Welcome and happy Wednesday!

Today, we have some truly interesting AI news for you: OpenAI is on track to surpass $1 billion in revenue next year, and there's an AI tool that lets you communicate with your PDF documents. Additionally, we'll take a closer look at the remarkable AI transformation of Google Meet, and much more. Let's get started!

IN TODAY’S ISSUE

• 🔥 OpenAI is on track to generate over $1 billion in revenue next year

• 🤖 AI tool of the day: With PDF.ai you can now chat with your pdf documents

• 🧠 Google Meet Gets a Spectacular AI Makeover

• ⚔️ US blocks Nvidia AI chips exports to Middle East to undermine China's AI ambitions

• 💡 3 quick and fresh AI updates

• 🎨 AI art of the day (with prompt)

Read time: 4 minutes

OPENAI

🔥 OpenAI is on track to generate over $1 billion in revenue next year

OpenAI, the creator of ChatGPT, is outperforming its own revenue projections and is on track to generate over $1 billion in the next 12 months, according to a report from The Information.

• OpenAI is currently generating over $80 million per month, a significant jump from $28 million for the entire previous year.

• Despite the surge in revenues, OpenAI lost $540 million last year developing GPT-4, and computing costs remain high.

• ChatGPT is the most visited AI-powered chatbot site, attracting 1.8 billion visits in June, despite growing competition.

The growing demand for AI technology, evidenced by the swift increase in OpenAI's revenue, highlights the crucial role that AI is assuming in various industries. Despite the significant development costs and the deal with Microsoft, which takes a large share of the profits, OpenAI’s ChatGPT continues to lead the market. This ongoing popularity, despite the rise in competition, indicates that OpenAI's revenues may keep surpassing projections for the time being. It's impressive to see how OpenAI is navigating these challenges and still coming out on top.

AI TOOL OF THE DAY

🤖 With PDF.ai you can now chat with your pdf documents

Navigating through a myriad of PDF documents to extract relevant data can be an arduous task, akin to finding a needle in a haystack.
PDF.AI aims to revolutionize this experience by enabling users to interact with their PDFs conversationally.

It is not just a tool but a companion designed to handle various documents, be it legal agreements, financial reports, books, or scientific papers.
Powered by artificial intelligence, the platform can provide instant answers, extract information, and summarize documents, essentially serving as a personal assistant that comprehends your documents and supplies the needed information promptly.

With a unique chat interface, users can converse with their documents, and the AI provides prompts and responses backed by the document's information. Learn more here.

GOOGLE CLOUD NEXT

🧠 Google Meet Gets a Spectacular AI Makeover

At its Google Cloud Next conference, Google announced some impressive new AI-powered features for Google Meet, including real-time note-taking by Duet AI and the ability for Duet to "attend" meetings on behalf of a user.

• Duet AI can take real-time notes, capturing summaries and action items during a meeting.

• Duet can "attend" a meeting on behalf of a user, generating discussion points for attendees.

• Google is continuously working to make Meet a cutting-edge video conferencing product.

These exciting AI-powered features are a clear sign of Google’s dedication to tackling the everyday challenges we encounter during virtual meetings, as these new tools could be a game-changer in terms of boosting our efficiency and making our lives a bit easier.
However, there are some legitimate worries about how accurate these features will be and the potential for misuse. So, it’s crucial for Google to take these concerns seriously and continually tweak the features to ensure they are genuinely beneficial for all users.

NEWS

⚔️ US blocks Nvidia AI chips exports to Middle East to undermine China's AI ambitions

The Biden administration has escalated its national security restrictions on advanced semiconductors by blocking sales of some of Nvidia's key microchips to the Middle East, due to concerns about China's access to critical artificial intelligence resources.

This move is part of the US's efforts to thwart Beijing's AI ambitions by preventing the chips' onward sale to China and limiting Middle East organizations' links to Chinese AI companies.
Nvidia's H100 and A100 chips, crucial for training software like ChatGPT, are currently restricted in China and Russia, marking a significant expansion of US trade controls.

Although Nvidia did not specify the affected countries, Saudi Arabia and the UAE have been deepening AI ties with China and placing large orders for Nvidia's chips.
The restrictions supposedly aim to prevent Chinese companies from training their AI software overseas and bringing it back to China due to a shortage of top AI chips in the country.

QUICK AND FRESH

⚖️ US Copyright Office wants to hear what people think about AI and copyright

The agency is focused on addressing three key issues: the manner in which AI models should utilize copyrighted data during training; the possibility of copyrighting AI-generated content in the absence of human involvement; and the way copyright liability would be applied in the context of artificial intelligence. (link)

♻️ Refiberd Secures $3.4M Seed Funding to Combat Textile Waste with AI

The EPA reports tons of clothing, nearly 6% of US solid waste, is landfilled or incinerated annually. Refiberd aims to address the industry-recognized gap in accurate textile sorting, enabling true textile-to-textile recycling. (link)

🧠 Tesla's $300 million AI supercomputer starts operating today

Tesla is launching its eagerly awaited supercomputer. Intended for various AI applications, its power also enables demanding high-performance computing workloads, making it one of the world's most potent machines. (link)

AI ART OF THE DAY

Paper landscape

Prompt: Vibrant Multi - dimensional paper quilling, Princesscore landscape, Norse Architecture Courtyard overlooking a lake, small trees, waves & whitewater, sunset illuminating dynamic cumulus clouds, vibrant sunrise, detailed, cinematic lighting, long shadows, backlit, vibrant raking light, in the style of Andrew Macara & Andreas Achenbach & Erin Hanson & Dan Mumford & Chris Samnee & Kilian Eng --s 500 --c 10 --ar 3:2

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Until next time, stay informed!