16,000 financial advisors of the bank must be nervous.
Multinational investment management and financial services company Morgan Stanley is deploying a sophisticated chatbot to support the bank’s army of financial advisors powered by the most recent OpenAI technology, according to CNBC
The tool’s goal is to help the bank’s advisors access its data.
Getty Images.
According to Jeff McMillan, head of analytics, data, and innovation at the company’s wealth management division, the bank has tested the artificial intelligence tool with 300 advisers. It intends to make it broadly available in the upcoming months.
The bank has been testing the artificial intelligence tool with 300 advisors and plans to roll it out widely in the coming months, according to Jeff McMillan, head of analytics, data and innovation at the firm’s wealth management division.
Morgan Stanley’s move is one of the first announcements by a financial incumbent after the success of OpenAI’s ChatGPT, which went viral late last year by generating human-sounding responses to questions. The bank is a juggernaut in wealth management with more than $4.2 trillion in client assets. The promise and perils of artificial intelligence have been written about for years, but seemingly only after ChatGPT did mainstream users understand the ramifications of the technology.
The idea behind the tool, which has been in development for the past year, is to help the bank’s 16,000 or so advisors tap the bank’s enormous repository of research and data, said McMillan.
March 13 (Reuters) — BuzzFeed Inc (BZFD.O) said on Monday that most of its cash and cash equivalents were held at Silicon Valley Bank (SIVB.O), which was shut down last week.
The digital media firm said it had about $56 million in cash and cash equivalents at the end of 2022.
Startup-focused lender SVB Financial Group last week became the largest bank to fail since the 2008 financial crisis, sending shockwaves through the global financial system and prompting regulators to step in to contain the fallout.
The firm faced financial collapse during the pandemic but is now serving customers in 15 countries.
U.K.-based OneWeb is one launch away from having enough satellites in orbit to cover the entire expanse of the Earth. Once ready, Elon Musk’s Starlink won’t be the only company offering such as service, the BBC
Both OneWeb and Starlink use constellations of satellites in low Earth orbits (LEO) instead of the conventional geostationary orbits (GEO). The lower altitude of the LEO satellites helps in reducing latency or the delay that data takes to make a round trip over a network.
Exploiting the natural and energy resources of the moon and asteroids can spark a space-based industrial revolution that could be a boon to all humankind. Pure science alone will be enough reason for the people who pay the bills to finance space exploration. Accessing the wealth that exists beyond the Earth is more than enough incentive for both public and private investment. Science will benefit. Someone will have to prospect for natural and energy resources in space and to develop safe and sustainable ways to exploit it.
Conflict between scientists and commercial space is already happening. Astronomers complain that SpaceX’s Starlink satellite internet constellation is ruining ground-based observation. Some critics fear that commercial exploitation of the moon’s resources will impede the operation of telescopes on the far side of the moon.
Retro Biosciences’ mysterious backer has finally been revealed!
In 2021 the longevity industry received one of its largest investments to date, with a $180m investment being made into the pharmaceutical start known as Retro Biosciences, or Retro Bio for short. Not only was this investment cause for celebration within the field of regenerative medicine, but it also came with a tantalising mystery, as the backer, or indeed backer, did not make themselves publicly known. It was assumed that due to the secrecy involved, it was likely that this investment had come from a small number of individuals, potentially just a single backer. This mystery backer, combined with the notable capital investment, led to much media attention at the time, and has since garnered a significant amount of interest in Retro Bio from both the general public and future potential financial backers. That was until last week, when the mystery backer finally decided that now was the right time to reveal their identity to the general public.
In an interview with MIT Technology review, American entrepreneur Sam Altman revealed that he was the sole backer for the pharmaceutical start-up, who single handily provided the entire $180m investment. Sam Altman, who primarily made his fortune in the tech industry (specifically through social media companies such as Loopt) has become somewhat of an angel investor for a slew of world changing, innovative companies which are involved in everything from artificial intelligence to nuclear energy. It is hoped that this significant single investment marks the beginning of a longevity tech boom, similar to what was seen during the dot-com boom (but hopefully without the disastrous ending).
Min-Liang Tan, co-founder and CEO of Razer (a consumer electronic company), tweeted: “I think Twitter should buy SVB and become a digital bank”. To which Musk replied: “I’m open to the idea”.
The greatest banking collapse in the United States since the 2008 financial crisis and the second-largest ever saw regulators close Silicon Valley Bank (SVB) on Friday and take its deposits.
The financial industry’s response to artificial intelligence has been all over the place. Now, Bank of America is weighing in very much on the side of the bots.
In a note to clients viewed by CNBC and other outlets, BofA equity strategist Haim Israel boasted that AI was one of its top trends to watch — and invest in — for the year, and used all kinds of hypey language to convince its clients.
“We are at a defining moment — like the internet in the ’90s — where Artificial Intelligence (AI) is moving towards mass adoption,” the client note reads, “with large language models like ChatGPT finally enabling us to fully capitalize on the data revolution.”
To ensure your survival, your brain evolved to avoid one thing: uncertainty. As neuroscientist Beau Lotto points out, if your ancestors wondered for too long whether that noise was a predator or not, you wouldn’t be here right now. Our brains are geared to make fast assumptions, and questioning them in many cases quite literally equates to death. No wonder we’re so hardwired for confirmation bias. No wonder we’d rather stick to the status quo than risk the uncertainty of a better political model, a fairer financial system, or a healthier relationship pattern. But here’s the catch: as our brains evolved toward certainty, we simultaneously evolved away from creativity—that’s no coincidence; creativity starts with a question, with uncertainty, not with a cut and dried answer. To be creative, we have to unlearn millions of years of evolution. Creativity asks us to do that which is hardest: to question our assumptions, to doubt what we believe to be true. That is the only way to see differently. And if you think creativity is a chaotic and wild force, think again, says Beau Lotto. It just looks that way from the outside. The brain cannot make great leaps, it can only move linearly through mental possibilities. When a creative person forges a connection between two things that are, to your mind, so far apart, that’s a case of high-level logic. They have moved through steps that are invisible to you, perhaps because they are more open-minded and well-practiced in questioning their assumptions. Creativity, it seems, is another (highly sophisticated) form of logic. Beau Lotto is the author of Deviate: The Science of Seeing Differently.
BEAU LOTTO:
Beau Lotto is a professor of neuroscience, previously at University College London and now at the University of London, and a Visiting Scholar at New York University.
His work focuses on the biological, computational and psychological mechanisms of perception. He has conducted and presented research on human and bumblebee perception and behavior for more than 25 years, and his interest in education, business and the arts has led him into entrepreneurship and engaging the public with science.
In 2001, Beau founded the Lab of Misfits, a neuro-design studio that was resident for two years at London’s Science Museum and most recently at Viacom in New York. The lab’s experimental studio approach aims to deepen our understanding of human nature, advance personal and social well-being through research that places the public at the centre of the process of discovery, and create unique programmes of engagement that span the boundaries between people, disciplines and institutions. Originally from Seattle, with degrees from UC Berkeley and Edinburgh Medical School, he now lives in Oxford and New York.
