- Big Brain
- Posts
- 🧠 Nvidia approaches $1T market cap on the back of AI
🧠 Nvidia approaches $1T market cap on the back of AI
PLUS: The EU and Google partner up for AI regulation
Alan Buxbaum & Alex Valaitis
May 25, 2023
📢 Sponsor | 🐦 Twitter | 📸 Instagram | 📰 Past Editions
Buckle up, AI junkies! We're diving headfirst into the world of AI, where the stock market surges are faster than your last computer upgrade.
Today's AI spotlights:
Can AI propel Nvidia to a $1T market cap? 📈
The EU and Google partner up for AI regulation 🤝
Arc gives ChatGPT keys to the recruitment process👨💼
📈 CAN AI PROPEL NVIDIA TO A $1T MARKET CAP?
Nvidia showing why you want to sell shovels during a gold rush.
$NVDA up +26% after hours, driven by AI chip demand 📈
— Alex Valaitis (@alex_valaitis)
9:38 PM • May 24, 2023
AI's poster child Nvidia hit a home run, with its stock surging by an impressive 28% following a robust revenue forecast.
The windfall added a staggering $200 billion to its market cap, putting it at ~$960 billion. (That puts it at the 6th highest market cap in the world!)
At the heart of this success is Nvidia's ramped-up production of AI chips, aimed at meeting an ever-surging demand.
The company's rally signifies the market's realization that AI isn't just a buzzword, it's the present and future of tech, as reinforced by Daniel Morgan, a senior portfolio manager at Synovus Trust.
The Nvidia ripple effect boosted other AI-related stocks, with the sector swelling by almost $100 billion in value. Among the key beneficiaries were AMD, Microsoft, Alphabet, C3.ai, and Palantir.
2023 has been kind to Nvidia. Its stock has seen a 109% surge so far, trading at about 60 times expected earnings, reflecting investor confidence in the AI giant.
Can AI bring Nvidia to the promised land of $1 Trillion+ market cap? At this point it feels inevitable.
🤝 THE EU AND GOOGLE PARTNER UP FOR AI REGULATION
Something's brewing on the European regulatory horizon...
Google's CEO Sundar Pichai has teamed up with European lawmaker Thierry Breton to establish a temporary "AI Pact".
This pact is intended to act as a voluntary set of AI standards while the EU completes its formal AI regulations.
While Breton insists on urgency in the "AI race," the AI Pact lacks the legal enforcement typically associated with formal legislation. In other words, there won't be consequences for those not adhering to the pact.
The idea, however, marks a step towards international cooperation on AI rule-making.
Still, the EU struggles to keep pace with rapid AI developments. The proposed EU AI Act is still pending, with enforcement expected at least a year after its final approval.
Despite these delays, efforts for establishing minimum AI standards are underway between the EU and the US. As it stands, this development signals the beginning of what can be termed as an "AI regulation arms race."
👨💼 ARC GIVES CHATGPT KEYS TO THE RECRUITMENT PROCESS
Looks like Arc has a brand-new, shiny AI toy to play with…
The remote job platform for software developers has unveiled HireAI, a tool designed to simplify recruitment.
Leveraging OpenAI's GPT-4, HireAI automates tasks like resume screening and mass outreach. This will essentially handle the heavy lifting involved in recruiting from Arc's pool of 250,000 developers.
So how does it work?
Companies simply upload their job description and HireAI delivers a shortlist of suitable candidates.
According to Arc's founder Weiting Liu, HireAI addresses a key challenge in global remote recruitment: the high "noise-to-signal rate."
Despite automating several tasks, Liu emphasizes that HireAI is not designed to replace human recruiters. Instead, it allows them to focus on strategic aspects of recruitment such as building relationships and ensuring cultural fit.
In fact, early data indicates that companies are twice as likely to interview developers matched through HireAI.
Perhaps the new recruitment tool can strike the balance of helping jobless software devs and making recruiters' jobs easier longterm?
📰 OTHER HEADLINES & STORIES
🛠️ AWESOME AI TOOLS
Character AI: Building the next generation of conversational AI
Desku: Automate customer support with power of AI & automations
Tango Guidance: Interactive walkthroughs, created in seconds
Webscape: Your copilot for the web
💼AI JOBS
🖼️ AI ART PIECE
Prompts were only “Joy” and “Peace” — u/Special_You_2414
🤖 CHATGPT PROMPT OF THE DAY
That’s the first thing that came to mind for me as well 🚒
How would you rate today's newsletter? |