💡 Is AI worth $4 Trillion?

Plus: Midjourney interior design prompt

June 15, 2023

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 AI Updates: Synthesia raises $90M & AI could add $4.4 trillion

  • 💻 𝟙 Practical Use of AI: Midjourney interior design prompt

Let’s jump in!

💎 𝟛 Tools to Give You The Edge

Synthesia AI: Create professional videos in 120 different languages in minutes

Midjourney: The leading app for AI image generation create anything you set your mind to

Hugging Face: A database of thousands of machine learning experiments

🚨 Breaking AI News

Synthesia is an AI tool that I have been throughly impressed by and they added to their list of accolades. Yesterday, they successfully secured $90 million in a Series C funding round.

It was led by Accel with serious investment by Nvidia who is worth 1 trillion in market cap. In short they have some heavy hitters in their corner.

Synthesia is now valued at $1 billion with now $156 million in total funding. They have over 50,000 customers (including me) and are growing at a staggering 456% year over year.

Definitely go back and try out Synthesia in our tools section!

Yesterday, McKinsey Global Institute released a report about Generative AI’s potential in the market. Off of only 4 use cases they estimate AI will bring $4.4 TRILLION into the economy! These were their findings:

  • Customer operations: Generative AI will automate interactions with customers, potentially reducing human-serviced contacts by up to 50%.

  • Marketing and sales: AI can create personalized messages tailored to individual customer interests and first drafts of brand advertising, slogans, social media posts, and product descriptions.

  • Software engineering: By generating initial code drafts, correcting and refactoring code, and accelerating the coding process, generative AI could replace 20% to 45% of current spending on this function.

  • Product R&D: In life sciences and chemical industries, generative AI is used for "generative design" generating candidate molecules and accelerating the development of new drugs and materials.

You can read the full in depth report here.

💻 Real Life Use Case

Midjourney Prompt: Become an interior designer

Midjourney is an AI image generation tool. Modify a prompt like this to become an expert interior designer

🔏 Copy and paste this prompt into Midjourney ⏬ 

led table lamps to add elegance and warmth to the modern kitchen, in the style of asymmetric designs, unconventional use of space, neon lighting, reflective surfaces, dark silver and white, curved mirrors, combining natural and man-made elements --ar 16:9

And the Result is:

Daily Definition

Fine Tuning

In the realm of AI, 'Fine-tuning' is a process where a pre-trained model (usually a large one trained on a vast dataset) is further trained, or 'tuned', on a smaller, specific dataset relevant to a particular task. The purpose of this process is to adapt the pre-existing, generic model to handle the specific requirements of a new task more efficiently.

Let's consider a simple analogy. Suppose you've been trained to play music in general (like our pre-trained model). You've learned various musical techniques and can play several different instruments. But now, you've decided to join a jazz band. To fit this role better, you'll need to 'fine-tune' your skills - focusing more on jazz music techniques and perhaps mastering a specific instrument used in jazz. The broader musical training you already had gives you a head start, but the 'fine-tuning' is what allows you to excel in the new specific role of a jazz musician.

Back to AI, a common example of fine-tuning is in the field of Natural Language Processing (NLP). Models like BERT or GPT-3, which are pre-trained on large-scale internet text, can be fine-tuned with specific tasks such as sentiment analysis, translation, or question-answering systems.

🔮 AI Inspiration

Celebrities if they worked regular jobs

Will Smith

Margot Robbie

Tom Cruise


Full thread here with 20 pictures (link)

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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