The Sunday Brew #19
In this brew - Advent of GPT4, The Continued SVB Saga, Collapse of Signature and Impending threat on Credit Suisse. It was a bank crisis week.
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TOP STORY
Brace yourself, GPT - 4 is here.
Last week OpenAI announced GPT - 4, a large multimodal model so powerful that it is capable of completely transforming a lot of professional and academic activities.
AI capabilities demonstrated by GPT is fundamentally changing the world in more ways than we can comprehend. It is way beyond the simple thoughts of automating tasks and using computations power to replace manual effort. It will change the way we think, the kind of ideas we generate and the way we pursue those ideas. It is almost as revolutionary a moment in the history of computational development, as the advent of APL (A Programming Language) was.
OpenAI co-founder Greg Brockman did a live stream demonstrating the capabilities of GPT-4. An interesting display was where the model was capable of turning a hand drawn wireframe in to a functional webpage.
And, if you want to see GPT-4 in action read this thread by
who has co-founded a business with GPT-4 and so far it has proven itself to be a great one!WEEK’S PICK
Where is SVB Saga Headed?
The collapse in Silicon Valley reverberated across the globe and impact were felt more severly in closely linked UK & European markets. It is the second largest bank collapse ever in US, and the story is far from over. Blames have been flung around, state protection asked and argument for cryptocurrency strengthened.
Here is a quick catch up on what has happened, on TechCrunch, here & here.
In UK, the subsidiary of SVB was rescued by HSBC in a £1 deal. Now, a discussion is brewing over the £15 million bonuses announced the next day.
The Pieces of the Domino
As the SVB collapsed, horror stricken depositors of Signature Bank did a run withdrawing more than $10 billion and in turn triggered the third largest bank collapse in United States within the days of the second largest bank collapse in United States.
Read about Signature Collapse here on CNBC. Read On»»»
The twin failures have led to a lot of discussion around a larger banking crisis and potential future turbulance.
What Future hold for Credit Suisse?
The ripple effect of the failures in the new systems are being felt in legacy systems. If you are wondering what has just happened? Here is a CNN piece explaining exactly that. For a while it felt tha on the back of Swis National Bank support the crisis was averted, but the share price kept nosediving. Now, emergency measures are being put in place for a UBS take over of Credit Suisse.
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