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All You Need to Know About ChatGPT

Published

2 years ago

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ChatGPT

Launched by AI research and deployment company OpenAI in November last year, ChatGPT is the new buzzword on Google as searches for the AI tool has spiked globally, due to its remarkable ability to generate detailed human-like responses.

Recent reports reveal that ChatGPT spiked to hit a popularity score of 92 on January 13, 2022, which has drawn over 1 million users since its launch.

What is ChatGPT?

ChatGPT is an advanced AI chatbot created by AI research and deployment company Open AI, which is programmed to follow instructions, and provide a detailed response. The AI tool enables users to ask questions or tell a story, and the bot will respond with relevant and natural-sounding answers on any topic.

Some features of ChatGPT include challenging incorrect premises, follow-up questions, rejecting inappropriate queries, etc.

Here is all you need to know about ChatGPT

The ChatGPT was fine-tuned on top of GPT- 3.5 using supervised learning as well as reinforcement learning. Although the core function of a Chatbot is to mimic human conversation, the ChatGPT seems quite different due to its versatility.

For instance, the chatGPT can compose essays, compose music, answer test questions (sometimes depending on the test, at a level above the average human test maker), Debug and decode computer programs, etc.

Unlike most chatbots, the ChatGPT remembers previous prompts given to it in the same conversation, which has seen users suggest that this feature will allow the Open AI tool as a personalized therapist.

The ChatGPT uses transformer architecture, which is a state-of-the-art method for training large language models, and it is made available through OpenAI’s API, allowing developers to easily integrate it into their applications.

Also the ChatGPT can be used in conversation modeling, powering chatbots and virtual assistants for more human-like interactions. Overall, ChatGPT’s capabilities in natural language processing makes it a powerful tool for a wide range of applications.

Here are some key features of ChatGPT

1.) Fine-Tuning- ChatGPT can be fine-tuned on specific conversational tasks such as language understanding, text summarization, and text generalization, which makes the chatbot more effective to handle tasks.

2.) Batching- The ChatGPT can handle batch input and output, which implies that it can handle multiple prompts and return multiple responses at once, thus increasing efficiency and reducing latency.

3.) Pre-training- The ChatGPT is pre-trained on a large dataset of conversational text, which allows it to understand the context of a conversation and generate more natural and coherent responses.

4.) Handling Context- The OpenAI AI chatbot has been programmed specifically for conversational understanding. It can track the conversations and handle context switching and shift in topic seamlessly.

How You Can Use The ChatGPT

Step 1 – Go to your browser and type chat.openai.com

Step 2 – You then proceed to log in if you already have an account, or sign up if you don’t.

Step 3 – In the sign-up process, after inputting your email address, you will receive a message to verify your email address to continue the sign-up process.

Step 4 – After verifying your email, you will be requested to fill in your phone number which you will be sent a verification code which you will fill in.

Step 5 – After filling in the verification code, you will be redirected to the chatbot conversation area where you can perform any task of your choice.

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Fintech

US Continues to dominate Global FinTech Landscape in Q3 2024, Witnesses Funding of $2.7B

Published

4 days ago

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October 18, 2024

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fintech - Investors King

The US boasts of a bustling FinTech landscape with more than 7K funded companies and 137 active FinTech Unicorns. Though the US ranks first globally in terms of funding in the FinTech sector in Q3 2024, this is the least funded quarter in the past five years.

Q4 2021 was the highest funded quarter in this space, after which the funding started to experience a steady decline.

Tracxn, a leading global SaaS-based market intelligence platform, stated in its Geo Quarterly Report: US FinTech Q3 2024.

The US FinTech startup ecosystem raised $2.7 billion in Q3 2024, a 30% decline compared with $3.9 billion raised in Q3 2023 and a 40% decline from $4.5 billion in Q2 2024.

Late-stage funding in Q3 2024 fell 32% to $1.3 billion, from $1.9 billion raised in Q3 2023. Early-stage investments stood at $1.2 billion in Q3 2024, a drop of 29% from $1.7 billion in Q3 2023. Seed-stage funding, too, fell 49% to $186 million from $364 million in Q3 2023.

Three companies attracted funding of $200 million and above. Human Interest raised $267 million in a Series D round at a post-money valuation of $1.33 billion, while FLYR raised $225 million in a Series D round. Earned Wealth secured $200 million in a Series B round.

Three other companies reported $100M+ rounds, with Aven becoming the only new unicorn in the third quarter of this year, after raising $142 million at a valuation of $1 billion.

Finance and Accounting Tech, Payments and Investment Tech were the top-performing sectors based on funding in Q3 2024 in this space.

The Finance & Accounting Tech segment witnessed total funding of $643 million in Q3 2024, a drop of 34% compared to $967 million raised in Q3 2023.

Funding raised by the Payments sector fell 22% to $573 million in Q3 2024 from $737 million in Q3 2023. Investment Tech companies raised a total funding of $547 million in Q3 2024, 18% lower than the $669 million raised in Q3 2023.

The third quarter of 2024 was weak in terms of exits. None of the companies from the US FinTech sector went public in Q3 2024, as against one IPO each in Q3 2023 and Q2 2024.

The number of acquisitions too, fell to 48 in Q3 2024 from 54 in Q3 2023 and 62 in Q2 2024. ShareFile was acquired by Progress at a price of $875 million, and Stronghold Digital Mining was acquired by Bitfarms for $175 million.

Among US cities, San Francisco and New York City together accounted for 50% of the total funding raised by the sector in the third quarter of this year.

FinTech startups based in San Francisco raised $750.2 million, while those headquartered in New York City and Santa Monica raised $610.1 million and $225 million.

Y Combinator, Techstars and a16z are the overall top investors in this space. Y Combinator, Castle Island Ventures & Plug and Play Tech Center were the top seed-stage investors in Q3 2024, while Curql, Redpoint Ventures and Brewer Lane Ventures took the lead in early-stage investments.

The US government is taking several initiatives to stimulate investment and innovation in the FinTech sector, which could give a boost to these startups in the coming years.

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E-commerce

South Africa, Tunisia Record Job Losses as Jumia Shuts Down Outlets Over Diminishing Returns, Hopes on Nigeria, Others

Published

5 days ago

on

October 17, 2024

By

Jumia - Investors King

Africa-focused e-commerce retailer Jumia Technologies has announced its decision to shut down its South African online fashion retailer Zando and its Tunisian operations by the end of the year.

The development, Investors King gathered, followed diminishing returns in the countries which has been having significant impacts on the firm.

Francis Dufay, the Chief Executive Officer of the retailer giant, expressed strong confidence in Nigeria’s market, saying the firm will refocus on more profitable markets such as Nigeria.

Dufay said Jumia is aiming at more profits, hence, its decision to implement aggressive cost-cutting measures, which include reducing its workforce, exiting the everyday grocery and food delivery sectors, and scaling back delivery services unrelated to its core e-commerce business.

He said the trajectory of the South Africa and Tunisia did not align with the strategy of the group, citing complex macroeconomic conditions, a competitive landscape, and limited medium-term growth potential in these regions.

Stressing that the group’s exit plan is the right decision, Dufay emphasised that the move will allow the company to concentrate its resources on the other nine markets including Nigeria, where growth prospects are more promising.

Jumia’s remaining markets include Egypt, Kenya, Morocco, and Nigeria.

Dufay maintained that success in these regions could help recover volumes lost from the closures in South Africa and Tunisia.

Giving more facts on the level of shortage Jumia incurred in South Africa and Tunisia, he noted that Zando and the Tunisian operations contributed only 2.7% of total orders and 3% of Gross Merchandise Value during the first half of the year.

Zando.co.za, founded in 2012, has established itself as a prominent online fashion platform in South Africa. Meanwhile, Jumia’s Tunisian operations have been running under the Jumia brand for a decade, offering general merchandise.

Dufay confirmed that there are no plans to sell either operation, which will hold clearance sales before their shutdown.

Findings by Investors King revealed that no fewer than 110 persons will lose their jobs in the affected countries once the closures take effect.

Although some employees may be relocated within the company’s other divisions.

This decision comes shortly after South Africa’s largest online retail group, Takealot, announced the sale of its fashion subsidiary, Superbalist, amid rising competition from fast-fashion e-commerce giants like Shein and Temu. Dufay acknowledged that the growth potential in South Africa is increasingly challenging due to the highly competitive environment.

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Telecommunications

MTN, Telecom Firms Urge Government Support for Tariff Hike Amid Economic Downturn

Published

5 days ago

on

October 17, 2024

By

Telecommunications - Investors King

MTN Nigeria and other telecommunication companies have requested that the federal government support their plan to increase tariffs to ensure business continuity.

The request was made due to the current economic downturn that has hindered the operations of many companies.

During a panel session at the 30th Nigerian Economic Summit on Tuesday in Abuja, titled Navigating Business Growth in a Volatile Environment, MTN’s Chief Financial Officer (CFO), Modupe Kadri, highlighted that Nigeria’s economy, impacted by foreign exchange fluctuations, has affected the effective functioning of the telecommunications industry, including MTN.

Kadri noted that with the current economic situation, the electricity and fuel sectors have experienced increases.

He therefore said for the telecom sector to remain viable, the federal government must allow similar adjustments in the telecom industry.

According to him, the telecommunications industry is also facing challenges because much of their equipment is heavily import-dependent. Despite this, the sector has not received regulatory approval to adjust its prices for over a decade.

“For ten years now, telecommunication companies haven’t been permitted to increase prices, and this regulation is not providing us with a level playing field to operate. If we are to stay in business, this policy must be reviewed, similar to how electricity and fuel prices are adjusted to reflect current economic realities,” he stated.

“Our business is mainly dependent on foreign exchange, so customers need to understand that for them to receive the services they desire, it costs money,” he added.

He noted that just like the electricity and fuel industries contribute to the nation’s GDP, the telecommunication industry also contributes to the nation’s GDP, and similar measures should be applied across sectors.

“The telecommunications industry contributes 16 percent to the GDP, and it is not something that you can mess around with,” he reiterated.

Kadri therefore sought government intervention to increase tariffs to ensure business continuity.

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