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