Two tech giants are playing catch up in the race for AI development – Bloomberg and Amazon. On Thursday, the former announced that it had been working on incorporating the latest ChatGPT-style software into its Bloomberg terminal product, while on the same day Amazon revealed that it was looking to invest heavily in AI and generative Artificial Intelligence research.
Bloomberg has created its own version of the popular software, which is focused on more specific data sets related to the world of finance. This approach is being looked at as a potential advantage over OpenAI, the company behind the origina ChatGPT technology. Despite their promise, the AI tools available right now have proven to be unreliable when it comes to financial matters, so bank on Bloomberg getting the edge in this department.
Meanwhile, Amazon is taking generative AI to new heights, a move that follows their already impressive suite of cloud-based offerings. This is no surprise, as CEO Andy Jassy has been pushing for a broad “everything, everywhere, all at once” approach to business. This particular strategy is set to harness the computing capabilities of ChatGPT, and it is likely to consume a significant amount of energy. According to an expert in AI, one training session for ChatGPT would require the energy equivalent of 126 Danish homes in a year.
However, there are other considerations regulating AI and generative AI use. In Italy, for instance, ChatGPT was blocked last month due to privacy concerns. Accordingly, the company needs to meet the Italian authorities’ conditions by the end of April or face further restrictions. The EU has even set up a data protection board that is dedicated to regulating universities, companies, and other entities that use AI.
It’s clear that businesses around the world are beginning to recognize the potential applications of generative AI, and Bloomberg and Amazon are charging ahead with their own implementations. As these two companies put their research to the test, the changes to the technological and digital worlds could be more than just interesting – they could be revolutionary.
