Accurate, Focused Research on Law, Technology and Knowledge Discovery Since 2002

Category Archives: Economy

AI Bots Are Coming to Finance

Bloomberg [free link]: “Also direct listing lawsuits, SPAC lawsuits, unemployed Harvard MBAs and the CEO of Goldman Sachs is also a DJ. AI is also expensive, both to develop and to run. Estimates show the costs of using large language models to answer a question can be as much as $14 per query, compared with $6 via a human lawyer, according to Lewis Z. Liu, founder and CEO at Eigen. That’s because of the extensive cloud Umm! My understanding is that a fairly junior lawyer at a big law firm can bill $1,000 per hour. Six dollars would buy about 22 seconds of her time. You could probably get a lawyer to answer a question like “is it raining outside your office right now?” for less than you’d pay a large language model (and get a more accurate answer!), but if your question is more like “if the target of my merger agreement won’t give me all the information I have requested about bots, what provisions of the merger agreement might allow me to walk away from the deal, and what are my odds of success,” ChatGPT is definitely going to be cheaper. Will it be better? Probably not! But surely no one in the history of the world has ever before said “the nice thing about lawyers is that they will happily answer questions for $6 a pop.”  That statistic is from a Bloomberg story about how financial firms are using artificial intelligence tools to do, well, a little of everything..

See also Bloomberg [freelink]: Hedge Funds Are Deploying ChatGPT to Handle All the Grunt Work. “Generative AI is writing and editing code and parsing research. Man Group, Citadel are among firms experimenting with tech.”

World Energy Investment 2023

MIT Technology Review: “The world saw about $2.8 trillion of investments in energy in 2022, with about $1.7 trillion of that going into clean energy…” See also: “The report provides a global benchmark for tracking capital flows in the energy sector and examines how investors are assessing risks and opportunities across all areas of fuel… Continue Reading

Top Cyberattacks Revealed in New Threat Intelligence Report

Dark Reading: “New report provides actionable intelligence about attacks, threat actors, and campaigns. Ismael Valenzuela, Vice President of Threat Research & Intelligence, BlackBerry. We recognize that in today’s world, security leaders must expand their focus beyond technologies and their vulnerabilities. To effectively manage risk, security leaders must continually analyze the global threat landscape and understand… Continue Reading

We build digital tools to accelerate scientific research

The Macrocosm Consortium: “This group is part of an experiment in building digital projects with specific focus on civilizational scale. We’re made up of a group of young people who enjoy tinkering on projects with high potential and immediate impact. It’s easier than it’s ever been to build incredible things. The insane productivity that’s being… Continue Reading

Google Search starts rolling out ChatGPT-style generative AI results If you opt-in to generative AI

Google Blog, May 25, 2023 – “3 new ways generative AI can help you search. We’re starting to open up access to new generative AI capabilities in Search. Here are three ways to try it out. Today, we’re starting to open up access to Search Labs, a new program to access early experiments from Google.… Continue Reading

A Failure of Supervision: Bank Failures and The San Francisco Federal Reserve 

House Committee on Oversight and Accountability Hearing – May 23, 2023 – A Failure of Supervision: Bank Failures and The San Francisco Federal Reserve Jeremy Newell, Senior Fellow – Bank Policy Institute & Founder and Principal, Newell Law Office, PLLC – Document Michael E. Clements, Director – Financial Markets and Community Investment, U.S. Government Accountability… Continue Reading

USDA Climate Hubs Go Global

“For more than a decade, USDA’s Climate Hubs has been at the forefront of supporting climate change adaptation and mitigation efforts for U.S. farmers, ranchers, and forest landowners. Last week, the department significantly boosted its efforts globally, by launching the International Climate Hub. The new hub builds on the experience with 10 regional Climate Hubs… Continue Reading

More Than 600,000 Students and Teachers Use Z-Library

TorrentFreak (TF): “Pirate eBook repository Z-Library has shared some interesting data concluding that more than 600,000 students and scholars use the site. This is likely an underestimation, as the findings are based on email addresses. The United States is excluded from the analysis, Z-Library notes, due to the criminal prosecution of two alleged operators of… Continue Reading

WH New Steps to Advance Responsible Artificial Intelligence Research, Development, and Deployment

May 23, 2023, “the Biden-Harris Administration is announcing new efforts that will advance the research, development, and deployment of responsible artificial intelligence (AI) that protects individuals’ rights and safety and delivers results for the American people. AI is one of the most powerful technologies of our time, with broad applications. President Biden has been clear… Continue Reading