🤖 Companies Invest 293% More in AI

Hello AI Enthusiast,

A new report from Ramp, a US-based financial technology company that manages corporate credit cards and expenses, reveals some fascinating trends in AI adoption among businesses. According to the document, companies are significantly increasing their investment in AI tools, with AI-related card transaction volume skyrocketing. These findings highlight how enterprises, regardless of their industry, are doubling down on AI to stay competitive.

We have shared our opinions on this and other relevant news from this week. 👇

The Big Picture 🔊

Ramp Q1 2024 AI Spending Surge

Ramp, a fintech company, released a report showing a 293% year-on-year increase in AI-related expenditure through its platform. The data highlights a significant adoption of AI tools, particularly in non-tech sectors such as healthcare and financial services, where AI use jumped by 131%, driven by applications like automated financial advice and medical data analysis. The report also highlights OpenAI as a top choice for businesses, with long-term users increasing their spending by 25% each month.

💡Our Take: AI spending is booming, especially in healthcare and finance, showing that more industries are getting on board with AI. AI tools tailored for specific industries are key to this growing trend. It’s interesting to see that these sectors are adopting AI just as quickly as consulting firms, which typically embrace new tech faster. Plus, once companies start using AI tools like those from OpenAI, they rarely switch. This tells us that when businesses find an AI solution that works, they stick with it.

Microsoft's AI Journey From Catch-Up to Leadership

In an email released during the US antitrust case against Google, Microsoft admitted it was behind in AI, struggling to match Google's model. Concerned about Google's lead, Microsoft invested $1 billion in OpenAI in 2019, as revealed in an internal email between top executives. Since then, Microsoft has poured over $13 billion into OpenAI and made AI a priority across its products. Now, they're developing a powerful new AI model, MAI-1, led by former Google AI leader Mustafa Suleyman. With 500 billion parameters, MAI-1 highlights Microsoft's shift from catching up to leading in AI. Here’s a tweet with the original emails.

💡Our Take: Microsoft's bold steps in AI confirm something we've always stressed: investing in people’s mindset and training is crucial for safe and sustainable AI adoption. Despite having top-tier tech, Microsoft was falling behind because they hadn't fully empowered their own employees. By pouring billions into OpenAI and hiring AI experts like Mustafa Suleyman, they highlight the essential mix of great technology and great minds.

Stack Overflow and OpenAI Announce Partnership

Stack Overflow and OpenAI are teaming up to combine OpenAI’s AI technology with Stack Overflow’s detailed tech information to improve user experience. This partnership will allow ChatGPT to use reliable, technical information from Stack Overflow, while also improving AI model accuracy through community feedback. They plan to introduce these new features soon.

💡 Our take: OpenAI's approach turns other’s challenges into opportunities. Developers shifted from using sites like Stack Overflow to ChatGPT, which caused a decrease in website traffic. Recognizing this, OpenAI formed partnerships to rebuild trust and improve user experiences. This strategy, similar to their collaborations with news providers, spikes ChatGPT's usage but might also be part of a larger plan to improve their rumored search engine, giving partners like Stack Overflow better visibility.

Bits and Bobs 🗞️

• Anthropic announces a new Claude Team plan at $30/user/month with collaboration features, plus the launch of the Claude iOS app.

• OpenAI may be gearing up to launch a ChatGPT search engine, potentially disrupting the search industry dominated by Google.

• Google DeepMind introduces Med-Gemini, a family of AI models revolutionizing medical diagnosis.

• X is using Elon Musk's AI chatbot Grok to summarize personalized trending stories for Premium subscribers.

• Ukraine introduces AI-generated spokeswoman named Victoria, created to read official statements written by humans.

• Midjourney is testing its browser-based image creation tool with experienced users who have made over 100 images.

Tribal News 🫂

Hats off to Christoph Piller, one of our alumni and now AI Coach at AI Academy, who's hitting a new milestone! Christoph’s scientific paper has just been accepted, and he’s preparing to present it soon. His work showcases exactly what we teach and preach here at AI Academy: the powerful combination of AI knowledge with domain expertise. Being a Process Expert, in his paper, he offers practical solutions for process managers. Check out his LinkedIn post for more. Way to go, Christoph! 🚀

From Our Channels 🤳

Gianluca Mauro recently posted a TikTok showing off the new AI Academy Bot right from our Discord server. It’s pretty neat—you can chat with it 24/7 to get insights or answers about our program. Just like having a mini instructor to help out whenever you need it.

@gianluca.mauro

I built an AI version of me 👀 #ai #learnontiktok #artificialintelligence #business #machinelearning #product #ux #entrepreneur

LOLgorithms 😂

The struggle is real.

@fettuccinepoopsock

Like not THAT casual cmon chat 💀#relatable #memes #funny #backshots

That's a wrap on our newsletter! Here’s a quick recap before you go:

• Generative AI Project Bootcamp: Accelerate your processes and prototype AI business ideas with your own automated AI project.

• Startup and SME offers: If your team has 4 or more members, contact us to receive a group offer on our AI courses.

• Customized Corporate Training: Equip your team with tailored sessions designed for companies diving into AI.

Catch you next week! 👋