing just 0.4% of the Berkshire portfolio, is a significant Berkshire investment in AI, with the world's largest cloud computing platform and a rapidly growing AI product and service portfolio.

• Snowflake, taking up 0.3% of Berkshire's portfolio, provides AI tools to its customers and has invested heavily in AI start-ups.

Berkshire Hathaway possesses more than 60% of its stock portfolio in the aforementioned AI expansion stocks. Munger expressed his vote with his money, let us pay tribute to this great investment genius.

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Secret Feature

Amazon announces "Amazon Q," the firm's generative AI.

AI Secret: Amazon recently revealed its latest innovation, “Amazon Q," at the AWS Reinvent conference in Las Vegas. This marks Amazon's move into the productivity software and generative AI chatbot sphere

Amazon Q’s Features:

• Amazon Q stands out as a sophisticated chatbot designed to integrate with Amazon Web Services (AWS) and offer real-time troubleshooting and guidance.

• Amazon Q's integration includes Salesforce’s Slack and text-editing tools. Its chatbot can automate code modifications, enhancing coding efficiency and accuracy.

• Amazon Q can interact with over 40 enterprise systems, enabling users to manage data across platforms. It equally allows the upload and query of documents.

• Amazon launched Amazon Q with a free preview, later shifting to tiered pricing. The standard business tier costs $20/month per user, and a developer-focused tier costs $25/month per user.

Amazon Q could have far-reaching effects on Amazon and the AI-assisted productivity software sector, broadening Amazon's product offerings and redefining how businesses interact with AI tools. As the AI landscape continues to evolve, it could emerge as a key driver in shaping the future of AI integration in professional environments.

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Amazon

AWS takes the cheap shots.

The rise of generative AI has created a new market, and large cloud providers, including Google, are hoping this will improve their position within the cloud market. However, AWS is now needing to protect its lead, which was suggested during a keynote by AWS CEO Adam Selipsky. During the keynote, he took shots at Google and Microsoft and questioned their security with the use of AI. Google had previously suffered a multi-week outage in its Paris data center, while Microsoft briefly stopped its employees from using OpenAI's ChatGPT, which Selipsky used to question their security. AWS will also invest up to $4 billion in Anthropic.

Startup

AI video editing startup, Pika, secured $55 million in funding.

AI-powered video editing platform Pika has secured $55m in funding from investors including Lightspeed Venture Partners. The start-up, which emerged from stealth mode six months ago, has also launched Pika 1.0, a generative AI model that offers a range of editing styles. Co-founded by former Stanford AI Lab students, Pika seeks to harness the growing demand for generative AI tools. However, it acknowledges that enterprise adoption of such technology presents a number of challenges, including security, privacy and copyright issues.

Startup

$4B startup Dataminr cuts 20% of labor to double down on AI.

New York-based big data company Dataminr is reportedly laying off around 150 employees, approximately 20% of its workforce. The job cuts come despite the firm's $4.1 billion valuation and are attributed to the economic environment and recent advancements in their AI platform. CEO Ted Bailey noted the move would put the company on a strong financial footing, and the firm plans to invest in the progression of its AI and products. The downsizing includes their media relations team but will not affect their AI developments.

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