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Today you will know Chatgpt for your tax, Free AI tool for Presentation, Claud 3 is reaching the human ai, JP Morgan’s AI tool reduces manual work 90%.

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AI NEWS

Don't Use ChatGPT for Your Taxes This Year. Let me show you why.

ChatGPT, an AI chatbot, is used by many for various tasks such as drafting emails, summarizing long articles, and providing simple explanations on new subjects. However, it has its limitations and can sometimes provide inaccurate answers. These limitations become critical when dealing with complex tasks such as tax preparation.

AI in Tax-Preparation Software

Tax-preparation software companies like H&R Block use AI chatbots to guide users through tax preparation by answering frequently asked questions. However, these chatbots are not preparing your tax return, they are just helping you through the process. These services are often part of a paid service.

The Problem with AI Chatbots and Taxes

In the world of taxes, things are constantly changing. For this tax season, there have been several adjustments to tax regulation. The knowledge cutoff date for ChatGPT 3.5 is January 2022, and for the paid ChatGPT 4.0 it’s April 2023. Any changes to the tax code after those dates won’t be found in ChatGPT’s training data. To file an accurate tax return, you want to prepare your tax documents using current tax rules, and ChatGPT can’t help with that.

Expert Opinion

Scott Brillhart, a partner with Founder’s CPA, a full-service accounting firm based in Chicago, told CNET that tax is consistently changing and it’s confusing, especially state-level taxation. He doesn’t think ChatGPT or other AI service is at the level yet to understand or to deal with those levels of complexities, especially if it is not consistently up to date.

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BREAKING NEWS

AMD blocked from selling AI chip

Advanced Micro Devices Inc's (NASDAQ:AMD) attempt to greenlight an artificial intelligence chip geared specifically towards Chinese markets was rejected by U.S. officials

OpenAI joins 279 in calling for ethical AI development.

Some of the world’s pioneers in the development of artificial intelligence, including OpenAI and Mistral AI, have signed a letter calling on everyone to build the technology in a way that improves human lives.

Claude 3 Reaching "near-human" capabilities.

On Monday, Anthropic released Claude 3, a family of three AI language models similar to those that power ChatGPT. Anthropic claims the models set new industry benchmarks across a range of cognitive tasks, even approaching "near-human" capability in some cases.

AI IN JP MORGAN

JPMorgan’s AI-Driven Cashflow Tool Reduces Manual Work by 90%

JPMorgan has been using an AI-driven cashflow management software that has reportedly reduced manual work for some of its corporate customers by almost 90%. The AI tool, called Cash Flow Intelligence, was launched last year to allow corporate treasuries to analyze and forecast cash flows.

Client Interest and Future Plans

The tool has seen “tremendous” interest from JPMorgan’s clients. The Wall Street behemoth has roughly 2,500 clients using the AI-backed tool. Its success thus far has brought JPMorgan closer to charging for the service.

AI and Productivity

JPMorgan has more than 150 data scientists and engineers working on refining its machine-learning solutions. The bank revealed in November that AI has already started generating revenue for the bank. JPMorgan had already set a target of $1 billion in “business value” produced entirely by AI in 2023. The firm even increased that goal to $1.5 billion at its investor day in May.

AI and the Future of Work

JPMorgan CEO Jamie Dimon has been bullish on the future of AI to increase productivity while reducing costs. He predicted that AI’s rapid enhancement could pave the way for a 3.5-day work week. Cutting back on working hours may also enable people to live to 100 and make cancer a thing of the past.

AI STOCKS

These 5 AI Stocks you Must buy as Nvidia has Already Bought

Nvidia, the world’s largest semiconductor company, has surpassed a $2 trillion valuation, making it one of America’s most valuable companies. In its first-ever 13-F filing with the Securities and Exchange Commission, Nvidia revealed that it purchased shares in five AI stocks in the fourth quarter of 2023.

The Five AI Stocks Nvidia Invested In

The five AI stocks Nvidia invested in are as follows:

Arm Holdings: Helps the world’s largest semiconductor companies design and develop their advanced computing chips. Nvidia’s position was worth over $147.3 million at the end of last year.

Nano-X Imaging: Uses AI to improve the efficiency of medical imaging to help patients achieve better outcomes.

Recursion Pharmaceuticals: Uses AI to reshape drug discovery.

Tusimple Holdings: Develops advanced autonomous self-driving technologies for the trucking industry.

SoundHound AI: Develops voice recognition and conversational AI technologies.

The Most Soaring AI Stock

Among these, SoundHound AI has seen the most significant increase in stock price in 2024, with a 180% gain so far. Despite Nvidia’s stake being relatively small with a value of just $10.1 million at SoundHound’s current stock price, it hasn’t stopped the buying frenzy among investors.

AI TOOLS

Best AI Image Enhancing Tools

Attention - Attention is an AI-powered sales platform designed to enhance the efficiency and effectiveness of sales teams by automating CRM updates, providing real-time coaching during sales calls, and generating insights from customer conversations.

GuestLab - GuestLab is a tool designed to assist podcasters with the research process for their shows, providing a quick and efficient way to generate well-crafted introductions, discover engaging topics, and formulate insightful interview questions based on a guest's online presence.

Palazzo - Palazzo is an AI-powered interior design tool that enables users to personalize their living spaces with ease.

Saner.AI - It is an AI-powered personal knowledge management tool designed to streamline the organization and utilization of information.

ContractCrab - ContractCrab is an AI-powered online tool designed for efficient contract review, which swiftly extracts and summarizes key aspects of lengthy legal documents.