Stay ahead with real-time Wall Street scoops.

BBVA Boosts Efficiency with ChatGPT Enterprise as NVIDIA Rides AI Wave to Record Earnings

Word on the StreetSunday, Nov 24, 2024 10:00 am ET

1min read

Recent user reports indicate that ChatGPT Enterprise has improved productivity across various banking departments. Around 80% of users have noted a time savings of over two hours per week with the tool, despite some challenges in integrating ChatGPT with complex banking systems and internal databases.

BBVA, Spain's second-largest bank, has been at the forefront of adopting OpenAI's ChatGPT Enterprise, signing an agreement in March that includes 3,000 licenses for ChatGPT Enterprise. This collaboration makes BBVA one of OpenAI's largest financial services clients. The bank's departments, including legal and risk management, have since utilized over 2,900 GPTs, tasked with specific processes such as translating risk terms and formulating responses to retail banking queries.

The productivity enhancement and creativity unleashed by ChatGPT within BBVA have been significant, although concerns about scalability and integration persist. Elena Alfaro, BBVA’s head of global AI applications, pointed out the complexity of assimilating such tools into their intricate systems.

Apple is making strides in developing a more conversational Siri, aiming to rival ChatGPT. Sources reveal that the new Siri will employ sophisticated large language models (LLMs) to allow more complex interactions more swiftly. Details of the system remain under wraps, but the move signals Apple's intent to keep pace with competitive AI-based assistants.

Meanwhile, OpenAI is reportedly considering developing an in-house web browser incorporating ChatGPT, potentially challenging Google's Chrome dominance. While still in preliminary discussions, OpenAI plans to partner with developers from major sites like Redfin and Priceline to strategize this product's development.

Over at NVIDIA, the tech giant has reported a stellar performance in its latest third-quarter earnings. NVIDIA achieved revenue of $35.1 billion, marking a 94% year-over-year rise, driven primarily by its data center business. With major contributions from cloud service providers and advancements in AI and machine learning, NVIDIA has set optimistic revenue projections for the upcoming quarter, emphasizing continued AI-driven growth.

CEO Jensen Huang commented on the strong demand for NVIDIA's new Blackwell chips, expected to embark in the current quarter. This robust financial outlook and NVIDIA’s innovative edge underpin its leading status in AI and chip manufacturing sectors, promising sustained growth and compelling investor interest.

In recent trade, NVIDIA's stock witnessed volatility, hitting new highs before experiencing a pullback, yet closing with a slight gain. Given its extensive momentum, NVIDIA remains a powerhouse in the tech arena, with its stock reflecting confidence in its long-term financial trajectory.

Despite some downward pressures like the high costs of hastening chip releases, NVIDIA's strategic focus on AI and progressive developments in its hardware offerings assure its pivotal role in the technology landscape.

Comments

Add a public comment...

Post

Bossie81

11/24

Dealmongering on GOOG - devising a workaround to counter DOJ's slaps Some key highlights from the weekend (for those who might've missed them): - DOJ has demanded that Google divest itself of Chrome and be barred from reentering the browser market for five years. It has also prohibited Google from "acquiring any interests in search rivals, potential entrants, and rival search or search ads-related AI products." - Google's 'anticompetitive payments to distributors, including Apple and Samsung' have been halted, with the aim of avoiding Google being the default search engine on their devices. Content creators now have the option to opt-out of Google crawlers to train its AI. The most analogous case in history to this one is that of Microsoft Corp. in 2001, where the DoJ sought to split Microsoft due to its dominance in the web browser market on Windows. This case was eventually settled, however, and could serve as a precedent for the current situation with Google. In light of the DoJ's actions, consider Google's search and browser market share: - Search is nearly 50% of Google's revenue (Q3 results) - Browser market share: Chrome - 60%, Safari - 18%, Edge - 8% GOOG will need to work hard to maintain a high search traffic, and it may have a few options to consider to achieve this goal. For instance, it could: - Spin off Chrome as a standalone listed company, similar to Opera browser. This, however, might be the least favourable option, as the average user would be unlikely to install a browser-only app over a factory default browser. - Create a new company combining Chrome and Gemini, aiming for an "AI" valuation. This strategy may not attract advertisers unless the new 'app' gains wild popularity like Chat-GPT. - Form a new company with Android and Chrome, providing an operating system for device manufacturers. This might be impractical, given that Samsung already has its own version of Android. Regardless of the path it chooses, Google will need to find a way to gain search traffic, potentially partnering with a prohibited company to achieve this goal. Another alternative could be to create a 'personal suite' of applications, such as Gmail, Calendar, Docs, and Chrome, which could bundle together and reach millions of users from day one, within the bounds of the law, of course. Failing that, a settlement could be the only answer to make it all go away. In the interim, the stock will likely remain under pressure with a downward bias, until there is clarity on the case. However, even if total revenue of the demerged companies took a hit of 30%, the stock still offers great value at a PE of 22.

fgd12350

$GOOGL Just woke up and checked my phone – Google is down by $15-20. Gonna post an “I told you so” after I sell my puts. Celebrating!

911Sheesh

Looking at the upcoming Black Friday sales from Walmart and Amazon, it's clear that Apple products, overall, are the top-selling items. 🍏

THenrich

BBVA leveraging AI smartly, not just a buzz

Wonder how BBVA's integrating ChatGPT with legacy systems, feels like playing old video games while the new ones have AI.

Straight_Turnip7056

NVIDIA's AI momentum is unstoppable, still bullish. 🚀

slumbering-gambit

BBVA's GPT rollout feels like a wild west ride, but the potential gains are huge. Integration's the real challenge, though. Imagine the power if they pull it off smoothly. Anyone else think the bank sector's future is heavily AI-driven?

OpenAI moves could shake up browser market soon

No More Comment