Meta's new AI tool

August 04, 2023

Today we will discuss-

  • 🤓New York bill to protect actors from AI threat

  • 🎼Meta unveils a new tool to create music from text

  • 💁🏼‍♂️Global AI investments to hit $200B by 2025

  • 🤩 9 amazing AI tools you might not have heard of

All this and more - Let's dive in!

👩‍🍳What’s cooking in the newsroom

New York takes steps to protect writers and actors from being replaced by AI

🥳News - Legislators at the state and federal levels are working on laws to safeguard writers and actors from being replaced by AI.

In a recent move, New York Senator Lea Webb and assembly member Demond Meeks have sponsored two bills - New York Senate Bill S7422 and Assembly Bill A7634, respectively.

😵What’s the purpose? These bills would prohibit production companies from using AI in place of people if they are seeking the Empire State Film Production Credit.

This means that production companies would not be able to use AI to generate scripts, write music, or create visual effects for their projects if they want to receive the tax credit.

Well, Empire State Film Production Credit is a financial incentive offered by the state of New York to production companies that film in the state.

🤓What’s more? It is important to note that the bills are still in their early stages, and it is not yet clear whether they will be passed into law. However, they are a sign of the growing concern about the potential impact of AI on jobs. As AI continues to develop, it is likely that we will see more laws and regulations designed to protect workers from being replaced by machines.

Meta releases new AI tool to create music and audio from text prompts

🪗News - Meta, on Wednesday, released AudioCraft, an open-source AI tool that allows users to create music and audio from text prompts. The tool consists of three models: MusicGen, AudioGen, and EnCodec.

🎭What’s special about them? MusicGen, was trained on Meta-owned and specifically licensed music, and it can generate music from text prompts.

AudioGen, on the other hand, was trained on a dataset of sound effects that were freely available online. It can be used to create audio content based on a user's text input.

EnCodec is a decoder which will improve the quality of music generated by MusicGen. This means that EnCodec can make the music sound more realistic and natural.

👨🏽‍🏭Did people appreciate Meta’s new tool? The reaction to Meta's AudioCraft has been mixed. Some people have praised the tool for its potential to create new and innovative forms of music and audio content in no time. Others have expressed concerns about the tool's potential to be used to create copyright-infringing content.

Global AI investments could reach $200B by 2025, Goldman Sachs says

🧑🏼‍🏫News - According to a new report by financial giant Goldman Sachs, global investment in AI is expected to reach $200 billion by 2025.

The report states that generative AI has the potential to boost global labor productivity by more than 1 percentage point a year in the decade following its widespread usage.

🧑🏼‍🎓What are the interesting points discussed in the report?

  • AI investment could account for up to 4% of US GDP and 2.5% of GDP in other nations investing in the technology, like China. This is comparable to the 2% of GDP that defined past tech booms sparked by electricity and personal computers.

  • Corporate interest in AI is growing rapidly. In 2016, only 1% of Russell 3000 companies mentioned AI on earnings calls. By 2022, that number had increased to 16%. Goldman Sachs also predicts that AI investment in the US will approach $100 billion by 2025.

  • Economists attribute this AI investment growth to the enormous economic potential of generative AI.

👩🏼‍💻What else is happening?

🧑🏼‍🚒Technical jargon simplified

  • Corpus: It is a large collection of written or spoken texts that is typically used to train AI models to learn and understand language patterns.

  • Pattern recognition: It is a data analysis method that uses machine learning algorithms to identify patterns in data, such as images, sounds, or text.

  • Supervised learning: A type of machine learning where an AI model is trained on data that has been labeled with the correct answers. This allows the model to learn to make predictions or classifications by identifying patterns in the data.

 😵Discover mind-blowing AI tools

  1. Recraft - A tool that generates stunning vector art, illustrations, and 3D images

  2. Coefficient - Allows users to chat with GPT directly from Sheets, generates formulas, pivots, and charts using text instructions

  3. Cascadeur - A standalone software for 3D keyframe animation of humanoid or other characters

  4. Cyanite.ai - A music search and tagging engine that uses AI to listen to millions of songs and categorize them in minutes

  5. Enrichdata - Empowers recruiters and talent acquisition managers to find the right candidates

  6. hoopsAI - Uses advanced AI technology to provide personalized insights and real-time market research

  7. Fuk.ai - A hate speech and profanity detection tool that uses advanced natural language processing algorithms

  8. ClipDish - A recipe bookmarking app that eliminates visual clutter and saves only the essential ingredients and instructions

  9. Avian.io - An automation platform for marketing data, integrating seamlessly with Google Sheets, Looker Studio, or Data Warehouses

👲🏼Unusual AI use cases

  • AI tutor: These systems use AI algorithms to provide personalized instruction and support to students. They can adapt to individual learning styles, pace, and needs, creating a tailored learning experience.

  • AI art authenticator: It can analyze artworks to detect forgeries. By examining various factors such as brushstrokes, materials used, and artistic style, it can verify the genuineness of artworks.

  • AI interior designer: It utilizes real-time data analysis to understand your interior design preferences and provides tailored recommendations for furniture, color schemes, and décor options that match your style.