Nvidia Predicts GroundBreaking AI within 5 years

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. At The New York Times’ DealBook summit, Nvidia's CEO, Jensen Huang, forecasted a groundbreaking shift in artificial intelligence (AI), predicting that within five years, AI systems could match human intelligence in task performance. This projection, especially relevant for artificial general intelligence (AGI), comes as Nvidia sees a surge in demand for its GPUs, pivotal in AI model training and large-scale tasks across multiple industries, including powering OpenAI's ChatGPT. Reflecting this, Nvidia's fiscal third-quarter revenue tripled, with net income soaring to $9.2 billion from $680 million the previous year. Huang envisions a future where AI solutions become universally accessible and adaptable, transforming various sectors from software development to healthcare.

2. The latest UBS Billionaire Ambitions Report 2023 highlights a significant shift in wealth acquisition, with more billionaires inheriting their fortunes than those who are self-made, marking a first since the report's inception in 2015. Fifty-three heirs collectively inherited $150.8 billion, surpassing the $140.7 billion earned by 84 new self-made billionaires. This trend is a part of the "great wealth transfer," projected to shift around $5.2 trillion over the next 20-30 years. Despite generational differences in managing wealth and legacy, the report indicates a 7% increase in the number of billionaires as of early April 2023, with their collective wealth rising by 9% to approximately $12 trillion. This transfer marks not just a shift in wealth, but also in the attitudes and responsibilities of its stewardship.

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4. Headlines

   1. Microsoft has been given a non-voting observer seat on the OpenAI board.

   2. US pending home sales have hit a record low.

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