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California Governor trying to ruin the AI fun
Plus: Midjourney makes $200 million in annual revenue
Wesley McKnight
September 08, 2023
Happy Friday! Here is what we got for you today:
🚀 Midjourney makes $200 million in annual revenue
❌ California Governor trying to ruin the AI fun
📌 OpenAI holds developer conference
Midjourney, the groundbreaking image AI service, has surpassed expectations by securing a whopping $200 million annual revenue without external investments. Operating with a lean team of 40, it's now eyeing an even brighter future with its upcoming v6.
Key Points:
Impressive Revenue: Midjourney achieved $200 million without any external funding.
Rapid Growth: User base on the Midjourney Discord channel skyrocketed from 2 to 14.8 million in just one year.
Web Interface: The much-awaited web interface, touted to boost profitability and growth, is on the horizon.
Version 6 Incoming: The next version, Midjourney v6, will feature web support and promises to be the "highest quality AI thing" yet.
Beyond Images: The visionary founder, David Holz, anticipates generating content in real-time with high-resolution video and 3D assets. By 2030, they aim to generate entire video games!
California Governor Gavin Newsom takes a proactive stance on generative AI, signing an executive order that propels the state's research and application of this emerging technology. The order not only pushes for identifying significant GenAI use cases but also emphasizes the need to understand potential risks. Collaboration with top-tier universities and evaluating the technology's impact on the state’s workforce are among the order's highlights.
Key Points:
State Agencies' New Mandate: Identify the most beneficial uses of GenAI and train employees on using approved tools.
Risk Assessment: Agencies are to analyze the negative implications of GenAI, focusing on vulnerable communities and the state's energy infrastructure.
Academic Partnerships: University of California at Berkeley and Stanford University will collaborate on studying GenAI's influence on the workforce.
Governor Newsom's Take: Generative AI is a "potentially transformative technology", with its vast capabilities still being unraveled.
Key Points:
OpenAI DevDay: OpenAI's inaugural developer conference is set for November 6. Expect keynote speeches, breakout sessions, and previews of new tools.
GPT-5 News: While updates on the much-anticipated GPT-5 are not expected, attendees might gain insights into OpenAI's plans for the recently acquired AI design studio, Global Illumination, and GPT-4's image understanding capabilities.
Financial Stakes: OpenAI, which invested heavily in ChatGPT, is on track for significant revenues next year. Yet, with rising competition and escalating AI hardware costs, the company remains vigilant.
Quick Hits
Robots can now learn to play tag strategically by predicting the future trajectory of their target.
AI is automating administrative tasks in healthcare, freeing up doctors and insurers to focus on patient care.
Microsoft patents AI-powered backpack with sensors to identify objects, give directions, and more.
Tools of the Week
🍝 Meal Practice AI recipe generator
Funding Friday
It’s another Friday, and money has not stopped flowing into AI so let’s look at some of the big hitters from this week.
