AI has it's first "Trillion Dollar Baby"

And turns out, AI is the secret sauce behind the stock market!

Author

Rishit Patel
May 31, 2023

Believe it or not, the AI industry has just crowned its first trillion-dollar titan, and it's not the usual suspects - Microsoft, Google, or even Zuckerberg's Facebook. Amidst the fierce AI competition, an unexpected champion has emerged - Nvidia! Thanks to the AI surge, they've skyrocketed past the trillion-dollar milestone. More on this in news section.

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šŸ“° Top AI News

Nvidia, a global leader in AI chip production, has joined the exclusive $1 trillion club, marking a significant milestone in the tech industry. This achievement, fueled by the surging demand for its AI chips, underscores the transformative power of AI technologies. With a 26% surge in profit and a 19% increase in sales, Nvidia's success story is a testament to the immense potential of AI in shaping the future of global markets

Geoffrey Hinton, the man who helped invent the technology behind ChatGPT, voices his concerns about the rapid advancement of AI. He warns that we may be racing towards danger as the world begins to experiment with the power of artificial intelligence.

The stock market's recent upward trajectory owes much to a few tech giants, with artificial intelligence being a major factor. Despite concerns about the fragility of its foundation, the AI-driven rally in the stock market continues to gain momentum.

šŸ’° AI Funding Rounds

Turkish AI-backed Startup Worth Almost $2 Billion in Funding - Insider, a Turkish artificial intelligence-backed marketing platform, was valued at almost $2 billion in a funding round that raised about $105 million. The funding was received from the Qatar Investment Authority and Istanbul-based buyout firm Esas Private Equity.

Modular app-building platform Builder.ai raises $250 million Series D funding - Builder.ai, a platform that allows people to build apps using human conversation, announced a $250 million Series D funding round led by the Qatar Investment Authority (QIA). The round included participation from additional existing and new investors including Iconiq Capital, Jungle Ventures, and Insight Partners.

Google-backed Anthropic raises $450 million in latest AI funding - Anthropic, an artificial intelligence startup competing with OpenAI in building AI foundation models, raised $450 million from investors including Alphabet Inc's Google and Spark Capital. The latest round brings Anthropic's total funding to nearly $1 billion, making it one of the most well-funded AI startups.

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