Hey everyone!

The last week was quite busy for all of us: university, travelling, and final exams. But, we’ve been working on something big with AI Bits… stay tuned to know what it is!

Here’s what we’ll cover today:

• Nvidia is on track to become the next Trillion $ company 💸

• New York Lawyer uses AI to fight a case and got it wrong 🧑🏽‍⚖️

• Apple: the silent profiter from AI 📱

• Fireflies.ai is the tool you need to take notes in meetings 🗒️

Reading time: 4 minutes 37 seconds

Enjoy!

News Reel:

Highlight 1: Nvidia on track to become the next Trillion $ company

If you haven’t already invested in AI stocks, what are you waiting for? The surge in AI-related stocks and the significant increase in their value indicate growing investor confidence in the potential of artificial intelligence technology, despite concerns about overvaluation and a potential bubble 🫧. Here’s a summary of the current situation:

• Shares in firms involved in AI technology have more than doubled in value, contributing to a $4tn rally in technology stocks this year (increased from $18tn to $22tn) 💰

• Semiconductor makers (microchips) and software developers are among the stocks seen as AI winners, with their values more than doubling.

• Nvidia, a chipmaker powering generative AI products like ChatGPT, is poised to become the first trillion-dollar company in the chipmaking industry 💻.

• Nvidia's share price has risen by 160% in 2023, adding almost $300bn to the value of AI-related stocks.

• C3.ai, a company developing AI applications, has seen its shares rise by over 156% this year 📈.

• Microsoft, a major investor in OpenAI, has seen a 36% increase in its stock value this year.

• Shares in Google's parent company, Alphabet, have rallied by almost 40% this year, despite a temporary dip in February.

Well, hop on the wagon now! 💫 (disclaimer: we are not financial advisors and don’t take responsibility for financial decisions of the readers😄)

Here’s the link to Guardian Article for some more information for those interested! 📰

Highlight 2: A New York Lawyer used ChatGPT for legal research

A New York lawyer's use of ChatGPT for legal research leads to the submission of false information, highlighting the importance of verifying AI-generated content in the legal profession 🤖. Here’s what happened:

• The lawyer submitted a brief citing legal cases that did not exist, leading to the discovery of false judicial decisions 📋.

• The case revolved around a man who sued an airline for a purported personal injury, his legal representatives submitted a brief that referenced multiple past court cases in an effort to establish a precedent for advancing the lawsuit. However, the opposing counsel representing the airline subsequently notified the judge that they were unable to locate several of the cited cases mentioned in the submitted brief 🛩️.

• He claimed he was unaware that the AI-generated content could be false.

• The research was conducted by a colleague (a veteran of 30 years in the industry) at the same law firm, who had used ChatGPT to find similar previous cases 💻.

• The lawyer expressed regret and vowed not to use AI for legal research without verifying its authenticity.

• Both lawyers have been ordered to explain why they should not be disciplined at a hearing in June, raising concerns about the risks of AI, including misinformation and bias 🤔.

AI still isn’t perfect… we need to know when and how to accurately and efficiently take advantage of this tool 💪🏽.

Here’s a more detailed article from BBC for those interested 📰.

Highlight 3: Apple is earning hundreds of millions on AI inventions

Apple's tax on AI inventions has begun, with OpenAI's iPhone app for ChatGPT generating significant revenue for both companies even while Apple isn’t one of the primary drivers of AI invention 💵.

• Despite not being a leader in generative AI, Apple benefits from the success of others due to its app market dominance by taking a 30% cut of new subscriptions made through iOS 📲.

• OpenAI launched an iPhone app for ChatGPT, which quickly topped the app store charts.

• Users can subscribe to ChatGPT Plus for $20/month, and Apple collects 30% of the revenue. If OpenAI gained 5 million new subscribers, they’d gain an annual revenue of $1.2 billion and Apple would collect $360 million from it 🤑.

• Apple's CEO, Tim Cook, mentioned integrating AI into products but acknowledged issues that need resolution.

• Developers can bypass Apple's commission by redirecting users to a web browser for purchases, but OpenAI doesn't do so 🖥️.

• As more apps arrive in the app store, including several copy apps, Apple is earning a huge amount of revenue.

Moreover, Apple may soon support third-party app stores in the European Union due to new regulations. At least until then, Apple generated nearly $20 billion in the last quarter simply from Apple store subscriptions 💰.

A.I. Tool Showcase: Fireflies.ai

Fireflies.ai is the ideal app for notetaking during any kind of meeting! Trust me… I’ve used this so much and it’s made work so much more efficient 🗒️.

Online classes? Join the meeting using fireflies.ai and you won’t need to take notes in class anymore 😉. Here’s how to use it:​

1. Go to fireflies.ai

2. Click on ‘Get started for free’ and adjust your settings according to your preferences, continue.

3. Invite anyone you like 👨‍👩‍👧‍👦.

4. Start your free trial and watch the demo to explore the different features 💥.

5. Add Firefly.ai as a participant to your Zoom, Meet or Teams (to name a few) meeting by clicking ‘Add now’ on the ‘Home’ tab or via the other ways mentioned in the demo.

6. Paste the meeting URL.

7. Once the meeting is recorded (minimum of 3 minutes) click on the ‘Notes’ tab and select the meeting you would like to get a transcript, analysis, or summary of. ✅

8. Firefly.ai automatically creates a transcript of your meeting along with timestamps. Simply click on a particular sentence to re-listen to the meeting sentence 🤯.

9. Firefly.ai provides a summary along with the ability to add comments and reactions to timestamps as well.

10. You can search for any particular word in the transcript and also create a ‘soundbite’ to share with your teammates.

11. There are several filters to apply to your transcript, which include dates/times, metrics, tasks, and questions i.e. if there were any dates spoken about during the meeting if you click on ‘dates and times,’ Firefly.ai will only show you those parts of the transcript 💫.

12. Firefly.ai also carries out a sentiment analysis to identify where you sounded happy, sad, or neutral!

13. It also identifies which individual spoke how much and at what speed 🔜!

14. You can create your own new filters for Firefly.ai to search for!

15. You can share and download the transcript, summary, and analysis as you prefer ⬇️.

16. The coolest feature though is its AI integration called FRED. Simply ask FRED anything about your meeting, something like “How much did X company make this quarter?” and FRED will answer exactly what you said in the meeting 😎!

Try it here today!

Sorry for the long list - there are just too many cool features😅

AI Art of the Week

Here at AI Bits, we love a good fantastical, sci-fi world and the images of this week are a perfect representation of what we love. @viglomir’s has created some masterpieces and here are a few for you! 🏙️

Find @viglomir on Instagram here.

Have a great week everyone!

-AI Bits