Today’s Top Picks:

Stay informed with our daily dose of AI news and industry insights to help you make informed business decisions.

• Efabless is hosting a contest to create AI Chips. The winners will have their chips fabricated for free (usually costing $10,000). The contest is currently open, and entries must be submitted by June 2nd.

  • TL;DR - Golden tickets in the AI industry just keep appearing! This is a unique and exciting opportunity to build and test an AI CHIP MVP in a rapidly growing market. If you're not sure where to begin, don't worry. Now, you have the chance to write the code for your very own AI chip using ChatGPT or Bard. Take advantage of this opportunity to build and test your first product for free!

• Irish Times apologizes for hoax AI article about women’s use of fake tan.

  • TL;DR - AI can make content creation easier and faster for your business, but it requires teamwork. Create processes to ensure your human team supervises AI tools. Train them to be skilled editors and verify the information provided by AI. One false piece of content can damage your brand and how customers perceive you. If something misaligned is posted, act quickly and intelligently to address and fix it. Protect your business's image, as it is your most valuable asset.

• AI faces legal limits in these 6 states.

  • TL;DR - It's time to carefully consider which AI tools can benefit your business. Remember, not all features may align with your specific needs or the regulations in your operating location. Some states have put in place or will put in place laws to prevent AI-based discrimination and deception towards consumers and job applicants. Even if your business operates outside of those states, it's important to stay updated on the regulation trends. Prioritizing consumer rights and being transparent in AI decision-making should be top considerations for your business.

AI Tip of the day:

Reinforcement learning is an AI technique that enables your system to learn through trial and error, much like how humans learn through rewards and punishment. Your business can reap significant benefits from reinforcement learning as it empowers AI to identify the optimal actions in complex or uncertain scenarios. Tools like OpenAI Gym and TensorFlow can assist you in implementing this technique into your applications.

Imagine you own a small online store and want to make the most money from your products. But here's the challenge: the market keeps changing, and it's tough to figure out the right prices on your own.

With reinforcement learning, the AI can find the right prices for your products. It starts by testing different price points, observing the sales and profits. Based on the feedback, it adjusts the prices and continues experimenting until it finds the best results.

Over time, the system learns patterns and understands which price points generate higher profits. It eventually develops the ideal pricing strategy. The system adjusts based on customer needs and continuously improves decision-making to maximize profits.

By learning through trial and error, the system finds the best pricing strategy in changing markets, helping you maximize profits and stay competitive. And that's just one of the ways it can assist you! Think about your needs and how this tool can automate your processes.