🫙 Chips, no dip

PLUS: Medical billing made easier

New here? Welcome to NAB, and make sure to subscribe to stay informed on the latest developments in AI!

Happy New Year, fellow humans 🎆 

I hope this year brings you all the success, love, and happiness you wish for ❤️ 

Let’s get right into it with the first edition of the year…

Have anything you’d like to share with over 40k AI enthusiasts?

🧵 In today's edition:

  • 🫙 Chips, no dip

  • 📊 Is it all hype? 

  • 💵 Medical billing made easier?

  • 🤑 AI Fundraising News

  • 🗞️ AI Quick-Bytes

  • 🐦 Tweet Post of the Day

🫙 Chips, no dip

Source: Google

This year has been one to remember for Nvidia. 

  • They hit $1.2T in market cap.

  • They sold half a million H100 AI chips in Q3 2023 alone (btw, these chips sell for $30,000 a pop… wild 🤑).

  • Wall Street analysts foresee Nvidia’s earnings increasing by over 70% in 2024.

But as the saying goes - “success brings more enemies (competitors) than failures.”

So it’s only right that we look at some of them 👀 

Competitor #1: AMD

  • AMD recently unveiled the MI300x, a powerful AI chip with 192GB of memory and 153 billion transistors, which poses a direct challenge to Nvidia’s H100 and A100 chips.  

  • AMD CEO Lisa Su projects $2 billion in sales from this chip alone in 2024, emphasizing its superior performance relative to competitors, specifically targeting Nvidia.

Competitor #2: Intel

  • The chip OG recently introduced Gaudi3, an AI chip for generative AI software, and received positive reviews. 

  • Gelsinger is also reportedly aggressively ramping production to establish dominance in the growing AI PC market.

Overall: The three-way battle among Nvidia, AMD, and Intel in the AI chip arena will be a key narrative in 2024.

While Nvidia has been the undisputed leader, common investor sentiment is to keep a close eye on the challengers, as they could influence share price dynamics and the broader AI landscape.

Read more: Yahoo Finance

📊 Is it all hype? 

AI experienced a meteoric rise in 2023.

But while the current wonders of AI, ranging from language generation to image creation, have had a significant impact on millions of people around the world, there is an important question that remains to be answered:

Will AI be a fleeting fascination, or will it become an impactful force in society, comparable to the internet or the printing press?

It wouldn’t be entirely out of line to claim that ML and AI tech could be as impactful as the printing press, but to accurately assess AI's value, three critical aspects must be considered:

  • Its role in augmenting human capability,

  • Its sustainability concerns due to energy and resource demands, and

  • Its economic viability, which might be hindered by infrastructure and safety challenges.

Overall: Evaluating AI’s short-term and long-term implications may seem like a fool's errand, especially given how quickly the technology has advanced in just one year.

However, the overall excitement around the tech may need to align with practical considerations for deployment and ROI before we can claim it as the GTOAT (Greatest Tech Of All Time).

Read more: The Guardian

💵 Medical billing made easier

Did you know Americans amass a staggering $4 trillion in medical expenses annually?

This impacts hospitals and insurers while posing a significant challenge for the government, which handles millions of Medicare and Medicaid claims every year.

Consequently, hospitals, insurers, and government entities are investing in AI tools to streamline the billing and processing of these accumulated expenses.

The potential benefits of using such tools include: 

  • Revenue maximization, 

  • Reduced administrative workforces, and 

  • Faster paperwork processing.

Beyond these benefits, AI's significant advantage also lies in its potential to identify and eliminate fraudulent bills. 

Currently, the government contends with ~$60 billion in fraudulent Medicare bills annually, with Medicaid fraud contributing tens of billions more. 

While the government already employs AI to combat fraud, the Centers for Medicare and Medicaid Services (CMS) are continually exploring innovative ways to use AI to combat widespread fraudulent activities.

Overall: AI has the potential to reshape administrative processes, reduce liability, and alleviate the burden on healthcare staff, addressing concerns related to burnout.

It also promises increased efficiency, enhanced coding accuracy, and potential reductions in liability caused by fraud. 

Read more: Politico

🤑 AI Fundraising News

  • Quantas Labs raises $550K in Seed funding to develop the world’s first commercial AI for erosion impact.

  • Shield AI raises $300M in funding to expand its autonomous flight software, Hivemind, to its V-Bat drone and other third-party aircrafts.

🗞️ AI Quick-Bytes

What else is going on?

🐦 Tweet Post of the Day

📈 2023 was a massive year for AI. What surprises do you think 2024 holds?

What did you think of today's newsletter?

Login or Subscribe to participate in polls.

And that does it for today's issue.

As always, thanks for reading. Have a great day, and see you next time! ✌️

— Haroon: (definitely) Not A Bot and @haroonchoudery on Twitter

P.S.: Check us out on our socials - snacks on us if you also hit follow. :)

Join the conversation

or to participate.