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TODAY’S TOP PICKS FOR YOU

1. How Generative AI will transform your business

2. Second profit warning issued for advertising giant, WPP

3. Google nears release of Gemini, a new AI tool

4. The UK Prime Minister’s warning on the dangers of AI

INSIGHTS

How Generative AI will transform your business

• Generative AI is predicted to add $7 trillion globally over the next decade.

• The surge in Generative AI has attracted significant investment, with funding for AI startups reaching $14 billion in the first half of 2023 alone, according to CB Insights.

• Generative AI's ability to generate diverse content including text, audio, video and more, is sparking the creative sector, particularly in areas like customer service, film, teaching and even academic writing. Adoption is also prevalent across the legal and finance professions.

• However, challenges remain particularly around accuracy, potential misuse and IP/copyright concerns.

Why it matters: Businesses are increasingly urged to develop generative AI strategies. Whether it's by creating greater customer engagements, enhancing productivity or improving internal processes, the deployment of generative AI is being touted as a necessity for staying competitive in an evolving market landscape.

Second profit warning issued for advertising giant, WPP

• Large advertising giant, WPP has warned that its profits won't be as good as hoped, mainly because tech companies are spending less and business in China is slow.

• They've cut their revenue growth prediction for 2023 from up to 3% down to just 1%.

• WPP's share price has fallen by over 20% this year, which has led to some people speculating that another company might try to take it over. The situation got worse in the last three months because a big client, Meta, cut its marketing spending by nearly a quarter.

• WPP isn't alone in facing these issues; other similar companies have also had to cut their forecasts. In response, WPP is changing its business structure to save money and is looking at using Artificial Intelligence to work more efficiently.

Why it matters: WPP's profit warning shows a bigger picture: tech firms are spending less in uncertain times, affecting other sectors like advertising. It’s a wake-up call for companies to stay flexible, innovate, and maybe find new ways to work together or use technologies like AI to stay ahead in a changing market landscape.

Google nears release of Gemini, a new AI tool

• Google provided early access to Gemini, its conversational AI software, to a select group of companies, aiming to rival OpenAI's GPT-4.

• Gemini comprises large-language models for various applications like chatbots, text summarisation, code generation, and original content creation.

• The software is part of Google's intensified efforts in generative AI, following the launch of Microsoft-backed OpenAI's ChatGPT last year.

• Gemini will be accessible via Google Cloud Vertex AI service, aligning with Google's broader AI offerings including recent generative AI integrations in Search tools​.

Why it matters: Google's new AI tool, Gemini, shows the growing competition in the AI world. This race is not just about who has the smarter AI, but about creating new tools and opportunities for businesses and developers. With more advanced AI like Gemini, companies can look forward to smarter and easier ways to get things done.

The UK Prime Minister’s warning on the dangers of AI

• The UK Prime Minister, Rishi Sunak has warned that AI could ease the creation of chemical and biological weapons.

• While promoting the UK's AI advancements, he also mentions potential risks like cyber attacks, fraud, and job disruptions.

• AI could enhance terrorists' capabilities and erode trust in information with 'deepfakes'.

• Education and balanced regulation are seen as key to mitigating risks while fostering AI development.

Why it matters: Sunak has highlighted a global dilemma: balancing AI's boundless potential against its dark, destructive side. It urges nations to foster innovation responsibly, ensuring that the race to AI supremacy doesn't overshadow the vital quest for global safety and ethical tech advancement.