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Nvidia’s new AI model, Accenture’s latest AI investment, and coding is getting cheaper

Discover OpenAI’s $6.6B raise, Blackstone’s $13B AI datacenter bet and key industry shifts from AI agents to coding transformations. Get the full scoop on AI’s future.

Author

Malcolm Frank, CEO
October 07, 2024

A Note from Malcolm

Clash of the Titans

Big money keeps pouring into AI, as industry leaders continue to make bold moves.  This past week alone:

  • OpenAI raised $6.6 billion in the largest VC funding round in history

  • Blackstone announced a $13 billion investment in a single AI datacenter, and 

  • Microsoft announced a $4.8 billion investment in AI for northern Italy, while Google announced $1 billion for similar purposes in Thailand.  

A few billion here and there and soon it adds up to real money.  

The titans are also clashing on product strategy.  Notably, Nvidia's release of its open-source large language model (NVLM 1.0) marks a significant shift in the AI industry's competitive landscape.  By making their model freely available and easily customizable, this move challenges the current dominance of companies like OpenAI and Google.

The AI space certainly covers a lot of ground in a week.  

The largest VC round of all time: OpenAI raises $6.6 billion

$157 billion post-money valuation puts valuation on par with Goldman Sachs, AT&T and Unilever. 

Nvidia just dropped a bombshell: ​​Its new AI model is open, massive, and ready to rival GPT-4

A potential game changer: introducing an open-source LLM that competes with proprietary models from industry leaders like OpenAI and Google.

Accenture forms new Nvidia business group focused on agentic AI adoption

Will train 30,000 staff on Nvidia, aims to help clients jump-start their agentic AI journeys with engineering hubs in North America, Europe and Asia.

Future relationships:  AI agents and companies

AI agents will start by aiding us like colleagues; wild thought: they may become our customers & competitors.

AI coding tools means there are no more junior software developers

Tracking the impact of the boom in coding assistants: 97% of devs now use AI in some form. 

Coding is getting cheaper, and so are coders

As AI streamlines coding processes, software development is expected to become more affordable, leading to an evolving job market for coders.

Longshoremen strike is delayed, but the core issue of AI automation remains

Union is demanding a “total ban” on automation. 

Blackstone to invest $13B in single UK AI center

Northumberland site will be transformed from a former battery factory into a critical AI infrastructure hub, creating 4,000 jobs.

6 Generative AI use cases: real-world industry solutions

Where AI is taking hold in the enterprise. 

The corporate two-step continues: CVS lays off 3,000, invests in AI

Plans for a multiyear, $2 billion cost-savings initiative that relies in part on accelerating its adoption of AI.

Tool of the Week: InsightSquared

For sales teams to optimize performance with data-driven insights.

OpenAI DevDay ‘24 highlights

4 major updates that will make AI more accessible and affordable.

9% of workers in Virginia at risk of AI job displacement

Most at risk are loan officers, accountants, paralegals and insurance sales agents. 

Meta’s Movie Gen raises the bar in AI video generation

Movie Gen can create new clips from text prompts or edit your face into existing footage — complete with sound.

BYOAI: How to balance risk and innovation

MIT notes that banning GenAI tools won’t work. Leaders should set guidelines that let employees experiment.

Bank of America survey predicts massive AI lift to corporate profits

Software firms may benefit the most, while the human capital-driven healthcare services industries could see profit deterioration.

And one more thing…

“I spoke to a 60 year old version of myself, and it was unsettling.”

A look inside MIT’s Future You project. 

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