💼 LinkedIn makes $1.7B thanks to AI

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Friday’s top story: LinkedIn has made $1.7B from premium subscriptions, thanks to its suite of AI features.

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🌤️ This Morning on AI Tool Report

1. 💼 LinkedIn makes $1.7B thanks to AI

2. 🪙 AI2 Incubator raises $200M for AI startups

3. 🪖 Intel to get $3.5B to make military AI chips

4. ⬆️ UK AI industry boosted by £100M budget

5. ⛈️ AI is making climate change worse, not better

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FINANCE

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EMPLOYMENT

💼 LinkedIn makes $1.7B thanks to AI 

Our Report: Microsoft-owned LinkedIn revealed that it made $1.7B in revenue in 2023 from its premium subscriptions, following its increased adoption of AI-powered features to help job seekers land their dream job.

🔑 Key Points:

• In 2023, LinkedIn introduced a suite of AI-powered features to boost premium subscription revenue to help premium members search, find, and apply for jobs.

• These features include the ability to scan job postings and (based on a job seeker's resume) automatically determine if the job seeker might be a good fit.

• Plus, they can help job seekers tweak their LinkedIn profiles to make them more appealing to recruiters and auto-generate messages to send to recruiters.

• As a result, last year, the number of premium subscribers rose by 25%—making $1.7B in revenue—with data showing that 90% of subscribers found the AI features helpful.

🤨 Why you should care: LinkedIn's inclusion of AI comes at a pinnacle time, as uncertain economic times mean there are at least six candidates for every job, and job seekers are desperate to do whatever they can to find employment.

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STARTUPS

🪙 AI2 Incubator raises $200M for AI startups

• AI2 Incubator—a spin-off from the Allen Institute for AI—has obtained $200M worth of computation power (compute) to help startups develop their AI models.

• Unnamed cloud providers and data centers donated “the biggest compute allocation available to startups” so startups can access computational power, through AI2.

• Any company (of any size) that partners with the AI2 Incubator can get access to up to $1M in AI compute to help them differentiate and scale their AI models.

• This comes after AI2 raised $30M last year to support AI startups, which has its seen spinoffs like Kitt.ai (acquired by Baidu) and Xnor.ai (acquired by Apple) raise over $200M, collectively.

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AI CHIP PRODUCTION

🪖 Intel to get $3.5B to make military AI chips 

• Intel—a leading US-based chipmaker—is set to receive $3.5B of funding from the US CHIPS Act to manufacture advanced AI chips, specifically for military and intelligence programs.

• The $3.5B will be dispersed over the next three years and will position Intel as the leading producer of AI chips for the defense market, across the whole of the US.

• The US CHIPS Act is a $39B funding pool aimed at incentivizing US-based chipmakers to set up manufacturing facilities to establish an AI chip manufacturing ecosystem in the US.

• Over 600 AI chip companies have expressed interest in securing a portion of this funding, highlighting the importance of AI chip production in the US.

FUNDING

⬆️ UK AI industry boosted by £100M budget

• In the 2024 Spring Budget UK, the exchequer chancellor (Jeremy Hunt) announced that the government will pledge £100M in funding to boost the UK’s AI industry.

• The funding will be released (over five years) to The Alan Turing Institute—the UK’s National Institute for Data, Science, and AI—marking a milestone in how it uses AI to tackle issues.

• The institute focuses on AI in sustainability, defense, and security, aiming to make the UK the “best place in the world for AI research, collaboration, and business.”

• Currently fourth in the international league table of AI (behind the US, China, and Singapore), the chancellor announced it wants the UK to become the next Silicon Valley.

CLIMATE CHANGE

⛈️ AI is making climate change worse, not better

• Claims that AI will help us solve the climate crisis are misguided, according to reports made by the Climate Action Against Disinformation Coalition (CAAD).

• AI systems—including those designed to help the planet with things like energy efficiency, drought prediction, and pollution leaks—are increasing energy use, damaging the planet. 

• If the rate of AI advancement continues, the number of data centers needed to power these developments will double, causing an 80% increase in planet-heating emissions.

• Plus, there is already evidence showing that training AI models (like ChatGPT and Gemini) can use as much energy as over 120 US households, in one year.

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