Welcome, AI enthusiasts.

Remember the negativity around OpenAI’s massive spending to power its models?

There might be a billion new reasons to change that sentiment. Let’s dive in…

In today’s AI rundown:

• 💰 OpenAI raking in cash as ChatGPT gets down to business

• 🇨🇳 China set to greenlight first AI models

• 🛠️ 7 new AI tools

• ✍️ Generate AI images with text using Ideogram

• 🤖 3 quick AI updates

Read time: 3 minutes

LATEST DEVELOPMENTS

OPENAI

💰OpenAI raking in cash as ChatGPT gets down to business

Image source: Midjourney

The Rundown: OpenAI is reportedly on pace to hit $1B in annual revenue as more companies adopt ChatGPT, a huge leap fueled by enterprise demand.

Details:

• The company is currently earning around $80M in monthly revenue, according to The Information.

• OpenAI lost a reported $540M last year developing its costly AI models, with the current revenue push coming amid copious spending needs.

• The team launched ChatGPT Enterprise this week, targeting businesses with a tailored model alongside the current premium consumer subscriptions.

Why it matters: After early losses on pricey models dominated headlines, OpenAI's sudden cash explosion should help silence critics. Plus, with Enterprise unlocking more money from big businesses, the revenue surge might just be warming up.

TOGETHER WITH INNOVATING WITH AI

🔑 Unlock your AI potential with no-code

The Rundown: Don’t let a lack of coding expertise stop you from launching your own AI product. Innovating with AI created a free cheat sheet to fast-track your entire process.

Here’s what’s inside:

• No Code Solutions: Explore best-in-class tools for launching AI-powered apps without coding.

• Low-Code AI Mastery: Learn how to effortlessly collaborate with software developers.

• Streamline Your Workflow: Easily integrate powerful AI models without writing a single line of code.

Click here to access your free video lesson now!

INTERNATIONAL AI

🇨🇳 China set to greenlight first AI models

Image source: Midjourney

The Rundown: China is reportedly set to approve its first public generative AI services this week, allowing the country’s own tech giants to take on the leading US-based models.

Key points:

• The approval comes just weeks after China implemented its first AI regulations and signals Beijing’s endorsement of the industry it deemed both a “political and business imperative”.

• The country’s top tech leaders, Baidu, Alibaba, and Tencent, are racing to roll out rival services, with Baidu’s Ernie Bot expected to be the first to win government approval.

• U.S. sanctions on semiconductor exports could play a role in Western models staying ahead, though Baidu claimed in June that Ernie was already outperforming ChatGPT in several areas.

Why it matters: With all AI ambitions unlocked, a new tech powerhouse emerges as the AI frenzy continues to spread across the globe. But it remains to be seen if China’s models will threaten current leaders in the short term.

TRENDING TOOLS

🤖 Consensus- Give ChatGPT access to 200 million research papers to help you answer questions, draft content, and more (link)*

🤝 Kula- Source, engage, and hire effortlessly with AI (link)

👂 ListenMonster- Perfectly transcribe audio the first time (link)

🔥 Jasper- An AI copywriter assistant that can generate any kind of marketing copy (link)

📝 Writesonic- ChatGPT alternative that addresses the limitations of ChatGPT (link)

🕵️‍♂️ GPT Zero- Detect whether an essay is ChatGPT or human-written (link)

🐝 Uizard- App, web, & UI design made easy with AI (link)

Browse the most popular tools ever featured with our tool database.

* = This is sponsored content

AI TRAINING

🚨 Important reminder

Our August Giveaway ends tonight at 11:59 p.m. PST! We’ll be randomly selecting 5 winners from our pool of over 300,000 entries tomorrow and we’ll officially announce winners in Monday’s email.

Keep an eye out for the final star emoji hidden somewhere in today’s email for your final entry!

✍️ Generate AI images with text using Ideogram

Since the launch of AI-generating image platforms, all models have notoriously struggled to imagine text properly in the results.

But a new platform called Ideogram (which opened in beta this week) seems to have made some serious progress in cracking the text-generating code. How to get started:

• Head to Ideogram.ai and create an account (it’s free to try).

• Type a prompt of the image you’d like to create, similar to how you would in Midjourney or another tool.

• Ideogram also has a list of suggested styles (photo, cinematic, painting), as well as a sizing feature.

  • For this example, our prompt was: “A cartoon image of a happy robot holding a sign that says ‘The Rundown’”

• Continue tweaking your prompt and the styles as needed until you get the result you like!

QUICK HITS

🍳 Samsung whips up AI food assistant

Samsung just announced the launch of an AI-powered food app called Samsung Food in 100+ countries. Drawing from its acquired app Whisk's 160K recipe database, it suggests dishes, meal plans, and ingredients to order. Samsung Food also controls appliances and shares recipes — and next year, the company says its Vision AI will be able to ID food via phone cameras.

🎮 CoD enlists AI to clean up toxic voice chat

Popular video game Call of Duty is bringing on AI startup Modulate to help tackle its longstanding voice chat toxicity issues. Modulate's ToxMod system filters and takes action against harassment and hate speech in real-time and is rolling out with an initial beta in existing games before a global launch alongside Modern Warfare III in November.

💊 QuantHealth brings AI clinical trials to US

Israeli startup QuantHealth announced a $15M Series A raise on Wednesday. The company hopes to optimize clinical trials and streamline drug development — using AI to predict risks and outcomes and analyzing vast patient data (covering over 350M patients) to identify how subjects may respond to treatments.

SPONSOR US

🦾 Get your product in front of over 300k+ AI enthusiasts

Our newsletter is read by thousands of tech professionals, investors, engineers, managers, and business owners around the world. Learn more or get in touch today.

THAT’S A WRAP

If you have anything interesting to share, please reach out to us by sending us a DM on Twitter: @rowancheung & @therundownai

⭐️ Rundown review of the day