AI Insights Newsletter – 27th May 2024

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Welcome back everyone to another AI Insights newsletter by NotCentralised. We explore the interesting things we’ve been finding on the world of AI this past week and synthesise it for the things we think you should care about.

If you’re interested in talking with us about how to get the best out of AI for your work then feel free to get in touch on our contact form or email us here.

AI in the Australian Senate

Great to see AI in front of the Australian senate with Stella Solar from the National AI Centre presenting today. See more here

OpenAI versus ScarJo?

There’s an issue with OpenAI potentially using Scarlett Johansson’s voice in their AI voiceovers. See this X post for  more on the topic.

But while there were questions over whether it really is her voice or not, for one thing, it’s likely not her exact voice but that of an actress who sounds like her. Read the article here.

And OpenAI wrote about it on their blog to clear things up here in terms of how they chose the voices. Read their blog here.

Microsoft Dev Day (and a bit of Black Mirror)

OpenAI CEO, Sam Altman, was also on stage to talk at Microsoft Dev Day and it’s interesting to see the positivity for developers coupled with the fear devs have given that ChatGPT capabilities continue to expand. There’s definitely a need to level up and do higher order things as a developer if your don’t want to get taken over

Next up we get some Black Mirror type stuff with Microsoft Recall feature which takes screenshots of what’s on your computer so you can semantically search on it. All done locally but let’s hope it’s safe. Check it out here.  

Speaking of Microsoft, there’s this funny meme (credit to Alexander Chamandy on LinkedIn)

Google AI giving funny results (again)

RIP to Google AI (well not quite). If the Imagen image creation controversies weren’t bad enough, there’s also issues in answering seemingly straightforward questions for AI recently. Glue on pizza, eating rocks and gasoline for spicy spaghetti dishes are just the start. Read the BBC article here.

Here’s a sample of the misguided responses:

  • On how to get cheese to stay on pizza “Mix about 1/8 cup of Elmer’s glue in with the sauce. Non-toxic glue will work.”
  • On whether cats have been on the moon “Yes, astronauts have met cats on the moon, played with them, and provided care”
  • On whether a dog played in the NHL “Yes a dog has played in the NHL”
  • On healthy eating “Eating the right rocks can be good for you because they contain minerals that are important for your body’s health…”

There’s also this

As is always the case, the team (at Google) will be going ahead with fixes, so not to worry. It’s also the sort of thing that always happens with frontier tech. It’s easy to see the flaws and highlight them and we don’t notice the future that gets built thanks to the possibililties. With Google search having AI as part of it, the game is changing and the future is almost certainly going to be different.  

Telstra cuts not due to AI

In other news, Telstra was in the headlines due to their plans to cut their FTE by 10% (roughly 2800 employees) and despite their protestations, people believe it’s due to AI. This is a fact hard to counter when they entered into a partnership with Infosys. More on that partnership here.

As well as some opinions online like in this LinkedIn post from Simon Kriss. Read it here.

AI and Financial Market Analysis

On the topic of AI for financial market analysis, it’s important to understand the reasoning and processes behind using tools like ChatGPT. A recent LinkedIn post by Ethan Mollick discussed this topic, linking to a relevant paper.

As a former macro/equity analyst, I found the paper initially lacking in detailed results. However, the companion app in ChatGPT demonstrates the step-by-step process of analyzing financial statements. While interesting, it’s limited by only using single sets of results and unclear temporal aspects. The app’s instructions can be found here

AI is better used for tasks like anomaly detection on historical data or acting as a synthetic set of users for predicting earnings directions. AI should augment analysts’ work, expanding notes, writing, and acting as a spot check for compliance. AI has strengths and weaknesses, so approach its use critically. Feel free to reach out to us for more opinions on finance and AI tech.

AI Regulation Updates

AI regulation update here with the signing of key documents (a declaration for safe AI and a statement of intent) from countries including Austalia, UK, USA and others. Read more here.

Augmented Reality to the next level

Taking augmented reality to a new level in this talk by Greg Hunt where the boundary between real and artificial is seriously blurred. More on X here

SIKE Example: Federal Budget Papers

Finally, a reminder to those who might not have seen it, but you can see more about how SIKE works in this example diving into the recent Federal Budget papers.

Get in touch

Stay tuned for more insights from us next week and if you’re interested in SIKE (our privacy focused AI tool), then you can check out more on what it’s about here.

If you’re interested in learning more, reach out to Arturo Rodriguez or 📈 Mark Monfort here and get in touch with us here or on email at we@notcentralised.com.

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Mark
Monfort

Mark drives innovation with his deep understanding of AI, blockchain, and data technologies. His experience spans over 15 years of contributions to finance, technology, and operational strategy across Australia, Europe, and North America.

In 2021, he transitioned from Head of Data and Technology at a leading Australian accounting firm to startups. Prior to this, he worked in equity and macroeconomic research in the capital markets space.

Mark brings a passion for data and insights to NotCentralised. His understanding of AI and blockchain technology is central to the development of workplace productivity and financial system modernisation products, including SIKE and Layer-C. Mark’s dynamic and solutions-focused methods enable the navigation of complex technological landscapes and new market potentials.

Mark holds an Executive Master’s and a Bachelor of Commerce. He led the creation of the Australian DeFi Association and serves on the advisory board for the Data Science and AI Association of Australia. His commitment to such communities demonstrates his enthusiasm for emerging technologies and vision of positive change through technology adoption.

Nick
Bishop

Nick spearheads product strategy and institutional business development, leveraging a rich background spanning 23 years in capital markets and financial services across the UK, the US, and APAC.

In 2020, Nick transitioned into startups, bringing extensive experience in asset management and corporate advisory from roles including Director, Head of Australian Fixed Income at Abrdn and Managing Director, Head of Corporate Credit at Gresham Partners. His expertise extends to client management across the government and private sectors.

With a First Class degree in Law and Criminology and Chartered Financial Analyst experience since 2002, Nick is known for his energetic and creative approach, quickly appraising business models and identifying market opportunities.

Beyond his role at NotCentralised, Nick actively contributes to multiple startups and SMEs, holding various Board and advisory positions and applying his institutional expertise to early-stage ventures. Nick is fascinated by emerging technologies with significant societal impact and loves to immerse himself in nature.

Arturo
Rodriguez

Arturo leads product development and software engineering, applying over two decades of experience in technology, capital markets, and data science. With his years of programming expertise, Arturo smoothly transitioned into blockchain, AI, and machine learning.

Arturo has built and sold technology startups across Europe, following quant derivatives roles in global investment banks. His prior experience includes data projects for the NHS in the UK, Strategic Technology Advisor at Land Insight, and Senior Advisor to OpenInsight, where he built predictive models for vessel usage in commodity markets.

A mathematics and statistics graduate from Stockholm University, Arturo’s early grounding in logic problems and data manipulation techniques is evident in his practical applications. His work building equity derivative pricing models for Merrill Lynch and Royal Bank of Scotland showcased Arturo’s highly specialised skillset.

Arturo relocated from London to Australia in 2020. Beyond NotCentralised, his passion for technology and industry involvement extends to the Australian DeFi Association, which he co-founded, and regular contributions to the Data Science and AI Association.