OpenAI Raises a $6.6B Fund.

Welcome to another issue of The AI Business!

This week, we have:

● OpenAI Raises $6.6B, Valuation Hits $157B.

● Market your business in the real world as easily as you would online.

● OpenAI’s Canvas: What is it and what can it do?

● How to leverage “Hyperautomation” for your business growth?

● Create content faster and better using 1 AI tool.

AI news
Is AI worth the Investment? Discover last week’s AI news and announcements:

● OpenAI Raises $6.6B, Valuation Hits $157B: OpenAI secures $6.6 billion in new funding, boosting its valuation to $157 billion, with plans to advance AI research and make artificial general intelligence accessible to everybody. The company aims to double its computing capacity and further integrate AI across industries, impacting over 250 million users globally. (Read Online)

● AI Startup Secures $825K to Streamline Therapist Workflows with AI: Mental health startup Yung Sidekick raises $825,000 in pre-seed funding to enhance its AI-driven platform, automating therapy session transcripts and generating progress notes in minutes. The platform aims to reduce administrative burnout for therapists by integrating AI assistants and client interaction tools. Future development includes expanding into a provider-patient platform with AI-driven client chat features. (Read Online)

● AI Overtakes Security as Top Enterprise Investment Focus for 2024: A new IDC survey reveals that AI has become the top investment priority for enterprises in 2024, surpassing security and cloud deployment, with 73% of decision-makers planning to adopt AI for customer engagement. Manufacturing (84%) and financial services (78%) lead the trend, while challenges like skills gaps and budget constraints hinder full digital transformation. (Read Online)

● Intel and IBM Taking a Huge Leap to Boost AI Efficiency: Intel introduces its next-generation Xeon 6 chips with performance cores and Gaudi 3 AI accelerators, promising double the performance and optimal power efficiency for enterprise AI systems. In collaboration with IBM, Intel aims to scale AI capabilities on IBM Cloud, offering advanced deep learning tools at a lower total cost of ownership. The launch positions Intel against rivals like Nvidia and AMD as competition heats up in the AI hardware space. (Read Online)

● California Governor Vetoes AI Regulation Bill Amid Innovation Concerns: Governor Gavin Newsom vetoed a controversial AI regulation bill that would have enforced testing requirements and legal safeguards, citing concerns that it focused too much on developer size rather than actual risk. While the bill had support from AI pioneers, it faced opposition from tech giants like Google and Meta for potentially stifling innovation. Newsom emphasized the need for a more adaptable regulatory framework to keep pace with evolving AI technology. (Read Online)

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OpenAI’s New Model
Unlocking creativity and efficiency with “Canvas”:

OpenAI has introduced Canvas, a powerful new tool within ChatGPT designed for writing and coding projects that go beyond the typical chat interface. Built on the advanced GPT-4o model, Canvas provides an interactive workspace where you can collaborate with ChatGPT to refine ideas, make targeted edits, and get real-time feedback—all in a dedicated window.

What Is Canvas and How Does It Work?

Canvas allows you to directly interact with your content, highlighting specific sections and receiving inline suggestions or feedback from ChatGPT. Whether you're drafting a blog post, refining code, or brainstorming, Canvas brings a collaborative environment that improves over time with ChatGPT’s understanding of the context.

Canvas is smart about when it opens: it automatically activates when the task at hand can benefit from deeper collaboration. You can also manually trigger it by simply including “use canvas” in your prompt.

Canvas elevates ChatGPT’s capabilities, turning it into a creative collaborator for writing and coding. Whether you’re a developer, content creator, or professional seeking better productivity, Canvas helps streamline your work, offering real-time assistance and suggestions.

AI opportunities
Embracing Hyperautomation for Advanced Business Growth:

Hyperautomation is now a top priority for 90% of large enterprises, combining AI, machine learning, and robotic process automation to streamline operations. By 2026, 30% of companies are expected to automate more than half of their processes, up from just 10% in 2023, according to Gartner.

What is Hyperautomation? 

It’s the use of advanced tech to automate tasks, analyze data, and make decisions in real-time. This goes beyond traditional automation, helping businesses operate smarter and more efficiently.

How Can Business Benefit from it?

● Boost Efficiency: Automate repetitive tasks, freeing employees for more critical work and cutting costs.

● Better Decisions: Analyze data and make faster, more informed decisions.

● Cost-Effective Growth: Scale your operations without increasing staff, costs, or resources.

● Improve Customer Service: AI-driven systems can enhance customer experience through personalized, 24/7 support.

● Stronger Resilience: Automated processes help your business adapt quickly to challenges.

4 ways to Profit from Hyperautomation:

● Invest in Tools: Look for AI and automation platforms that fit your business needs and help you scale.

● Offer Services: If you’re in IT or consulting, help companies implement automation solutions.

● Partner with Tech Providers: Collaborate with vendors offering AI, RPA, and analytics tools.

● Develop AI Solutions: Build or enhance products with AI to stay competitive in a fast-growing market.

Hyperautomation is a game-changer for businesses looking to improve efficiency, reduce costs, and grow. make sure to embrace it now to stay ahead.

AI tools
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That’s it for today, thanks for reading till the end. 😊 

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See you next week.