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JPMorgan’s Vision: An AI-Driven Financial Future

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In a recent discussion with Bloomberg, Jamie Dimon, the CEO of JPMorgan, shed light on the transformative potential of artificial intelligence (AI) in the banking and financial sector.


Key Summary:

  • Jamie Dimon, CEO of JPMorgan, envisions a future where AI is integral to the financial sector.
  • The bank is already leveraging AI for various functions, including equity hedging and idea generation.
  • Dimon acknowledges the potential job shifts due to AI but sees it as a natural evolution.
  • While he emphasizes the need for safeguards, he remains optimistic about AI’s positive societal impact.

The Pervasive Power of AI in Finance

Dimon is convinced that AI will soon touch every corner of JPMorgan’s vast operations. From trading and hedging to research and error detection, the possibilities are endless. He described AI as a “living, breathing entity” that not only streamlines processes but also amplifies human capabilities. Furthermore, he revealed that JPMorgan is already harnessing the power of AI in areas such as equity hedging, idea generation, and even large language models.

Job Dynamics in an AI World

The rise of AI naturally brings concerns about its impact on employment. However, Dimon offers a balanced perspective. While he acknowledges that AI will replace certain roles, he also reminds us that technological advancements have historically led to job shifts. In fact, JPMorgan is already taking steps to address this. Employees affected by AI-driven changes are being offered opportunities to transition to other roles within the company or to local branches.

Balancing Benefits and Concerns

Despite the optimism, Dimon is not without concerns. Specifically, he’s wary of the potential misuse of AI, especially in critical areas like cybersecurity. He believes that robust legal frameworks are essential to ensure AI is used responsibly. Yet, he remains hopeful. He sees the vast benefits that technological advancements bring, and he’s confident that with the right measures, AI can be a force for good in the financial world.

For those keen on exploring the expansive world of Artificial Intelligence further, Livy.AI offers a deep dive into its potential and applications.

OpenAI Considers In-House Chip Production Amid Global Shortage

Introduction

In response to the ongoing global chip shortage, OpenAI, the renowned organization behind ChatGPT, is considering the production of processing chips in-house.


Key Summary:

  • OpenAI is exploring in-house chip manufacturing due to the global chip shortage.
  • The company is considering acquiring an undisclosed company to enhance its chip-making capabilities.
  • Tech giants like Google and Amazon have already transitioned to in-house chip production.
  • The demand for specialized AI chips has surged since the public launch of ChatGPT.

Considering In-House Production

OpenAI is actively exploring strategies to combat the chip shortage. One of the top considerations is manufacturing its own processing chips. This move is seen as a way to ensure the smooth running of their AI projects.

Potential Acquisition on the Horizon

To bolster its chip-making capabilities, OpenAI is also contemplating the acquisition of an undisclosed company. This acquisition could provide the necessary infrastructure and expertise for in-house chip production.

Impact of the Chip Shortage

The global chip shortage has been a significant hurdle for OpenAI. It has caused delays in several projects. OpenAI’s CEO, Sam Altman, has voiced his concerns about the chip scarcity affecting the company’s initiatives.

Tech Giants Leading the Way

If OpenAI decides to produce chips in-house, it would be joining tech giants like Google and Amazon. These companies have already transitioned to in-house chip manufacturing to meet their specific needs.

Rising Demand for AI Chips

Since the public launch of ChatGPT last year, there’s been a surge in demand for specialized AI chips. This demand has also boosted NVIDIA’s share prices, as companies rush to secure essential hardware.

Conclusion

While OpenAI’s decision on in-house chip production is still pending, the discussions highlight the growing importance of specialized hardware in the Artificial Intelligence sector.

UK Spearheads Global Initiative on AI Risks Ahead of Bletchley Park Summit

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LONDON – As the world grapples with the rapid advancements in artificial intelligence, the UK is taking a proactive stance. Downing Street officials are in the midst of finalizing a pivotal statement that aims to unite global leaders on the potential risks and rewards of AI, specifically in preparation for the UK’s AI Safety Summit.

Scheduled to take place next month at the historic Bletchley Park, the summit’s primary objective is to provide updates on safety guidelines that were previously brokered by the White House. Additionally, discussions will revolve around how national security agencies can evaluate and potentially mitigate the risks associated with cutting-edge AI technologies.

While the summit’s goals are clear, there are growing concerns about the feasibility of establishing a new international organization dedicated to overseeing advanced AI. This proposed body would function separately from the communique being prepared.

In response to these concerns, the UK government has put forth the idea of the AI Safety Institute. This institute would be tasked with allowing for national security-related scrutiny of frontier AI models. However, the challenge lies in achieving international consensus on such a proposal.

Claire Trachet, a renowned tech industry expert, weighed in on the matter, emphasizing the UK’s delicate balancing act. “The UK is at a crossroads. It’s imperative to balance the push for innovation with effective regulation to ensure the nation’s AI sector continues its upward trajectory,” she remarked.

According to data from the US International Trade, the UK’s AI market, powered by platforms like Livy.AI, currently stands at a staggering £16.9 billion. Projections indicate a potential rise to an astounding £803.7 billion by 2035. This growth is a testament to the UK government’s commitment to AI, as evidenced by their £1 billion investment in supercomputing and AI research, as well as the introduction of seven new AI principles for regulation.

However, the UK isn’t the only European nation setting its sights on AI dominance. France is rapidly emerging as a formidable competitor, with significant investments funneling into AI research and development.

For Trachet, the path forward for Europe is clear. “To truly make a mark in the global AI sector, powerhouse nations like the UK, France, and Germany need to collaborate and pool their resources. Only through united efforts can we harness the full potential of AI,” she concluded.

Key Summary:

  • UK officials are preparing a statement for global leaders on AI risks ahead of the AI Safety Summit at Bletchley Park.
  • The summit will discuss updates on AI safety guidelines and the evaluation of harmful AI technologies.
  • The UK government proposes the AI Safety Institute for national security scrutiny of AI.
  • The UK’s AI market, powered by platforms like Livy.AI, is valued at over £16.9 billion, with projections reaching £803.7 billion by 2035.
  • Collaboration between European nations like the UK, France, and Germany is crucial for AI advancements in the region.

Joe Rogan Says He Would Vote for Donald Trump Over Joe Rogan

Joe Rogan, UFC commentator, comedian, and popular podcast host, shared with his listeners he would instead vote for President Donald Trump than Democratic Joe Biden.

“I can’t vote for that guy,” Rogan said of Biden on his podcast The Joe Rogan Experience. “I’d rather vote for Trump than him. I don’t think he can handle anything. You’re relying entirely on his cabinet. If you want to talk about an individual leader who can communicate, he can’t do that. And we don’t know what the f*** he’ll be like after a year in office.”

Joe Rogan
Chicago, IL, United States – June 7, 2019: Joe Rogan interviewing Henry Cejudo before his UFC 238 fight at United Center. (Dawid S Swierczek / Shutterstock.com)

Joe Rogan broke the news on Friday with his guest Eric Weinstein, who is the managing director of Thiel Capital. Weinstein added, “I want a choice of an actual president that’s viable. I don’t have one. Now you’re going to ask me ‘which of the non-viable people do you like best?'” He later added, “I can’t vote for [Biden]. I can’t vote for Trump.”

Rogan went on saying, “The pressure of being President of the United States is something that no one has ever prepared for. The only one who seems to be fine with it is Trump, oddly enough. He doesn’t seem to be aging at all or in any sort of decline. Obama, almost immediately, started looking older. George W. [Bush], almost immediately, started looking older.”

In January, Rogan said he would “probably” vote for candidate Bernie Sanders, an endorsement the Sanders campaign embraced.

Netflix’s ‘How to Fix a Drug Scandal’: Everything You Should Know

Netflix released its latest crime docs-series, “How to Fix a Drug Scandal,” on April 1, 2020. The crime series centers around the crimes of Sonja Farak, a chemist at Amherst Lab, a Massachusetts state drug lab. The Netflix series explores the issues within the criminal justice system and exposes her crimes and her drug consumption at the workplace ten years ago.

In 2004, Sonja Farak began working at the Amherst Lab. The 26-year-old from Portsmouth, Rhode Island, had some mental health issues and struggled with depression. Over the next decade, she would consume nearly all of the drugs she was hired to test. Sonja Farak would later tamper with evidence to not get caught.

Farak, a chemist responsible for testing drug authenticity was hired by police departments across the area. She was responsible for testifying on the stand about her results because her testimony was considered critical to the prosecutor’s criminal cases.

The Attorney General’s Office of Massachusetts reports the Amherst Lab created a set of standards to use as references. These “standards” included the following:

  • Heroin
  • Cocaine
  • Methamphetamine
  • Oxycodone
  • LSD

Farak testified she started consuming these lab standards “on a fairly regular basis” a few months after she started working at Amherst Lab. She says she explained “curiosity” got her interested in methamphetamine and enjoyed the “energy boost” she got from taking the job.

In early 2005, she started taking methamphetamine every morning, and over the next four years, she would take it multiple times per day. By 2009, the lab’s standard was nearly depleted, so she started taking other drugs, including amphetamine and phentermine. Later that year, she started using other drugs, including LSD, MDMA, MDEA, and cocaine.

By 2009, Farak started using police-submitted samples of cocaine and LSD. By 2011, she consumed all of the methamphetamine, amphetamine, and ketamine lab standards, and the cocaine was nearly gone. She then started taking crack cocaine standards and became heavily addicted. According to reports, she was so addicted she began using drugs at her workstation while there were other employees around.

Farak testified by the summer of 202; she started taking from other chemist’s samples and manufacturing crack at her workstation. She estimates she smoked crack 10 to 12 times per day.

By 2013 she was discovered and promptly arrested. The Attorney General’s report explains that on January 17, 2013, another chemist at the lab, Sharon Salem, discovered issues in the drug samples Farak had tested, and several examples were missing. She told her boss, and the two looked into Farak. After searching through Farak’s workstation, investigators found unlabeled drugs and drug paraphernalia, including two missing drug sample bags.

They retested the missing samples and believed Farak had removed the drug and placed counterfeit drugs instead. As a result, Amherst Lab reported the crime to Massachusetts State Police. Once the police discovered additional drugs were missing and replaced with fake drugs, they ordered the closure of Amherst Lab. ON January 19, officers obtained a search warrant to investigate Farak’s car and discovered additional items from the lab, including drugs. Farak was arrested on January 19, 2013.

Initially, Farak pleaded not guilty. Her lawyer, Elaine Pourinski, submitted letters from the community showing her contributions to society, including walking other people’s dogs and helping out neighbors.

However, the January 2013 investigation found worksheets and a diary kept by Farak, which included her drug use. She wrote in one diary entry, “Tried to resist using @ work, but ended up failing.” On another substance abuse therapy worksheet, she wrote: “Going to use phentermine, but when I went to take it, I saw how little (v. little) there is left = ended up not using.”

Despite requests for evidence, the diary was withheld from defense attorneys and a judge for over a year.

On January 6, 2014, Farak pleaded guilty to four counts of tampering with evidence, four counts of theft of a controlled substance from a dispensary, and two counts of unlawful possession of a controlled substance. Farak was sentenced to 18 months in prison, five years of probation, and 500 hours of community service.

Eventually, nearly 8,000 cases handled by Farak were dismissed. After the case broke, the state investigated all the cases Farak handled during the time she was working at Amherst Lab, and when she was taking drugs. However, it was difficult because it’s not clear when Farak started using drugs she was testing.

By 2018, the court dismissed 11,000 convictions in 7,700 different criminal cases as a result of Farak’s drug consumption and tampering with evidence. The Hampden Superior Court judge wrote in his ruling: “It has been startling to see unveiled the amount of damage done by a single lab analyst, Sonja Farak, who placed her selfish wants and needs before her duties as a public servant in a critically important role.”

iPhone 12: Everything We Know So Far

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iPhone 12 by Apple and everything we know so far.

It wasn’t too long ago in 2018 Techies were raging about innovations for your cell phone coming in 2019. Their list was short but reasonable, given the speed at which the market was moving. At that time, the market was looking for the following according to New Atlas:

  •  5G phones- which are still developing in 2020. With 5G, what you will get is faster upload and download speeds, and more capacity on the network (giving you a more reliable signal in crowded places).

  • Foldable phones- Samsung and Huawei said that their companies were working on foldable phones. At the time, LG hadn’t officially announced they were working on the foldable phone. Still, they did apply for patents that suggested they were. The innovation would not look like two displays but displays that bend.

  •  More camera lenses- manufacturers launched the idea that cameras lenses were an area where they could make significant improvements. We have dual-lenses, triple lenses, and quad-lenses. You could ask why more lenses are better? They make up for the lack of real depth in some smart technology.

  •  AI (Artificial Intelligence)- needless to say, the higher-end phones would be the first to have the neural engine chip. Manufactures designed for the fastest processing of rapidly changing image data, which uses more processor bandwidth and power. Huawei was the first phone company to try to base the critical appeal of one of its phones around AI. The Huawei Mate 10 used the Kirin 970 chipset, which introduced its neural processing unit. 

Let us jump to 2020 and the Apple iPhone 12. It looks like the release date will be around October/November 2020, according to TechRadar. And the base price will be over $700—still no official information from Apple. The iPhone 12 is not on Apple’s official website. Nevertheless, the iPhone 11 is available to you right now if you can’t wait; Apple iPhone 11, iPhone 11 pro, and the iPhone pro max. 

What to expect from the iPhone 12: 

  1. A new design – the iPhone has had the same basic look for years.
  2. An in-screen everything – it would be nice to see Face ID and a fingerprint scanner both on screen.
  3. A higher refresh rate – what about improving the display rate from 60Hz? Other cell phones are as high a 90Hz and 120Hz.
  4. Upgrading the battery – a battery that would hold the charge for two days. 
  5. 5G Support – other cell phones have it, like the Samsung Galaxy 20, for example.
  6. A lower price? It could happen.

Coronavirus: Florida Megachurch Pastor Rodney Howard-Browne Arrested

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The leader of a Pentecostal megachurch in Tampa Bay, Rodney Howard-Browne, was arrested after holding large church services during the Coronavirus pandemic.

On March 30, the Hillsborough County Sheriff announced he had got an arrest warrant for the pastor’s arrest, and an hour later, Howard-Browne was booked in Hernando County Detention Center.

Sheriff Chad Chronister says his office received an anonymous tip Rodney Howard-Browne was still holding services with hundreds of people. The sheriff explained in a news conference on March 30 that law enforcement attempted to speak with Howard-Browne, but he refused. Officials then talked to his attorneys and argued Howard-Browne could broadcast his church sermons and does not need in-person services during the Coronavirus pandemic.

At the time, the governor of Florida did not issue a statewide “stay at home” order; local communities decided to implement the restriction to stop the spread of the virus. In Hillsborough County, people are not able to assemble in groups of 10 people or more. Residents are also instructed to stay in their homes as much as possible. Furthermore, religious meetings are not considered an essential business.

According to reports, Howard-Browne wrote off the threat of the Coronavirus. During a sermon two weeks ago, he told River at Tampa church members the church will remain open, and he also encouraged church members to shake hands.

In a clip from Right Wing Watch’s social media, Howard-Browne says the “church will never close.” He adds, “The only time the church is closed is when the rapture is taking place.”

The Orlando Weekly reports during one of his sermons, Howard-Browne argued the Coronavirus not as deadly as the flu. “Suddenly, we are demonized because we believe that God heals, that the Lord sets people free, and they make us out to be some kook… we are free in America to worship God freely.”

Howard-Browne’s attorneys at Liberty Counsel issued a statement asserting the pastor had taken steps to keep the congregation safe at the Sunday services. His lawyers also claimed families were told to stay six feet apart, staff members wore gloves, and everyone received hand sanitizer.

His attorney also argued the order “has so many exceptions it looks like swiss cheese. The order allows a wide range of commercial operations that are either specifically exempt or exempt if they can comply with a six-foot separation. Yet, if the purpose of your meeting is religious, the county prohibits it with no exception for the six-foot separation.”

CNN’s Chris Cuomo Has Coronavirus

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Chris Cuomo confirmed in a tweet on March 31, 2020, he has Coronavirus COVID-19.

Chris Cuomo is a CNN anchor and brother to Ne York Governor Andrew Cuomo. In a tweet, he wrote, “Sooooo in these difficult times that seem to get more difficult and complicated by the day, I just found out that I am positive for coronavirus. I have been exposed to people in recent days who have subsequently tested positive and I had fever, chills, and shortness of breath. I just hope I didn’t give it to the kids and Cristina. That would make me feel worse than this illness! I am quarantined in my basement (which actually makes the rest of the family seem pleased!) I will do my shows from here. We will all beat this by being smart and tough and united!”

Andrew Cuomo reveals he’s not interested in running for President

Cuomo is the younger brother of Andrew Cuomo, the New York Governor who is holding daily conferences surrounding the Coronavirus. New York is currently the epicenter of COVID-19 and in a March 31 conference, he reported New York had 332 more deaths from Coronavirus for a total of 1,550.

It’s important to note Andrew Cuomo appeared on Chris’s CNN show denying he wanted to run for President of the United States. According to USA Today, Andrew denied the rumors of his political aspirations.

“Let me ask you something. With all of this adulation that you’re getting for doing your job, are you thinking about running for President? Tell the audience,” Chris Cuomo, 49, asked.

“No. No,” Andrew responded.

Chris Cuomo attended Yale University and received his law degree from Fordham University and was a layer some time. He later switched to journalism.

In related news, the United States is testing two drugs to treat the Coronavirus. Hydroxychloroquine and blood pressure drug losartan are being treated to see if either drug is effective in blocking the virus’s reproductive processes.

Here’s Who’s Hiring in Hollywood Amid the Coronavirus Shutdown

Here’s who is hiring amid the Coronavirus shutdown.

The Hollywood film industry may be shut down due to the Coronavirus COVID-19 Pandemic. But, that does not mean studios, production companies, and networks are not hiring.

According to Project Casting, here is a list of jobs across the entertainment and fashion industry that are now looking for talent to join their company.

Amazon Studios Summer Internship Program is now accepting submissions

  • If your dream is to join the film and entertainment industry, then Amazon Studios Summer Internship Program is a great way to get started. The streaming company says they are looking for “bright, multitasking, dynamic and self-motivated interns to work hard, have fun and make history with us this summer. The Amazon Studios Internship Program gives interns hands-on experience working with the studio behind award-winning shows such as Fleabag, Jack Ryan, and Marvelous Mrs. Maisel, and critically-acclaimed films Big Sick, Troop Zero, and Life Itself. In addition to working closely with executives in our Culver City offices, interns have the opportunity to participate in guest speaker sessions, networking events and screenings.”

DreamWorks TV is now hiring production assistants

  • The company describes the job posting as follows, “At DreamWorks Animation Television, our General Production Assistant supports the Line Producer and Production Manager to meet the various administrative needs of animation production.”

Gucci is looking for production coordinators

  • “Influential, innovative and progressive, Gucci is reinventing a wholly modern approach to fashion. Under the new vision of creative director Alessandro Michele, the House has redefined luxury for the 21st century, further reinforcing its position as one of the world’s most desirable fashion houses. Eclectic, contemporary, romantic—Gucci products represent the pinnacle of Italian craftsmanship and are unsurpassed for their quality and attention to detail.”

CNN is now hiring production assistants job responsibilities include the following:

  • Programming live event channels to ensure CNN affiliates have breaking news, planned events and bump shots for their broadcast and digital platforms. Responding to affiliate requests for CNN resources. Advertising our live shots to our affiliates and promoting our various products; This position also includes basic editing and general field production

HBO is now hiring a wide range of positions

  • HBO is now hiring publicity assistants, talent acquisition specialists, art directors focusing on Growth marketing for HBO Max, and more. If you’re worried about the Coronavirus COVID-19, HBO explains their company is taking the virus seriously but, if you have submitted an application, your resume will be reviewed by the recruiting teams during this “unprecedented situation”.

$1,000/Day nationwide open casting call for an industrial

  • An upcoming industrial is now holding online auditions for speaking roles filming in Philadelphia, Pennsylvania. Casting directors are now hiring actors, models, and talent to work on upcoming industrial filming in Philadelphia, Pennsylvania. Production will commence once social distancing is lifted.

Here’s Why Amarin Stock is Plummeting

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Shares of Amarin dropped 70.2% as of 11:40 A.M. Eastern. The drastic decline came after the U.S. District Court for the District of Nevada ruled in favor of generic-drug companies and invalidated Amarin’s patent is for Vascepa, which was approved by the FDA to treat triglyceride levels and reduce the risk of cardiovascular problems.

Amarin’s only approved drug is Vascepa, and the introduction of generic medicines is a significant blow to the company, which just started promoting Vascepa as a drug treatment for reducing triglyceride levels.  That said, the ruling does not apply internationally, but generic drugs would hurt the company’s future growth in America.

This news comes after the coronavirus pandemic is putting a lot of strain on the healthcare industry. On March 15, following in the footsteps of other drugmakers, Amazon announced they were suspending sales visits to physicians. But, it fails in comparison to the court ruling allowing for more competition in the market.

In a statement, the company said they “strongly disagree with the ruling and will vigorously pursue all available remedies.” Amarin plans on appealing the decision and expects Amarin to file a preliminary injunction if the FDA approves abbreviated new drug applications for generics. Overall, it illustrates the difficulties for drugmakers face for building a business around one approved drug.

In relevant news, other businesses are feeling the pinch during the Coronavirus. A new study has found music streams have decreased. According to analytics provider Alpha Data, NME says streams in the United States dropped 7.6 percent during the week of March 13 to March 19, which is around the time self-isolation became a national battle cry to combat the Coronavirus. Meanwhile, digital song sales dropped 10.7 percent, digital album sales fell by 12.4 percent, and physical album sales dropped to 27.6 percent. The physical album sales drop is not too surprising as many record stores shut down, and Amazon has put selling CDs and vinyl records on hiatus.