Jan. 30, 2023
Is ChatGPT all hype?
That seems to be the core question many are asking right now. Some are saying that generative AI, the technology behind ChatGPT, will be as big as the internet. Others are saying it’s more akin to being the next bubble.
While it’s impossible to predict exactly what this market is going to look like in even a few months, there are some notable trends that are already emerging.
Last week, I gave a brief overview of what ChatGPT and its underlying tech are. This week, we’re going to look at practical uses and what companies and people are using it for. We’ll also look at what the future holds for this technology.
What the Tech Can Do
OpenAI, the company responsible for ChatGPT, only released the latest version of the software to the public last November. Since then, people have been using it to do all kinds of things.
Taking some examples that I found online, I entered the prompt:
“give me suggestions for places to go on vacation if I like warm weather and nature”
And got back:
- Costa Rica
- Bali, Indonesia
- The Galapagos Islands
- The Amazon Rainforest
- The Maldives
- The Seychelles
- The Caribbean
- The Canary Islands
- The Philippines
- The Great Barrier Reef, Australia
- The Everglades, Florida, USA
- The Okavango Delta, Botswana
- The Kruger National Park, South Africa
- The Serengeti, Tanzania
It's worth considering other factors such as budget, accessibility, and safety before making a final decision.
I also tried:
“Give me five gift ideas for a 2 year old child”
And got back:
- Here are five gift ideas for a 2 year old child:
- Wooden building blocks: These are a classic toy that can help with fine motor skills and hand-eye coordination.
- Shape sorter: This is a simple puzzle toy that can help with problem-solving and shape recognition.
- Doll or stuffed animal: These can be great companions for a child and can also help with emotional development.
- Push and pull toy: These are toys that can be pushed or pulled along, which can help with gross motor skills and balance.
- Picture books: Reading to a child can help with language development and a love for books.
These are just a few ideas, it's also important to consider the child's interests and abilities when choosing a gift, and be sure that the gift is age-appropriate and safe.
On a basic level, it can be used as a tool to generate ideas or to help with organization. As you can see, the answers it comes up with are broad but can be narrowed down with more detailed prompts.
Create a week-long itinerary for a Hawaiian vacation, staying on the big island
- Arrival on the Big Island and check-in to your hotel
- Visit Kona for some shopping and dining
- Relax on the beach in the afternoon
- Visit Hawaii Volcanoes National Park to see the active Kilauea volcano
- Take a hike through the Thurston Lava Tube
- Visit the Jaggar Museum to learn about the volcano's history
- Take a boat tour to see dolphins and whales (in season)
- Visit the Pu'uhonua o Honaunau National Historical Park
- Take a snorkeling or diving excursion in the afternoon
- Take a drive along the scenic Queen Kaahumanu Highway
- Visit the Mauna Kea Observatory
- Visit the Waipi'o Valley Lookout
- Visit the Hulihe'e Palace and learn about Hawaiian royalty
- Take a scenic drive to the town of Waimea
- Visit the Parker Ranch and learn about the island's ranching history
- Relax on the beach and soak up the sun
- Take a sunset sail or dinner cruise
- Pack up and check out of your hotel
- Visit a local farmer's market to purchase some souvenirs
- Depart the island
Note: This itinerary is just a sample and you may want to adjust it to your preferences and the things that you like to do. There are many things to do on the big island, you can do more outdoor activities, cultural, or just relax and enjoy the beach and nature.
Beyond personal novelties and organization, people have been using it for professional development. Jobseekers have been using the software to write cover letters and resumes. Business leaders who attended the recent World Economic Forum in Davos, Switzerland, have talked about using the chatbot to craft business emails and speeches. In that way, it acts as a sort of digital assistant.
It can even help someone with computer programming by working through a coding problem and providing examples of the solution.
So as you can see, people are just starting to scratch the surface of practical uses for this software.
And of course, profit-making motives aren't too far behind that. It’s obvious there’s money to be made in generative AI investing.
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The Companies Making Money
As I mentioned in my last article, ChatGPT is just one example of generative AI, technology that makes something new from existing data.
While ChatGPT has been getting all of the attention lately, there are dozens of startups that are using similar generative AI platforms to create businesses.
Here are just a few examples:
Page.AI. This is a healthcare company that provides AI-based solutions to help pathologists and oncologists. When used in a clinical setting, its AI platform can comb through millions of glass slides and pathology reports to identify tissue patterns that might be hard for a doctor to recognize. This could help doctors treat patients more efficiently and with more confidence.
Tavus. Tavus is using generative AI as a sales and marketing tool. Its platform allows users to record a video once and then transform that one video countless times. It can generate subsequent videos with voice variables custom-tailored for each customer for more personalized outreach.
Ordaos Bio. This is another healthcare company but one that operates in the production of medications. It uses something it calls miniPRO, AI-designed proteins that help in drug discovery. In its simplest terms, proteins are what are largely responsible for diseases and disorders. Drug design is mostly a practice of coming up with something that will bind to and regulate the activity of that protein (editor’s note: I used ChatGPT to explain this concept to me). The company’s platform goes through countless protein sequences and structures and properties in order to create the drugs needed for the company’s clients. This can speed up the drug discovery process, allowing client companies to get solutions out faster, potentially saving more lives. One quote on Ordoas Bio’s site says: “You accomplished in four days what took us two years to accomplish.”
Open AI. Of course, the company that created ChatGPT should get a mention. Besides creating the software that put this technology in the limelight, it also offers something called DALL-E, which takes prompts and creates images. It can also edit existing photos, adding or removing elements from the image with the right prompts.
These are a few examples of what this kind of technology is capable of today, but they provide a glimpse of the potential for where it could all lead. The companies mentioned are all private for now, but they’re gathering plenty of interest and could grow quickly.
What’s Next for This Tech?
As it stands right now, generative AI is one of the biggest areas of venture capital investment right now. All sorts of companies are popping up to offer services with this tech, and investors are pouring money into them.
Since 2020, investment in the sector has gone up 425% to $2.1 billion. This is despite a recent downward trend in tech overall.
ChatGPT’s creator, OpenAI, just received a massive investment from Microsoft (NASDAQ: MSFT) said to be worth up to $10 billion. This follows previous investments Microsoft has been making since 2019 and puts other tech giants, namely Google, on notice.
VC firms are staking their claims and the big tech firms are coming up with their own versions of the technology. That means we’re looking at a new gold rush. This is the kind of frenzy that has the potential to make investors millions because of what the technology is capable of.
Perhaps more than anything else, the market will be waiting for the release of ChatGPT-4, the next iteration of ChatGPT. It promises to have a huge performance leap that will, among other things, better mimic human behavior and speech patterns.
Companies in competition with OpenAI and Microsoft will undoubtedly be watching too as this arms race is going to mirror many of the others we’ve seen in tech over the years. That’s sure to spur all kinds of world-changing innovation that we can’t even begin to imagine now. But it will generate billions in the future and turn investors in the right companies into multimillionaires.
Chatbots like ChatGPT only scratch the surface of what generative AI is capable of, but it’s thanks to this software that the technology is now on many investors’ radars.
Very soon, we’re going to see a cycle of investment feeding innovation and vice versa, and the sector that gave US ChatGPT will be one that brings us much, much more.
Editor, Daily Profit Cycle