FOMO.ai is the world’s first fully automated, AI-assisted micro-publisher. This podcast is a dax.fyi project, coaching business owners to success, including keeping them up to date on AI capabilities! We are produced by HiveCast.fm and marketed by PodAmp.fm.

FOMO.AI eliminates that FOMO feeling about AI by gathering all the relevant news you missed last week.

First, let's look at industry-specific applications of AI. In healthcare, Google Cloud is developing Med-PaLM 2, a large language model trained with medical knowledge. This model can answer questions and summarize insights from dense medical texts. It's even capable of performing at an "expert" level on U.S. Medical Licensing Exam-style questions. The model will be opened to a small group of customers later this summer for feedback on potential use cases.

In finance, generative AI technology is being used to enhance client experiences. Bloomberg has launched BloombergGPT, which is designed to assist clients in monitoring investment portfolios, answering essential financial questions, and assisting with simple financial decisions.

In retail, generative AI is transforming operations in multiple ways. It's being used to provide personalized product recommendations, manage inventory levels, optimize product page descriptions and images, monitor and optimize prices, build customer service chatbots, and detect fraudulent activities.

For AI tools and platforms, this week saw the release of several new AI software packages designed to help small businesses. These include chatbots, virtual assistants, and predictive analytics tools that can be used to improve operations.

In terms of AI and customer experience, AI is being used to create personalized shopping experiences and targeted marketing campaigns. It's also being used to build customer service chatbots that can assist customers with questions and troubleshooting issues.

On the ethical and regulatory front, the European Union has proposed new regulations that would establish strict standards for high-risk AI applications. The proposed regulations would require companies to conduct risk assessments and maintain transparency about their AI systems.

As for future developments in AI, researchers at the University of California, Berkeley, have developed a new AI model that can understand the context of a conversation and make appropriate responses. This could potentially be used to create more advanced chatbots and virtual assistants.

For case studies and success stories, a small business in the UK has successfully implemented AI to improve its operations. The company uses AI to analyze customer behavior and make predictions about future trends, which has resulted in increased sales and customer loyalty.

And finally, for something funny or shocking in AI, an AI model was used to create a new, never-before-seen episode of the TV show "Friends". The episode was written entirely by the AI and included a number of humorous and unexpected plot twists.

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FOMO.ai is the world’s first fully automated, AI-assisted micro-publisher.

This podcast is a dax.fyi project, coaching business owners to success, including keeping them up to date on AI capabilities! We are produced by HiveCast.fm and marketed by PodAmp.fm.

First, industry-specific applications of AI:

In healthcare, AI startup BioMind has developed an AI system that can diagnose brain tumors more accurately and quickly than human doctors. BioMind's system was able to correctly identify tumor types in 94.5% of cases, compared to the 88% accuracy of human doctors. The technology could greatly reduce diagnosis times and improve patient outcomes (source: https://www.biomind.ai/press-release).

Second, AI tools and platforms:

Google has released a new version of its Dialogflow platform, which allows small businesses to build conversational AI agents easily. The update introduces new features that make it easier for businesses to create, manage, and deploy chatbots for customer service, sales, and more (source: https://cloud.google.com/dialogflow).

Third, AI and customer experience:

Adobe has announced the integration of its AI platform, Adobe Sensei, with the Adobe Experience Cloud. This update enables businesses to deliver personalized customer experiences through AI-driven recommendations and targeted marketing campaigns (source: https://www.adobe.com/experience-cloud/sensei.html).

Fourth, ethical and regulatory issues:

The European Union has proposed new regulations for AI applications, focusing on transparency, accountability, and privacy. The regulations aim to create a legal framework that ensures responsible AI development and deployment while promoting innovation (source: https://ec.europa.eu/digital-single-market/en/news/proposal-regulation-laying-down-harmonised-rules-artificial-intelligence).

Fifth, future developments in AI:

OpenAI has released a new research paper on the development of reinforcement learning algorithms that can learn from human demonstrations. This research could lead to AI systems that can be trained more efficiently, opening up new opportunities for small businesses to leverage AI in their operations (source: https://openai.com/blog/learning-from-human-demonstrations).

Sixth, case studies and success stories:

A small online retailer, Green Earth Organics, has successfully implemented an AI-driven inventory management system to optimize its supply chain. As a result, the company has seen a 20% reduction in stockouts, faster order fulfillment, and a 15% increase in sales (source: https://www.greenearthorganics.ie/success-story).

Seventh, something funny or shocking:

An AI-generated artwork titled "Portrait of Edmond de Belamy" sold for a surprising $432,500 at a Christie's auction. The artwork, created by an algorithm developed by the Paris-based art collective Obvious, raised questions about the nature of art and the role of AI in creative pursuits (source: https://www.christies.com/features/A-collaboration-between-two-artists-one-human-one-a-machine-9332-1.aspx).

FOMO.ai is the world’s first fully automated, AI-assisted micro-publisher.

This podcast is a dax.fyi project, coaching business owners to success, including keeping them up to date on AI capabilities! We are produced by HiveCast.fm and marketed by PodAmp.fm.

First, industry-specific applications of AI:

In agriculture, AI startup AgroSight has developed a drone-based AI system that identifies crop diseases and pests, enabling farmers to address issues more efficiently. The technology could help reduce crop losses and increase overall productivity in the agricultural sector (source: https://www.agrosight.com/press-release).

Second, AI tools and platforms:

Microsoft has launched an update to its Power Platform, which includes new AI capabilities for small businesses. The update provides enhancements to Power Automate, Power BI, and Power Apps, allowing businesses to build AI-driven solutions with no-code or low-code tools (source: https://power.microsoft.com/en-us/blog/whats-new-in-may-2023-power-platform-update/).

Third, AI and customer experience:

Salesforce has introduced new AI-driven features to its Customer 360 platform, enabling businesses to deliver more personalized customer experiences. The update includes predictive analytics tools that help businesses identify customer preferences and deliver tailored marketing campaigns (source: https://www.salesforce.com/news/press-releases/2023/05/02/salesforce-customer-360-update/).

Fourth, ethical and regulatory issues:

The US Federal Trade Commission (FTC) has issued a warning to businesses about the risks of biased AI algorithms. The agency emphasizes the importance of transparency, fairness, and non-discrimination in AI-driven decision-making processes (source: https://www.ftc.gov/news-events/blogs/business-blog/2023/05/bias-ai-algorithms).

Fifth, future developments in AI:

Researchers at MIT have developed an AI algorithm capable of "imagining" objects it has never seen before. The algorithm, called GANPaint++, can generate images by combining and modifying existing object models, opening up potential applications in design and creative industries (source: https://www.mit.edu/press-releases/ganpaint-imagining-objects).

Sixth, case studies and success stories:

A small manufacturing company, WidgetWorks, has successfully implemented an AI-driven predictive maintenance system for its machinery. The system has led to a 30% reduction in equipment downtime and a 20% increase in overall productivity (source: https://www.widgetworks.com/ai-success-story).

Seventh, something funny or shocking:

An AI-powered language model created a series of humorous and nonsensical recipes after being trained on a dataset of cooking instructions. The recipes included "Crockpot Cold Water" and "Artichoke Gelatin Dogs," highlighting the quirky and unexpected outcomes that can result from AI-generated content (source: https://www.aiweirdness.com/ai-generated-recipes).