📈 Goldman Sachs on how AI will impact the economy...+ Amazon's Olympus (The ChatGPT and Bard competitor) + CEO of OpenAI Fired ⚔️

Read time: 4 minutes

Hello and welcome back to another Whirlwind week in AI!

Join us and learn about where Goldman Sachs believes the economy is headed with AI, Amazon’s OLYMPUS ⛰️ ChatGPT and Bard Competitor, and The shocking ousting of Sam Altman!

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🗞️ News:

 🏦 Goldman Sachs: Research Shows AI's Economic Impact is Delayed…

 🌐 Amazon's AI Power Play: Launching "Olympus"

 🤖 👨 OpenAI CEO-less: Sam Altman Gets Ousted + his return 👀 

 🖼️  DALL•E 3 Tutorial: Nostalgic Vibes 🏝️

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🗞️ ^_News: 

 📈 AI's Economic Revolution: Transforming US GDP by 2027

Goldman Sachs Research Unveils AI's Economic Impact

- AI's GDP Boost: AI is set to significantly influence the US GDP starting 2027, marking a new era in economic growth.

- Labor Automation: AI could automate up to 25% of tasks in advanced economies, signaling a shift in labor dynamics and efficiency.

Key Insights on Productivity and Growth

- GDP Growth Projections: AI may contribute to a 0.4 percentage point rise in US GDP by 2034, with varying impacts globally.

- Productivity Surge: In the US, AI could amplify productivity growth by 1.5 percentage points annually over a decade.

The Broader Economic Landscape

- Technological Integration: AI's integration mirrors historical tech innovations like the electric motor and personal computer, indicating a potential delay in visible economic impacts.

- Strategic Adoption: A careful adoption timeline is crucial for maximizing AI's productivity benefits across industries.

Future Economic Implications

- Real-World Impact: Businesses foresee a modest impact from AI in the short term, with a significant influence expected in the next 3-10 years.

- Global Economic Narrative: AI's development is poised to be a key factor in 21st-century economics, affecting financial markets and interest rates.

🚀 The AI Revolution: This groundbreaking shift in AI technology promises to reshape the global economic landscape, making it one of the most pivotal macroeconomic stories of our time.

You can read more about it here →

🌐 Amazon's AI Power Play: Launching "Olympus"

Amazon Steps Up in AI Race

- Project "Olympus": Amazon's new 2 trillion-parameter AI model aims to rival OpenAI and Alphabet.

- Leadership: Spearheaded by Rohit Prasad, the project unites Amazon's top AI talent.

Strategic Goals

- Enhancing AWS: "Olympus" is designed to make AWS more attractive to enterprise clients seeking cutting-edge AI.

- Technological Edge: Focuses on creating more human-like AI tools.

Future Outlook

- Amazon's AI Ambition: "Olympus" marks Amazon's commitment to being a key player in AI innovation.

🚀 AI Evolution: Amazon's entry into large-scale AI models signals a new phase in the AI technological race.

You can read further insights here →

🤖 👨 OpenAI CEO-less: Sam Altman Gets Ousted

1. On Friday evening, OpenAl put out a blog post stating that

'the board' (more on the board later) had fired CEO Sam Altman and that Mira Murati would be stepping up as interim

CEO. The blog post was nothing short of vicious.

2. Shortly after the news broke out, Sam Altman put out a tweet confirming he got fired. He also said he "will have more to say about what's next later" leading to further speculation.

3. Later Friday evening, Greg Brockman, co-founder of OpenAl announced his resignation after hearing of the news that Sam was fired. This is what a true loyal co-founder looks like. It also leads into the next point of being blindsided.

4. Greg put out a tweet on the timeline of how things went down.

-At 12:00 on Friday, Sam Altman joined a meeting where the whole board (except Greg) fired him

-At 12:23 Greg was notified

-At ~12:25 the blog was published

MOST Recent Update: The OpenAI board is in discussions with Sam Altman to return to the company as its CEO, according to multiple people familiar with the matter. One of them said Altman, who was suddenly fired by the board on Friday with no notice, is “ambivalent” about coming back and would want significant governance changes.

Update, 5:35PM PT Saturday: A source close to Altman says the board had agreed in principle to resign and to allow Altman and Brockman to return, but has since waffled — missing a key 5 PM PT deadline by which many OpenAI staffers were set to resign. If Altman decides to leave and start a new company, those staffers would assuredly go with him.

You can read further insights here → and here →

🖼️ DALL•E 3 Tutorial: Nostalgic Vibes

A photo of 1970s skateboarding in LA, a landmass with very tall green mountains across the sea, far distance town lights, sunset sky, analog, 35mm, film grain, low contrast, soft orange colors, blurry, aesthetic, 1975

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Until next time!

Sam Hadar ✍️