A Brand new AI tool named Warren Buffet has been making headlines these days as Mayo Oshin, the artificial intelligence engineer behind this latest invention claimed that his AI tool was aimed to approach corporate filings with much ease.
Oshin said he suggested the name of the bot after the chairperson of Berkshire Hathaway, Warren Buffet because the bot itself was designed in the style of the popular business magnate.
Until now, the legal world was entailed with complex contracts that required much time to be read and understood. Properly filing legal cases, updating them, and tracking them were considered full-time jobs.
Indeed, some of these cases even needed hours to be resolved. However, the situation seems to have changed after Oshin stepped ahead asserting that his latest project, Warren Buffet, will do the job easily with less time.
On March 27, 2023, Oshin tweeted that he built a “GPT-4 Warren Buffet,” a financial analyst for the purpose of analyzing multiple PDF files, approximately files over 1000 pages, of the business mogul, Elon Musk’s Tesla 10-k annual reports.
He further added that his latest invention was powered by different frameworks including Pinecone, OpenAI, and MagChainAI.
The latter is an open-source framework that provides a number of tools and resources to encourage the AI application’s development. Although the AI engineer is based in London, England, it has never stopped him from being a part of these open projects which could be accessed from any part of the world.
In a recent interview with Decrypt, Oshin invited the tabloid attention to the prevailing trend which was “to incorporate the concept of retrieval” which has lately been one of the crucial needs for several businesses.
Retrieval generally refers to “chat with data,” and when it is added to their AI systems, the worlds that were meant to be hard would be carried down in a much simpler way.
Since Oshin has been experimenting with the capabilities of the retrieval thesis, his words appeared to be logical to many when he said that he recognized a potential demand for practical examples to demonstrate how retrieving can benefit businesses when it is applied to different types of data and documents.
In addition to it, he commented on the major drawbacks of the current business system where it takes much time to come up with annual reports. As an example, he cited a case where a situation in Tesla required an immediate look at its management performance or its current risk factors.
According to him, the major problem here was that the manpower would require more time than preferred to go through the hundred-page documents.
Connecting his AI tool with the aforementioned situation, Oshin stated that the project goal was to portray the significance of AI in assisting in analyzing complex documents.
He further answered the “how is that possible question” by adding that with the help of its retrieval capabilities, the process of extracting relevant data to come up with a meaningful insight could be made possible within a short span. If this is something to go by, then Oshin added that it could lead to better and quicker decision-making than before.
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The one point that made sense to many internet users was the retrieving capability for his new project which would replace the effort and time spent manually reading the document.
As he explained, the idea behind the chatbot involved depending on the features of ChatGPT, in order to perform a specific task on a piece of information made available. As for the demonstration, he said that the AI tool could perform overtime analysis based on a time series approach.
Oshin then went on to cite an example to elucidate his point where he mentioned the analysis of cash flow performance over the course of several years, which is typically done to reveal the ongoing trend.
In another statement, Oshin pointed to the possibility of bringing AI in a cost-effective manner, even though he said that many were still blinded by their own beliefs of professing that AI is expensive. In fact, according to him, the hype around the technology is the result of the public’s excited yet scared approach to AI.
“The people working on AI research” themselves are unaware of the true potential of AI, he said. Indeed, he reasoned this very general approach for unanimously considering AI as a technology that was confined in the grey area.
Years before inventions like ChatGPT emerged on the scene, the value investor Buffet had underscored the unrivaled potential of AI claiming it could stoke potential tension and spark job losses.
But in support of the invention, he also said that the implementation of such productive machines could leave workers with more leisure time. He also suggested that although AI could be politically fraught, it was still good for society in general.
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