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AI's iPhone Moment
ISSUE # 84
Hi All, I hope that you are doing well.
This week I was in Southern California attending Opal’s Innovations in Lending, Alternative Financing, Fintech & Private Credit Summit 2022 conference. That is a long title, but it was a solid conference and a great opportunity to catch up with peers.
Artificial intelligence and machine learning continue to be popular topics as lenders continue to experiment with the technology to improve speed and decision making on issuing credit to borrowers.
It is still early days when it comes to applying AI/ML to investing, but as you will read below, progress in AI/ML is happening at an exponential rate and it is just a matter of time before it disrupts the investment industry too.
The New New Thing?
Playing around with OpenAI’s ChatGPT last week was like the moment when I first held an iPhone, you know immediately that this is going to change everything in ways that you don’t quite understand yet.
ChatGPT is a language model developed by OpenAI. It is one of the largest and most powerful language models currently available, capable of generating human-like text on a wide range of topics. ChatGPT can be used for a variety of natural language processing tasks, including language translation, text summarization, and content generation. It is also able to understand and respond to human input in a conversational manner, making it useful for building chatbots and other interactive language applications. This paragraph was written by ChatGPT.
I highly recommend that you go online and open an account and play around with the OpenAI ChatGPT program. The best way to learn about a new technology is to tinker a bit. It is impressive and my first impression is that this is potentially BIG TROUBLE for Google search and advertising.
For example, I typed in the question, “what is a basis point?”
Here is what I got from Google:
And here is what I got from OpenAI’s ChatGPT:
Here is OpenAI ChatGPT’s explanation of Japanese debt deflation, a pretty complex subject that the program boiled down to something the layperson could understand.
Check out the videos below for an overview of how the program works!
PODCAST | VIDEOS:
Part Time Larry - OpenAI for Finance: In this video Larry provides an overview of OpenAI products, libraries, and API's. He discusses how we might use them for financial applications in upcoming videos.
All-In Pod - Why OpenAI's new ChatGPT will change the future of every industry: This is a great conversation on OpenAI’s ChatGPT program and how it could disrupt various industries, this is where I first heard about the program and the comparison to Google.
Rene Sellmann - Will OpenAI’s ChatGPT Kill Google?: In this video Rene looks at the potential of ChatGPT as a disruptor to Google search. I thought it was pretty interesting, although we shouldn’t underestimate Google’s ability to adapt.
I hope that you enjoy the letter as much as I enjoyed writing it and please feel free to share the links with friends and associates. If you are interested in startups and are an accredited investor you can join over 750 other backers that follow my AngelList syndicate here.
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