🤖 OpenAI Acquires Rockset

PLUS: Apple and Meta Discuss AI Partnership, AI Models Taking Over Banks?!

Author

James Roesser
June 24, 2024

Welcome back AI enthusiasts!

In today’s AI Report:

  • 🚀OpenAI Acquires Rockset

  • 🍎Apple and Meta Discuss AI Partnership

  • 🏦AI Models Taking Over Banks?!

  • 🛠5 Trending Tools

  • 💰Venture Capital Updates

  • 💼Who’s Hiring?

Read Time: 3 minutes

🗞RECENT NEWS

OPENAI

🚀OpenAI Acquires Rockset

Image Source: Canva AI Image Generator

OpenAI has acquired Rockset to “enhance our retrieval infrastructure to make AI more helpful for our users.”

Key Details:

  • Rockset is an enterprise analytics startup offering a search and analytics database designed for cloud-based applications.

  • Rockset enables users, developers, and enterprises to perform real-time analytics on various data formats using Structured Query Language (SQL): a programming language for storing and processing information in a relational database.

  • OpenAI COO Brad Lightcap explained: “Rockset’s infrastructure empowers companies to transform their data into actionable intelligence. We’re excited to bring these benefits to our customers by integrating Rockset’s foundation into OpenAI.”

  • Rockset significantly improves OpenAI’s Retrieval Augmented Generation (RAG): a new AI framework that combines LLMs with external knowledge bases to improve the accuracy of AI model responses.

Why It’s Important:

  • Rockset’s real-time data processing allows OpenAI to offer more dynamic and responsive AI solutions.

  • For example, Rockset’s real-time data processing fuels applications that depend on up-to-the-minute information, such as finance trading algorithms, cybersecurity defenses, or expansive customer service systems.

  • Rockset’s ability to perform real-time indexing and querying of large datasets allows OpenAI to train, fine-tune, and deploy AI models faster and more efficiently.

APPLE

🍎Apple and Meta Discuss AI Partnership

Image Source: Anthony Quintano/Meta CEO Mark Zuckerberg/Flickr

Apple has reportedly held discussions with Meta about integrating the social media giant’s GenAI model into Apple’s on-device AI systems for iPhones.

Key Details:

  • According to The Wall Street Journal (WSJ), the iPhone maker and social media giant have discussed integrating Meta’s Llama 3 into Apple’s newly announced Apple Intelligence.

  • Meta’s Llama 3 is the company’s latest open-source Large Language Model (LLM), which boasts a refined post-training process that lowers false refusal rates, improves response alignment, promotes diverse answers, and elevates code generation.

  • Apple Intelligence is a new suite of AI features built into your iPhone, iPad, and MacBook to help you complete tasks effortlessly.

  • Apple recently partnered with OpenAI to merge ChatGPT into Apple devices to record phone calls, schedule text messages, or compile emails.

  • Siri can also rely on OpenAI’s ChatGPT to answer requests that require “broader world knowledge” or specialized expertise.

  • Meta plans to leverage Apple’s massive distribution to accelerate the company’s AI models and become the go-to source for AI add-ons across 2 billion devices.

Why It’s Important:

  • Apple will offer a variety of AI models like Anthropic’s Claude 3, Meta’s Llama 3, and OpenAI’s ChatGPT to answer “world knowledge” questions that Apple’s own secure on-device AI models can’t.

  • Apple Analyst and Managing Partner Gene Munster at Deepwater Asset Management noted, “Distribution is hard to get. Apple has this engaged distribution at scale.”

  • Munster believes up to 20% of Apple users will choose to pay for premium AI subscriptions like OpenAI’s ChatGPT, bringing billions of dollars to companies like OpenAI that integrate with Apple Intelligence.

🚨Experience Meta’s Llama 3 on Meta AI here.

🩺 PULSE CHECK

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AI RESEARCH

🏦AI Models Taking Over Banks?!

Citigroup Inc. published a Citi GPS report on AI in finance called “Bot, Bank, and Beyond,” predicting that AI developments will displace consumer finance positions in the banking industry.

According to the Citi GPS report, the banking industry contains the highest automation potential at 54%. AI integrations could drive global banking industry profits to $2 trillion by 2028, a 9% increase over the next five years.

Citigroup Inc. anticipates banks will hire new roles such as AI managers and compliance officers. Investment banks like J.P. Morgan Chase, Deutsche Bank AG, and Goldman Sachs are already heavily integrating AI models.

Behavox CEO and Founder Erkin Adylov explained: “The nature of jobs will change, with basic roles being replaced by AI advancements. Those with the best ideas will thrive, earning substantial rewards, while others face displacement.”

🛠TRENDING TOOLS

✏️AI Paraphraser rephrases any text in seconds.

📖Lede provides writing superpowers for mere mortals.

👨‍🚀Tellers turns any text, article, or story into a video in seconds.

💬Chatling is the easiest way to build effective chatbots without coding.

🎾Zing Coach is your AI-powered fitness coach with tailored workouts to achieve real results.

🔮Browse our always Up-To-Date AI Tools Database.

💰VENTURE CAPITAL UPDATES

  • Language learning app Speak closes a $20M Series B to help users learn speaking patterns.

  • Autify secures a $13M Series B to launch an autonomous AI agent for software quality assurance.

  • Teenagers raise a $500K Seed Round for their API startup to create complex functionalities within APIs called APIGen.

💼WHO’S HIRING?

  • Samsung (Mountain View, CA): Computer Vision Intern, Fall 2024/Summer 2025

  • Google (Mountain View, CA): Software Engineering Intern, BS, Summer 2025

  • NVIDIA (Santa Clara, CA): Research Scientist, Efficient Deep Learning, New Grad

  • xAI (San Francisco, CA): Software Engineer, Supercomputing

  • AWS (New York, NY): Language Data Scientist I

🤖PROMPT OF THE DAY

BRANDS

🛒Brand’s Value Proposition

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📒FINAL NOTE

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