💡AI on Wall Street

Plus: Learn a new skill with Chat GPT

Read time: 3 minutes (Click underlined topics or headings for links.)

Hey AI Family, happy Thursday! We like to keep things short and productive at The Edge, so you can get back to your busy life!

Here’s The Breakdown:

  • 💎 𝟛 Tools to Give You The Edge

  • 💡 𝟚 Breaking AI News Rundowns

  • 💻 𝟙 Practical Use of AI

Let’s jump in!

💎 𝟛 Tools to Give You The Edge

Character AI: generates life-like conversations between you and any chosen character. Have a conversation with Elon Musk, Mario, or even Iron Man

Assembly AI: Convert video and audio to text

Saga AI: Digital AI assistant for content creators

🚨Breaking AI News

Character.AI is an AI chatbot app that gained over 1.7 million new installs in its first week after launch. A huge achievement for the startup backed by a16z.

To put this in perspective, it took Chat GPT six days to reach 500,000. It took Character AI one week to reach over 1.5 million users.

Two former Google employees who wanted to change the way chat bots operate founded Character AI and it has been a hit.

Before the mobile app's launch, the Character.AI web app was already drawing a lot of traffic to their site. With over 200 million visits per month, a figure that the company says surpasses ChatGPT by 300%. Have you tried this tool?

Wall Street is experiencing a surge of interest in AI. The big banks are beginning to recognize the potential impact of technology on their operations.

About 40% of open job positions are related to AI, like data engineers, quants, and governance roles. JPMorgan, in particular, advertised for 3,651 AI-related positions between February and April, almost double its closest rivals, Citigroup and Deutsche Bank.

Banks are exploring AI technology to handle daily tasks more efficiently, conduct complex analysis, and model risk faster. But banks face regulatory issues as they expand their use of AI.

AI models often operate as "black boxes", it is difficult for banks to prove to investors and regulators that they have done their due diligence when they have used an AI-generated output. It would be pretty bad if the banks were cheating.

💻 Real Life Use Case

Chat GPT Prompt: Learn a new skill

If you're eager to acquire or enhance a particular skill but lack any previous experience, we've got you covered with a tailored 30-day learning plan.

Whether you want to learn coding, cooking, photography, or any other interest, this plan is designed to assist you in establishing a strong foundation and steadily advancing towards your desired proficiency level.

🔏 Copy and paste the prompt: 

"Help me develop and enhance my skills in #insert desired skill, considering that I am a complete novice in this area. I am seeking a structured learning plan tailored to a beginner's needs and aptitude. Please create a comprehensive and efficient #duration learning plan that includes relevant resources, practice activities, and progress benchmarks. This plan should guide me in my learning journey, enabling me to incrementally master the skill I desire."

Replace all #’s with values that best fit you.

Daily Definition

Reinforcement Learning

'Reinforcement Learning' is a type of machine learning, which is an essential part of AI. It's a learning method where an AI agent learns to make decisions by performing certain actions in an environment to achieve a goal. The agent learns from the consequences of its actions, rather than from being explicitly taught, improving over time through trial and error.

Let's imagine a simple analogy to illustrate this concept better. Think of a child learning to walk. Initially, the child takes tentative steps, falls, gets up, and tries again. Over time, the child learns which actions (steps) help to maintain balance and which ones lead to a fall. In reinforcement learning, the AI agent is like the child, the environment is the physical world, the actions are the steps the child takes, and the goal is to walk without falling.

The term 'reinforcement' comes from the idea of 'reward'. Positive rewards (like not falling) reinforce the actions that led to them, encouraging the AI to repeat those actions in the future.

🔮 AI Inspiration

That’s all for today!

Thanks for your time today. If it is your first time here, welcome. I hope you found value in today’s Edge edition. If you are returning, thank you. It means the world to me that you spend a few minutes of your day with me. If you have any ideas you’d like me to cover in the future, reply to this email.

Thanks for reading see you tomorrow,

Best,

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