Why Nvidia Is Nearing Trillion-Dollar Valuation

While the US enjoyed a glorious three-day weekend, the world of AI news was still buzzing.

Here’s what we got for you today:

• 🏎️ Why Nvidia Is Nearing Trillion-Dollar Valuation

•  🧠 FDA Approves Neuralink For In-Human Clinical Trials

• 🙈 Lawyer Apologizes For Using Fake ChatGPT Citations

• 🤝 OpenAI Aims To Crowdsource AI Regulation

• 🖼️  A.I. Generated Image of the Day

• ⚡️ A.I. Meme of the Day

Why Nvidia Is Nearing Trillion-Dollar Valuation

Short answer…picks and shovels….long answer below.

Nvidia's success can be traced back to its founding in 1993, when the company recognized the need for improved visual processing in computers as technology advanced. Initially focused on the gaming market, Nvidia expanded its business into AI as companies sought its GPUs for AI-related applications. Start-ups and major tech companies have been competing for Nvidia's GPUs, with prices reaching hundreds of thousands of dollars for a set of advanced chips.

The launch of OpenAI's ChatGPT, a chatbot capable of complex conversations and other tasks, marked a turning point in the perception of AI technology. Nvidia's CFO referred to it as the "iPhone moment" for AI, demonstrating its potential and capabilities. Nvidia's stock has already more than doubled this year, and the company's forecasted sales for the second quarter exceeded expectations, further solidifying its dominance in the market.

While some big tech companies are developing their own AI chips, analysts believe Nvidia's dominance will continue due to its established position and the widespread dependency on its GPUs. This increased interest and investment in AI have led to a significant rise in Nvidia's stock price, making it worth $939.3 billion, surpassing the valuations of companies like Tesla and Facebook.

FDA Approves Neuralink For In-Human Clinical Trials

Elon Musk's Neuralink has received clearance from the U.S. Food and Drug Administration (FDA) for its first-in-human clinical trial, marking a significant milestone for the brain-implant startup. The FDA approval allows Neuralink to proceed with trials using its brain implant and surgical robot on patients, although specific details of the study have not been disclosed. Neuralink's tweet acknowledged the approval as an important step towards helping many people. The clearance comes as Neuralink faces scrutiny from federal agencies following reports of botched animal experiments and potential conflicts of interest in its testing oversight panel. The Department of Transportation and the U.S. Department of Agriculture's Office of Inspector General are conducting separate investigations into Neuralink's practices. Despite previous predictions, the company sought FDA approval in early 2022, and the agency rejected the application due to safety concerns related to battery, wire migration, and device extraction issues.

Lawyer Apologizes For Using Fake ChatGPT Citations

Attorney Steven Schwartz is facing a sanctions hearing after submitting fake judicial decisions and bogus quotes in a case he handled, relying on information generated by the ChatGPT language model. The case involved a lawsuit against Avianca airlines for injuries sustained by Roberto Mata. Judge Kevin Castel of the Southern District of New York discovered that at least six of the cases submitted by Schwartz as research for a brief did not exist. The sources of these fake cases were traced back to ChatGPT. Schwartz admitted that he had never used ChatGPT as a legal research source before and was unaware that its content could be false. Avianca's lawyers raised concerns about the authenticity of the cases, leading to further investigation. Schwartz's affidavit included screenshots of his conversation with ChatGPT, where the language model initially confirmed the authenticity of the fake cases but later apologized for the confusion. The attorney now regrets using generative artificial intelligence for legal research and pledges to verify its authenticity in the future.

Everyone should be well aware that ChatGPT is absolutely mind-blowing, but tends to hallucinate at times! Take a lesson from our buddy Steven here—always double-check your ChatGPT findings. You won't catch Jackie Chiles making this kind of blunder!

OpenAI Aims To Crowdsource AI Regulation

OpenAI has announced a grant program to fund experiments aimed at establishing a democratic process for determining the rules that AI systems should follow, within the limits set by the law. The program, offering ten $100,000 grants, is a response to OpenAI's call for an international regulatory body for AI. The company seeks to support individuals, teams, and organizations in developing proof-of-concepts for a democratic decision-making process regarding AI guidelines. OpenAI aims to learn from these experiments and use them as a foundation for a broader global process. The grants will fund projects exploring decision-relevant questions and building democratic tools to inform future decisions related to superintelligence. OpenAI emphasizes the need for diverse perspectives to shape AI behavior in the public interest. While the timing and potential self-interest of the grant program raise questions, it is a notable step in AI policymaking. Applications are open until June 24, and successful recipients will be required to publish their findings and open-source the code behind their work.

Cool A.I. Tools, News and Demos

Cool apps added daily to Daily Zaps AI hub. If you have any cool tools to share, feel free to submit them or get in touch with us by replying to this email.

JPMorgan Chase is developing an AI tool called IndexGPT to help investors pick stocks. The company filed a trademark application for IndexGPT, indicating its intentions to launch an AI product for investors. The tool may have applications beyond advising investors, including financial investment, advertising, marketing, and administrative tasks.

Federal Trade Commission (FTC) and several other agencies have issued a joint statement regarding enforcement efforts against discrimination and bias in automated systems and artificial intelligence (AI). The agencies emphasize their commitment to fairness, equality, and justice while enforcing federal laws that protect civil rights, fair competition, consumer protection, and equal opportunity.

Jen-Hsun "Jensen" Huang is a Taiwanese American billionaire, business magnate, and electrical engineer. He is the co-founder, current president, and CEO of Nvidia Corporation. You can find Jensen Huang's 2023 commencement speech at National Taiwan University, with his English part starting at 1 minute 8 second mark.

100% A.I. Generated Image of the Day

Midjourney Prompt - a film still closeup shot of warm bread, cheese, and a cup of coffee, beautiful plating, sharp focus, soft morning light --s 1000 --style raw

A.I. Meme of the Day

Back in the day, the pick-and-shovel strategy meant selling the tools needed to mine for gold, rather than the gold itself. Nowadays, it means providing the technology needed to produce a good or service, instead of betting on the final product. So, if you're looking to strike gold in the A.I. world, maybe you should focus on the pick-and-shovel strategy like Nvidia.

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