Amazon: AI can replace your credit card

Insight: AI market will be worth $600B says Nvidia exec

Welcome back to The Daily Update — Amazon just announced a mind-blowing development in generative AI that aims to eliminate the need for wallets and phones. Here’s today’s lineup:

🗞️ The Latest: Amazon’s AI turns your palm into a credit card and ID

🤖 AI Tool of the Day: OpenArt — AI art generation reimagined

📸 Business Insight: Nvidia exec says the AI market will be worth $600B

🚨 AI Roundup: Four quick hits

Read time: 2 minutes

🗞️ The Latest: Amazon’s AI turns your palm into a credit card and ID

Amazon One is a contactless experience that allows customers to use the palm of their hand for everyday activities like paying at a store and verifying their identity. It combines cutting-edge biometrics, optical engineering and generative AI.

What you need to know:

  • Amazon One reportedly achieves 100x higher accuracy than iris scanning.

  • Using unique lines, grooves, veins and ridges on the palm, Amazon One connects a unique palm signature to your credit card or Amazon account.

  • The system was trained on millions of synthetically generated palm images. It has already been used more than 3 million times with 99.9999% accuracy.

  • Amazon One is currently being rolled out to more than 500 Whole Foods Market stores.

  • Use cases include contactless payment, age verification, presenting a loyalty card and entering a venue.

The bottom line: This is an ambitious use for generative AI, but if you’re doing the math at home Amazon One has failed just 300 times in 3 million uses. The technology will only get better.

🤖 AI Tool of the Day: OpenArt — AI art generation reimagined

Source: OpenArt

OpenArt is one of the most affordable AI image generators available right now, and it boasts several unique features that other generators lack.

You can use OpenArt to:

  • Generate original images from text prompts.

  • Turn sketches into images.

  • Create variations of a single image.

  • Transform stock images.

  • Create your own unique, custom stock images.

  • Add, remove or replace anything in an image with a magic brush.

  • Create AI QR codes.

  • Remove backgrounds (coming soon).

Source: OpenArt

OpenArt sets itself apart by giving users more control over its outputs with advanced customization options. If you’re struggling to get the results you want from other AI image generators, definitely give this one a try.

This has already become one of my favorite AI art generators. Click here to try OpenArt for free. Paid plans start at $7.99 a month.

📸 Business Insight: Nvidia exec says the AI market will be worth $600B

Source: Ideogram

Nvidia exec Manuvir Das outlined impressive projections for the AI market at the Goldman Sachs Communacopia and Tech Conference yesterday.

Breaking down the $600B:

  • $300 billion in chips and systems.

  • $150 billion in generative AI software.

  • $150 billion in omniverse enterprise software.

Key points:

  • Nextdoor CEO Sarah Friar said that the value of AI has been building for years. The recent boom in AI since last November just mainstreamed the trend.

  • The accelerated computing industry is still in its early stages.

  • Corporate operations are going digital and growing more efficient in previously unimaginable ways.

The bottom line: Nothing new here. AI is here to stay.

🚨 AI Roundup: Four quick hits

Source: Ideogram

  • Regulation Talks Continue: UK outlines five key objectives for its global AI safety summit in November.

  • Jumping Ship: More than half of the authors behind Meta’s Llama paper have left the company. The researchers blame internal competition for computing power.

  • The Rise of Robots: Mujin, which develops AI-based software for industrial automation, raises $85 million in Series C funding.

  • Zooming Ahead: Zoom is updating and rebranding several of its AI-powered features after controversy over changes to the platform’s terms of service.

Have questions or thoughts on today’s newsletter? Reply to this email and I’ll get back to you as soon as I can. Thanks for reading The Daily Update!

Jack

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