GenAI is changing jobs once thought safe from automation
More topics: Amazon releases new foundation models | What is GraphRAG?
Hi AI Enthusiasts,
Welcome to this week’s Magic AI News, where we present you the most exciting AI news of the week. Today, we are talking about the impact of GenAI on jobs and Amazon’s new foundation models. We also take a look at Microsoft’s GraphRAG. Stay curious! 😎
This week’s Magic AI tool is perfect for bloggers who want to create audio summaries of their blogs.
Let’s explore this week’s AI news together. 👇🏽
Top AI news of the week
🤖 GenAI is changing jobs once thought safe from automation
According to a report from the OECD, artificial intelligence will change jobs that previously seemed safe from automation. The financial sector is especially affected.
The details:
- In the past, automation mainly impacted jobs in production and manufacturing, as well as roles in rural areas.
- GenAI, however, can be used for non-routine cognitive tasks, which is expected to affect highly skilled workers in big cities.
- Industries that are likely to be most affected are education, IT, and finance.
- An OECD survey of employers and employees in the financial sector found that employers and employees have a positive attitude toward using AI. Still, there are also concerns about job losses.
Our thoughts
GenAI is already impacting professions that need higher education, such as software developers and database architects.
In our opinion, an increase in automation through AI goes hand in hand with an increase in productivity. Through lifelong learning, we can work hand-in-hand with AI technologies, which will lead to higher productivity in many industries.
👉🏽 How much is AI already affecting your job today? Feel free to write it in the comments.
More information: 🔗 OECD | Heise Online
💻 Amazon releases new foundation models
Amazon presented a new family of AI models called Nova. The models have state-of-the-art text, image, and video capabilities. Let’s take a closer look.
The details:
- Amazon aims to use AI to make life easier for shoppers, sellers, advertisers, and businesses.
- According to Amazon, customers can use the new Nova models to understand videos, charts, and documents or generate multimedia content.
- The Nova family includes six models: Nova Micro (text-only model), Nova Lite (low-cost multimodal model), Nova Pro (highly capable multimodal model), Nova Premier (most capable multimodal model), Nova Canvas (image generation model), and Nova Reel (video generation model)
Our thoughts
So far, we haven’t heard much from Amazon in the AI race. With the release of the new Nova models, Amazon is catching up with the other big AI players. We believe that the large customer base in the cloud will help make the new models very successful.
We also believe that the air is getting thinner and thinner for OpenAI. Big tech companies will offer equivalent products to OpenAI in the long term, with the difference that they have access to a large user group.
More information: 🔗 Amazon News
💬 What is GraphRAG?
Traditional Retrieval-Augmented Generation (RAG) is a technique for improving LLM results using new information. Many LLM-based tools use this technique, and most RAG approaches use vector similarity as a search technique, also known as baseline RAG.
RAG techniques are helpful when it comes to answering questions about private datasets that the LLM has not seen in training, such as PDFs or videos. However, baseline RAG performs poorly in complex situations.
A new approach from Microsoft is GraphRAG (Graph-based Retrieval-Augmented Generation). It is a structured, hierarchical approach to Retrieval Augmented Generation. The GraphRAG process involves the extraction of a knowledge graph from raw text, which is used in RAG-based tasks.
Our thoughts
GraphRAG is an approach that combines knowledge graphs with LLMs. That improves the accuracy and transparency of traditional RAG. With GraphRAG, complex queries can be better understood, and more precise answers can be generated.
You should use GraphRAG for tasks with complex data relationships, like data analyses of multiple documents. This way, you can reduce hallucinations and improve explainability.
More information: 🔗 Microsoft GraphRAG
Magic AI tool of the week
This week’s Magic AI tool is ElevenLabs. With this tool, you can create realistic speech from texts in seconds!
ElevenLabs is a platform that uses advanced AI to generate realistic speech. And yes, it sounds really realistic! As a blogger, you can turn your texts into audio tracks! You can also offer the audio in different languages. ElevenLabs makes language barriers a thing of the past!
Step-by-Step Guide:
- Sign up for free at ElevenLabs.com* (10,000 characters per month (~10 min) for free)
- Click on the “Text to Speech” tab
- Enter your text and select a voice of your choice
- Optional: You can adjust the voice in the settings menu.
- Click “Generate speech” to create your audio file. That’s it! 🎉🎉
Articles of the week
- Our Journey to Become a Data Scientist
- Build a Local Chatbot in Minutes with Chainlit
- Understand and Implement an Artificial Neural Network from Scratch
- Struggling with Linear Regression? - Theory and Practice Clearly explained
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Thanks for reading, and see you next time.
- Tinz Twins
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