Generative AI for legal pros everywhere.

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Ok, today we will:

1. consider if legal case prediction follows stock picking

2. summarize long-form internet content via Bing Chat

3. share how to export your ChatGPT data

4. dig into Amazon’s Generative AI investments a bit

5. see what the EU ChatGPT Taskforce is up to

6. update you on US Congressional actions

🆓 📣 Today’s edition is brought to you by my Free 5-Day Intro to ChatGPT Email Course. Join 120+ others who have signed up since the launch last week.

Stock Picking 🔜 Legal prediction?

Step aside, Wall Street! ChatGPT may be the next hot stock predictor:

• Finance professor Alejandro Lopez-Lira finds ChatGPT can predict stock returns better than random chance in a recent unreviewed study

• Experiment taps into AI's "emergent abilities" to understand financial news headlines and their impact on stocks

• However, large language models like ChatGPT still have limitations and are far from performing many finance tasks - like doing math 😂

• Regulatory and employment implications in the financial industry loom as AI continues to develop

• Markets could become more efficient as AI integration increases, reducing return predictability in the long run

⚖️ 🧰 Question: Can a similar tool be created to read headlines to “predict” legal actions, regulatory impacts, contract disputes, etc., and therefore give lawyers a tool to be proactive in helping clients or attracting new clients?

Two bits on this:

• Does anyone know what the large litigation finance companies are doing in the Generative AI space? Can imagine this is all quite interesting to them.

• About 10 years ago I had the privilege to review government-funded tech that would “read” news headlines around the globe to try to predict political and social destabilization. It was wild then! I cannot even imagine where GenAI is likely taking this now.

Use Case: Bing Chat for Long-Form Internet Articles

If you have access to Bing Chat, this is another tip on how to use it over ChatGPT. If you still haven’t gotten access, please review Brainyacts #33 as I give you a step-by-step guide.

ChatGPT does not have access to the internet. Bing Chat does!

This means that you can ask Bing Chat to do things like review and summarize current online articles. This is great!

The annoying problem with Bing Chat though is that it tends to return really short responses compared to ChatGPT. They leave me wanting more detail and robustness.

This is truly problematic when you are dealing with long-form content. Asking it to summarize the article returns an overly simple and far too short response.

To combat this I have been trying to push Bing Chat to be less lazy and give me a better more complete summary. I have discovered two ways so far.

Prompts:

Once you have the article you want Bing Chat to summarize, simply copy its URL (web address). Then use the following prompts

🚨IMPORTANT: Bing Chat has 3 modes: Creative, Balanced, and Precise

For this use case, I will show you the Balanced and the Creative.

▶︎▶︎ PROMPT [choose balanced]: In essay format please summarize the article: [paste the article URL]

Asking for “essay format” triggers a longer response.

Reponse with the “essay prompt.” 👇

Ok, now we will try the same prompt but in Creative mode:

▶︎▶︎ PROMPT [choose Creative]: In essay format please summarize the article: [paste the article URL]

Big difference!

Now the Creative mode output is still much shorter than the original article by 1700 words! And it does a great job of summarizing and giving context and color to it.

Another prompt that might be more helpful, depending on the nature of the article is the following one. It returns a prompt in a table format.

▶︎▶︎ PROMPT [choose Creative]: In table format, summarize the following article. The table should have 2 columns - 1 labeled key points/ideas/concepts and the other labeled description. Extract all the key points you can. Here is the article: [paste the article URL]

💣💥🤯 BOOM!!

You now have a tool and a method of converting long-form online articles into sweet summaries - essay or table style.

News you can Use: 

1. ChatGPT export

You can now export/download your ChatGPT chat history.

Here is a link to the simple directions.

2. Amazon’s AI

Amazon CEO, Andy Jessy, released his annual shareholder letter today. Key takeaway → Amazon is all-in on Generative AI in more than one way!

Amazon's bold investment in Large Language Models and Generative AI sets the stage for a transformative future across all aspects of their business.

• Amazon's extensive use of machine learning spans 25 years, with applications in personalized e-commerce, fulfillment centers, Prime Air drones, and Alexa.

• The emergence of Generative AI, founded on Large Language Models, promises to accelerate machine learning adoption and revolutionize customer experiences.

• Amazon is developing its own LLMs to enhance consumer, seller, brand, and creator experiences.

• AWS democratizes Generative AI technology, offering the most price-performant machine learning chips (Trainium and Inferentia) for businesses of all sizes.

• AWS provides customers with a choice of LLMs and the security, privacy, and features they expect.

• Applications like AWS's CodeWhisperer revolutionize developer productivity with real-time code suggestions.

• 🚨 The potential impact of LLMs and Generative AI on customers, shareholders, and Amazon as a whole cannot be overstated.

3. New EU ChatGPT Taskforce 

The European Data Protection Board (EDPB) has established a task force to develop a common privacy policy for artificial intelligence, specifically addressing concerns related to ChatGPT.

This follows Italy's recent unilateral action to restrict ChatGPT, a move that could be replicated in other European countries like Germany. The EDPB task force aims to encourage cooperation and information exchange regarding potential enforcement actions by data protection authorities.

The goal is not to penalize ChatGPT's owner, OpenAI, but to create transparent general policies for AI applications. The EDPB is an independent organization overseeing data protection rules within the EU and is composed of national data protection watchdogs.

4. Italy States Demands to OpenAI

Italy's data watchdog throws down the gauntlet for ChatGPT, demanding compliance with GDPR or face consequences.

Key Points:

• OpenAI must publish a transparent information notice detailing its data processing.

• Age gating must be adopted to prevent minors from accessing ChatGPT, with a more robust age verification system to follow.

• Legal basis for processing personal data for AI training must be clarified (consent or legitimate interests).

• Users and non-users must be able to exercise rights over their personal data, including corrections or deletion.

• Users must have the ability to object to OpenAI's processing of their data for algorithm training.

• OpenAI must conduct a local awareness campaign in Italy.

• Deadlines: April 30 for most measures, May 15 for the awareness campaign, and September 30 for the robust age verification system.

5. US Congress Readies AI Action

AI regulation is coming, and Congress is getting ready to roll. Schumer takes the lead on shaping the future of AI legislation.

Key Points:

• Schumer spearheads efforts to craft AI regulation legislation in response to rapid development and global competition.

• Urgent focus on creating resilient regulations that balance security, accountability, transparency, and innovation.

• Proposed regulations include identification of algorithm trainers and intended audience, data source disclosure, explanation of AI responses, and transparent ethical boundaries.

• Schumer's proposal will be refined over the next several weeks with input from academic, industry, and government experts.

That's a wrap for today. Stay thirsty & see ya next time! If you want more, be sure to follow me on Twitter and LinkedIn.

DISCLAIMER: None of this is legal advice. This newsletter is strictly educational and is not legal advice or a solicitation to buy or sell any assets or to make any legal decisions. Please be careful and do your own research.