From personalized lesson plans for autistic students, to identifying cancer, to AI busses, AI is making news constantly. Here are 6 of today’s top AI stories:
AI COULD BOOST STOCKS 15% PER YEAR
Legendary investor Paul Tudor Jones said on Monday that he believes AI-driven productivity will likely help to ease inflation in the near-term, and offer 1-3% PE expansion for the stock market from current levels each year. That translates to roughly 15% gains for the stock market per year. That would bring the S&P 500 to almost exactly its all-time high.
Jones, who predicted and profited off of a major stock market crash in the 1980s, said that he believes AI is “the most important technology since the internet.” He said that AI is already having a major impact on a wide range of industries, and that this impact is only going to grow in the years to come.
Jones’ comments come as inflation remains at 4.9% — above the Fed’s 2% target, but on a consistent downtrend following ten Fed rate hikes in a row. The Fed is widely believed to be done in its rate hiking cycle, which Tudor said is also a positive for the stock market.
C3AI SOARS ON RAISED GUIDANCE
Shares of C3.ai (NYSE: AI) are up more than 20% in early trading on Monday after the company raised its guidance for the full year. C3.ai, which provides AI software to businesses, said that it expects revenue of $255 million to $260 million for the full year, up from its previous guidance of $240 million to $250 million.
C3.ai also said that it expects to be cash-positive and non-GAAP profitable by the end of fiscal 2024. The company’s strong guidance is a sign that demand for AI software is growing.
UK LAUNCHES “FIRST EVER” AI BUS
The UK has launched the first autonomous bus in the country. The bus, which is operated by First Bus, is currently running on a 1.5-mile route in Greenwich, London. It is being monitored by a driver who can take over if necessary.
The bus is equipped with a range of sensors and cameras that allow it to navigate its surroundings autonomously. However, it is still in the early stages of development and is not yet ready for widespread use.
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AI ACCURATELY DETECTS CANCER
A new study has found that AI can be used to accurately diagnose skin cancer with the same level of accuracy as a dermatologist. The study involved the use of an AI algorithm to analyze images of skin lesions. The algorithm was able to correctly identify skin cancer with an accuracy of 95%. This is comparable to the accuracy of dermatologists, who typically have an accuracy of 97%.
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AI LEARNING FOR STUDENTS WITH AUTISM
A recent study has found that AI can be used to personalize learning for students with autism spectrum disorder (ASD). The study, which was published in the journal Autism, involved the use of an AI-powered learning platform to provide personalized instruction to students with ASD. The platform was able to identify the strengths and weaknesses of each student and provide them with targeted instruction. The study found that the platform was effective in improving the academic performance of students with ASD.
EU APPROVES AI ACT
The European Parliament has approved the EU AI Act, the first major attempt at regulating AI in the West. The act sets parameters for generative AI platforms like ChatGPT and Bard in an attempt to ensure that no copyright laws are broken in the process of data-training these tools.
Some of the specifications in the EU AI Act include a set of “unacceptable risk applications” which AI platforms shall not be able to engage in. Those include:
- AI systems using subliminal techniques, or manipulative or deceptive techniques to distort behavior
- AI systems exploiting vulnerabilities of individuals or specific groups
- Biometric categorization systems based on sensitive attributes or characteristics
- AI systems used for social scoring or evaluating trustworthiness
- AI systems used for risk assessments predicting criminal or administrative offenses
- AI systems creating or expanding facial recognition databases through untargeted scraping
- AI systems inferring emotions in law enforcement, border management, the workplace, and education
Notably, AI’s rapid development has likely had to do with the lack of regulation tying down behemoths like Alphabet and Microsoft. While the common mindset in 2023 seems to be that “more regulation” — whether in the form of bank regulation, antitrust regulation, or otherwise — is always good, it’s unquestionable that as each government attempts to put their “two cents in” to an innovation that they likely understand at a very surface level, progress will be slowed significantly. In other words, innovations like those above, may become fewer and farther apart as businesses are forced to jump through an increasing number of regulatory hoops.