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Welcome to our weekly edition of AI & Finance™!
Hello, Friends, we're back with a less frightful but potentially even more thought-provoking newsletter about all things financial and artificial intelligence. We start out with a bang in our AI & Finance headlines column, offering fresh data on the depth of AI engagement within the financial industry and its clients and prospects. AI Education returns to the topic of data, and how financial organizations in particular are storing it and using it to maximize its value and utility. The Top 5 venture capital announcements includes one billion-dollar-plus funding round and plenty more. We once again have two Looking Back columns for you this week. Our first looks at the spectacular rise and subsequent failure of NFTs and the metaverse and asks whether these technologies are really completely dead, not to mention examining whether generative AI will be the next neat tech left in the dustbin of history. Then, as if we weren't AI critical enough at this point, we discuss the circular financing issue as it pertains to AI and ask whether it's a source of weakness or strength for the industry. And, in between all of that, there's a lot more to be found in this week's newsletter... CHECK IT ALL OUT BELOW!
We love being wrong, because being wrong means we learn something. Also, since we're not really a gambling person, being wrong rarely means we lose something. It's always an opportunity to gain more knowledge, intelligence and wisdom, not to mention humility. We know we've said this before, but boy were we wrong about AI in the financial services industry, particularly wealth management. Welcome to AI & Finance, where we're revisiting just how dumb we feel today when we think back just three years ago when we thought it would be a long, difficult road to get financial professionals, especially wealth managers, to adopt... CONTINUE HERE
Finding a needle in the haystack is no longer enough. Today, we need to be able to map out the entire haystack, straw by straw, understanding each straw individually and in relation to each other individual straw and the structure of the haystack itself. Welcome to AI Education, where we're talking about data again, in case you couldn't tell, the haystack is our data. The information we potentially have access to. The problem we're faced with, in a traditional sense, is that to understand what's going on with our haystack without powerful technology in our hands, we'd pretty much need to tear it... CONTINUE HERE
This week our overall AI venture capital activity maintained its momentum from recent weeks, with all five of our listed announcements coming in over $232 million and 12 announcements total coming in over $100 million. The biggest announcement, per FinSMEs, came from Santa Clara, Calif.-based Tenstorrent, an AI infrastructure and compute provider, which raised $1.5 billion in a Series E to "deploy Galaxy servers at scale, continue serving open-weight models across LLMs and video generation, and advance the AI and CPU IP it licenses to customers designing their own silicon," according to its announcement. Our second-place announcement was from Boston-based frontier AI developer... CONTINUE HERE
The artificial intelligence industry spent this week confronting the increasingly complicated relationship between technological progress, financial investment, cybersecurity and government oversight. OpenAI and Google Cloud expanded their enterprise AI partnership, while Anthropic faced questions about the economics of frontier model development and intensified its efforts to prevent Chinese competitors from extracting Claude's capabilities. Nvidia promoted new infrastructure designed to accelerate Europe's AI ambitions, and Meta's quarterly earnings underscored the enormous capital commitments required to compete in artificial intelligence. Meanwhile, reports of autonomous AI agents circumventing security safeguards, a major software vulnerability discovered with AI assistance, and a widening political battle over AI regulation... CONTINUE HERE
Let's say it even louder for the people in the back: We love being wrong. And it's a good thing, too, because we're often wrong. But in the case of technologies like non-fungible tokens (NFTs) and the metaverse, we're not quite wrong. We did enthusiastically cover the rise of the metaverse and NFTs, but we were never really sold on them. For one thing, while we can still acknowledge that NFTs have a whiff of utility about them, that utility never to us seemed like a big deal. At least, not a big enough deal for us to want to own or use... CONTINUE HERE
Hold on tight, we're going to take a ride on the money-go-round. As Microsoft, Nvidia, Google, Amazon and other technology giants pour billions into artificial intelligence companies that subsequently purchase their products and services, investors and regulators are questioning whether the industry's extraordinary growth reflects genuine demand or a self-reinforcing financial ecosystem. Circular financing may be accelerating the AI revolution, but could it also be inflating an investment bubble? The artificial intelligence industry has developed a remarkable financial arrangement: Some of its largest companies are investing billions of dollars in their customers, which then spend enormous sums purchasing products and services from those... CONTINUE HERE
The Chicago-based RIA Choreo recently named Gabriel Rodriguez to serve as its Chief Technology Officer. Based in the firm's growing Charlotte, North Carolina, office, Rodriguez will oversee the technology strategy needed for the firm's "next phase of growth, according to the company. His mandate is to create a connected platform to enable advisor teams to deliver coordinated tax and wealth advice consistently as the firm scales. Rodriguez has over 20 years of industry experience. Most recently, he served as Senior Vice President of Technology at LPL Financial, responsible for ClientWorks, the firm's advisor workstation. He spent six years at Vanguard, leading technology architecture... CONTINUE HERE
Source: thefinancials.com | Updated every 30 minutes, M-F during market hours
The DWN AI Index™ is a benchmark stock index of the artificial intelligence (AI) sector. The index is comprised of a diversified group of stocks deriving a significant percentage of their revenue from AI applications. REVIEW HISTORICALS HERE
STOCKS COMPRISING DWN AI INDEX:
Amazon (AMZN) * Arista Networks (ANET) * AI (C3.ai) * CrowdStrike Holdings (CRWD) * Duolingo (DUOL) * iRhythm Technologies (IRTC) * Microsoft Corporation (MSFT) * NVIDIA Corporation (NVDA) * Palantir Technologies (PLTR) & * Taiwan Semiconductor * Manufacturing (TSM)
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