Welcome to AI Tool Report!

Friday’s top story: Amazon has announced new AI tools to improve the experience for shoppers and retailers.

🚨 Just released! New podcast episode with Ben Etherington—CTO and co-founder of Webforge—who shares his journey from the film industry to AI and how he’s helped businesses implement AI effectively.

Scroll down to ‘Recommended Resources’ to give it a listen!

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🌤️ This Morning on AI Tool Report

1. 🛒 Amazon AI revolutionizes shopping!

2. 🤖 How to fine-tune your foundation models with your own data

3. 🤑 OpenAI investors battle for spot

4. 📰 How to get the latest market news at your fingertips

5. ⚙️ How to automate sales processes without risk, using ChatGPT

6. 🛑 Microsoft demands Congress fights AI scams

Read Time: 5 minutes

FACT OF THE DAY

🤔 AI might be able to answer complex questions and solve difficult problems, but it still can’t tell the difference between a Chihuahua and a blueberry muffin in some image recognition tests: A Chihuahua’s black eyes and small nose are (oddly) similarly sized and spaced to the blueberries in a muffin, showing that while neural networks can recognize patterns, they still need to refine their understanding of object context and details.

🫐🫐 vs. 🐶🐶

STOCK MARKETS

🚀 Stocks roared higher during Thursday’s trading session after investors processed the interest rate cut. The AI names move higher with NVIDIA, AMD, and Tesla outperforming the rest. Learn more.

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RETAIL

🛒 Amazon AI revolutionizes shopping!

Our Report: At its annual seller conference—Amazon Accelerate—Amazon announced new AI tools that will improve the shopping and selling experience for customers and retailers.

🔑 Key Points:

• Amazon will use customer’s shopping habits (eg. search, browsing, and buying history) to recommend products with specific features and curate relevant product descriptions, based on user interests.

• It will give sellers access to an AI video tool that will use product images/features to create AI-generated ads, and a new ‘live image’ feature that can partially animate still images (eg. adding steam to mugs).

• They’ll also get access to AI selling expert—Amelia—a chatbot (trained on public data and Amazon seller resources) who can investigate/resolve account issues, fetch sales/inventory data, and provide performance metrics.

🤔 Why you should care: While the ‘live image, ’AI video generator, and Amelia chatbot are just available to a small group of US-based sellers—where they'll be fine-tuned ahead of a wider release over the coming months—this marks a big step into the world of AI for Amazon, who has been struggling to keep up with bigger players, like Google and Meta, and comes after they announced Anthropic’s Claude will power the new Alexa, launched an AI shopping assistant (Rufus), introduced a chatbot for businesses (Q/Bedrock), and made its largest venture deal (to date) in Anthropic: They’re catching up!

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Together with SuperAnnotate

No-Cost Webinar: Fine-tuning foundation models on your data with SuperAnnotate and AWS

Date: October 10th, 10 am PST / 7 pm CET

Model performance on specific use cases is a key blocker in deploying production-ready LLMs into enterprises. The biggest reason performance suffers is that available models are not trained on the company and use case-specific data. It’s estimated that as much as 40% of LLM initiatives are stalled by training data quality.

While many enterprises have a lot of internal data, it is most often not of the quality required to be used for fine-tuning language models.

With SuperAnnotate and AWS, enterprises can easily build proprietary datasets for fine-tuning, dramatically improve LLM model performance, and deploy LLMs into the enterprise faster than ever.

Register for nothing

1. Guidde is for transforming boring documentation into dynamic video guides, effortlessly ⭐⭐⭐⭐⭐ / 5 (G2 Reviews)

2. Alcotravel AI-generated suggestions for travel itineraries

3. aiApply provides customized job applications using AI

4. SwiftCover generates job application letters with AI

5. ChainDesk is a YouTube video summarizer

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FUNDING

🤑 OpenAI investors battle for spot

Our Report: OpenAI’s latest funding round push—to raise $6.5B on a $150B valuation (which is $64B higher than a year ago)—is coming to a close, but not all prospective investors will be part of the deal.

🔑 Key Points:

• The funding round, rumored to be led by existing investor, Thrive Capital—who is reportedly investing $1.25B—is oversubscribed, meaning OpenAI had too much interest from potential investors.

• Insiders say that strategic investors—including Thrive and its biggest backer, Microsoft, plus new investors NVIDIA and Apple—are likely to be accepted, although it’s unknown how much they’re contributing.

• This level of interest peaked after the release of its newest model, o1—capable of human-like reasoning—and plans for a potential restructure, which will see its profit cap removed to allow for greater returns.

🤔 Why you should care: Sequoia Captial (one of OpenAI’s previous and regular investors) will not be participating in this latest funding round, as it recently jumped the fence to back OpenAI’s rival, Safe Superintelligence, which was founded by OpenAI co-founder—Ilya Sutskever—who quit the company earlier this year, citing a lack of safety prioritization when releasing new AI models as his reason.

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Together with Market Briefs

Market News At Your Fingertips

Fact. 2-3M news articles are posted every day - that’s way too many to keep track of.

So what can you do? 

Join Market Briefs, the fun, easy-to-read, daily newsletter that breaks down all of the top market news from across the country.

Regular investors will get all of the relevant info they need in just 5 minutes a day to make savvy moves, all while reading less news.

Join for nothing

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Friday’s Prompt: How to automate sales processes without risk, using ChatGPT

Type this prompt into ChatGPT:

Results: After typing this prompt, you will get a risk assessment highlighting the potential risks involved with implementing new automation technology into your existing sales processes.

P.S. Use the Prompt Engineer GPT by AI Tool report to 10x your prompts.

How to automate bookkeeping

• Bookkeeping is critical but time-consuming, but thanks to AI, you can now automate the task, freeing up time and resources for more strategic work.

• Try Booke AI—which works with accounting software like Xero/Zoho Books—to automate mundane tasks like categorizing transactions and reconciliation.

• Simply create an account, connect your accounting software, set your bookkeeping frequency, sync your accounts, and review the AI’s output.

• Rydoo is an AI-powered expense management platform that can significantly reduce the time and effort required to manage and audit expenses.

• It has AI-powered receipt analysis, policy compliance checks, duplication detection, and invalid receipt identification to automate expense auditing.

Subscribe to The AI Report for more details and more premium insights and tactics!

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SAFETY

🛑 Microsoft demands Congress fights AI scams

• Microsoft’s Vice Chair & President, Brad Smith, has asked US Congress to pass a federal law to prevent AI-generated deepfakes and scams from spreading misinformation and misleading the public before the US elections.

• He has urged Congress to “give law enforcement officials, including state attorneys general, a standalone legal framework to prosecute AI-generated fraud and scams as they proliferate in speed and complexity.”

• Despite this—and recognition from US Senators that bad actors will continue to leverage AI to sway public opinion—experts say Congress is unlikely to pass any new laws this year, to address the issue.

🎙️ Are You AI Ready? Insights From a Data Expert

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Until next time, Martin & Liam.

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