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In today's big story, Amazon is finally throwing its hat into the AI-assistant ring.
What's on deck:
- Markets: Don't sweat the dip; Nvidia's stock can keep climbing.
- Tech: The fastest-growing career in the US might blow you away.
- Business: The terrifying reality of how young people consume information online.
But first, better late than never.
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The big story
Amazon's got an AI assistant (again)
Amazon is working on an AI-powered assistant to compete with the incumbent in the space.
Before you get any further, you haven't traveled back in time. It's not 2014, and I'm not referring to Amazon's Alexa competing with Siri.
This time, Amazon has its eyes on OpenAI's ChatGPT with a project codenamed "Metis." Business Insider's Eugene Kim has all the details on the new AI assistant based on an internal document he obtained and conversations with people familiar with the project.
The plan is for Metis to offer tech- and image-based answers conversationally and share links to how it sources answers.
In short, it sounds a lot like the AI chatbots you're already familiar with. And that's part of the potential problem.
Google, Microsoft, and OpenAI have all had their AI assistants available for a while. And they're already making big moves.
AI agents (tools that can automate and perform complex tasks based on existing data) were a heavy focus of Google's annual developer conference. Microsoft's Copilot AI assistant tool is a part of the tech giant's strategy to start seeing a return on its AI bets. And ChatGPT was tapped by Apple as a key piece of Apple Intelligence, its version of AI.
Meanwhile, Amazon is showing up noticeably late to the AI-assistant party.
Metis isn't scheduled to launch until September, according to Eugene's reporting, leaving time for its rivals to continue honing their chatbots.
(Apple Intelligence is also launching in the fall, but it's not starting from scratch, thanks to OpenAI. It also has a built-in potential user base of iPhone users.)
Playing from behind has been the name of the game for Amazon with generative AI. The company that's spent the past decade-plus sitting on top was left noticeably behind with the launch of ChatGPT back in 2022.
As disappointing as it might be for Amazon to trail its peers, there are some benefits to not being first. Amazon can see what's worked and what's gone horribly wrong for others.
One potential differentiator for Metis is its plans to offer more up-to-date responses, like the latest stock prices.
But will that be enough to get people to switch allegiances from their favored chatbot? Only time will tell, and that might not be something Amazon can afford.
3 things in markets
- Bitcoin is approaching an ominous drop-off. The cryptocurrency, which has been falling for the past month, is close to dipping below a dangerous threshold. That doesn't bode well for the token's near future, and it could also signal a downturn for the broader stock market.
- Moelis banker resigns following viral video. Jonathan Kaye, who ran the investment bank's global business services franchise, has left Moelis after a video circulated online appearing to show him punching a woman at a Brooklyn Pride event. Kaye was placed on leave shortly after the video made the rounds earlier this month.
- Nvidia's endless ceiling. The AI chipmaker took a dip Monday, dropping more than 6%, but one research firm thinks it has plenty of room to run. Constellation Research said Nvidia shares could rise 65% over the next year, thanks to its CEO and industry with a high barrier to entry. Here are five other reasons Nvidia's business is protected.
3 things in tech
- Wanted: Apple's next big product. The public's lackluster response to Apple's Vision Pro release in February has led the company to reflect on its next big product. According to Bloomberg, it has its sights set on smart glasses and a more affordable Vision Pro.
- China's tech bosses are taking efficiency to the extreme. Inspired by Silicon Valley, Chinese tech companies are turning up the pressure on their workers. The increased intensity is in response to the country's top five tech companies losing around $1.3 trillion in market value since 2021.
- Clean energy for the win(d). Wind power is the fastest growing career in the US, thanks to the country's clean energy transition. The number of wind power jobs is expected to increase 45% between 2022 and 2032, and the average salary listed on Indeed sits around $80,100.
3 things in business
- Gen Z flocks to the comment section. Instead of trying to fact-check online news, Gen Z tends to rely on other users' opinions to inform their own. In the age of influencers and cancel culture, they're taking cues from their peers rather than traditional forms of authority.
- BuzzFeed really needs a "Hot Ones" deal, but the market thinks the price is too spicy. BuzzFeed has had a hard time trying to sell "Hot Ones," its viral show. Doing so would help the outlet pay off some of its $119 million debt, putting it in a better position to make a deal with Vivek Ramaswamy, who's been scooping up shares of the digital publisher.
- A recruiting shakeup has sent young bankers into a panic. A handful of leading private-equity firms, including Apollo and KKR, kicked off recruiting for lucrative positions that won't start for two more years, BI has learned. It marked buyside recruiting's earliest start date on record — and left most candidates with virtually no work experience.
In other news
- Killer of dismembered tech CEO found guilty of murder.
- A top Spotter exec breaks down how AI is changing the creator economy — and why short-form video could be a casualty.
- Groundbreaking study shows why drinking from plastic bottles may increase your risk of type 2 diabetes.
- London VC fund and Depop-backer Octopus Ventures lays off 8 of its investment staff.
- Amazon Outlet is the retailer's best-kept secret. I've saved hundreds of dollars buying name-brand products for over 50% off.
What's happening today
- SpaceX's Falcon Heavy rocket launches, carrying a NASA weather satellite.
- Arraignment of former Alaska Airlines pilot accused of trying to shut down plane's engine mid-flight.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.