Mesmerizing: What if AI can't be fixed? Hong Kong vs. Singapore deathmatch, Gold's buying spree, and EU Banks have delusions of superapp grandeur!
Why think when GenAI will innovate for you!
Artwork of the day: Woman, Hyung Koo Kang, 2007
Korean artist Kang Hyung Koo has built a reputation for mesmerizing hyperrealistic portraits. Throughout his career, Kang always focused special attention on the execution of his figures' eyes, as he aspired for his audience to experience a silent—almost religious—communion with his subjects.
The artist deliberately creates the gaze between the audience and the portraits to intensify the experience of his paintings. The overpowering physical presence of his works nearly inverts the viewer’s relationship with the image, instilling in him or her the feeling that they are the one being viewed.
Today’s newsletter is as mesmerizing as the hyperrealistic portrait above! Covering everything from EU Neobanks to Gold and the Singapore-Hong Kong rivalry, it has something for everyone!
1. 100 Reasons to Love the Future!
We all need a reason to believe in a better future, and here you have 100 of them. Pick one or two!
2. Gold: Central Banks go on a Buying Spree and HSBC Tokenizes it for Retail Investors
Did you notice that gold is breaking new highs this week? A few thoughts about gold, but unlike most gold reports, I will not try to sell you gold or a story of societal collapse that requires a survival bunker.
3. DREAM ON: EU Banks Dream of Digital Ecosystems and Superapps
I give tremendous credit to European banks for rising to the challenge posed by Neobanks, but they are still failing! Delusions of superapp grandeur won’t help.
4. The Hong Kong and Singapore Rivalry Heats Up!
The latest ranking of Global Finance & Fintech Centers is in and Singapore once again beat Hong Kong by a single point! Where is your favorite financial center on the list?
5. Driving Innovation With GenAI: Why Think When the AI Can Do It For You?
For those who think that GenAI can’t innovate, it’s time to rethink this position. Yet still AI’s innovation skills have limits. See the absurd GenAI prompt!
6. What is GenAI and What if it Can't be Fixed?
I have two articles that will help you gain some much-needed perspective on GenAI. Both are MUST READS all are in one easy PDF! We’ve been sold a lot of AI hype but what if GenAI is really broken?
100 Reasons to Love the Future!
We all need a reason to believe in a better future, and here you have 100 of them. Pick one or two!
Many of you are in fintech, so you are, by definition, optimists who believe that our future will be better. That's why I knew you'd enjoy this report as much as I did!
AXA Foresight provides " a lens into possible futures by identifying emerging trends for the years ahead to better navigate uncertain times.
AXA's emerging trends don't just give you faith in the future but a direction to travel.
👉TAKEAWAYS (a few of my favorites)
🔹Doughnut Economics, p 13
🔹 Charting new ways to restore our ocean, p 22
🔹 Trust in the power of collective foresight, p48
🔹 Cyber a remedy, not a poison!, p52
👊STRAIGHT TALK👊
Skim the report, read some interesting bits, and let me know if you feel better! Come on, I know you will!
What is GenAI and What if it Can't be Fixed?
“Potential of AI” Once again comedy beautifuly captures reality!
Today, I have two articles combined in the above PDF that will help you gain some much-needed perspective on GenAI. Both are MUST READS!
The first from McKinsey, an AI cheerleader if there ever was one. Still, their article explaining AI is a great read as it sticks to the facts and, for once, eschews overhyped claims.
The second article is from the FT which asks the most important question that has been ignored amidst the hype: "What if AI can't be fixed?"
This question is no joke. It shows how hype overtakes reality, with noteworthy AI developers even suggesting that GenAIs will get worse!
"Large language models produce untrustworthy output, which is then sucked back into other LLMs. The models become permanently contaminated."
Sobering? It should be, and this read will give you some much-needed perspective.
Note also that the parallels with crypto hype are fantastic!
I will close with a wonderful quote that sums it up beautifully:
“The burden of proof lies with the people making the extraordinary claims . . . No one is saying AI is hype, we’re saying that your claims of AI are hype.”
Thoughts?
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