Discover more from Dirty Laundry: Investing, fraud and fun with language models
The best AI tools list, BNN Bloomberg interview and fun with accounting
Kris had the opportunity to speak to Ambar Kanwar of BNN Bloomberg about AI, ChatGPT, Credit Suisse, Icahn Enterprises and more. Watch the segment here. It’s a fun conversation, or so we’ve been told.
Top AI-powered tools for finance
Given that we’re the OG language modelling practitioners in finance, we’re getting a lot of inquiries about new AI tools. We’ve compiled some notes on a few of the finance-specific chatbots, as well as a list of other tools using AI and NLP. You’re welcome.
Know a great tool that we missed? Let us know, our Twitter DM’s are open.
In case you missed it, we talk about upcoming features and compare our language models to BloombergGPT in our latest newsletter.
Want to learn more about AI and finance-specific language modelling? Join Kris and Suhas on Twitter Spaces with @LillybeLilly today (Thursday the 11th) at 4pm EST.
Suhas, our CTO and co-founder, is chairing the Toronto Machine Learning Summit once again. If you’re technical, we recommend attending. You can sign up here. Turing award winner, Yoshua Bengio, is speaking this year!
Bedrock AI in the news
Tech and accounting estimates (again)
For a long time now, we’ve been talking about the impact of server/data center equipment useful life changes. If you don’t know what that means, you’re not alone. Learn more here.
We’ve argued that tech companies can’t keep increasing estimates forever and therefore, the boost to earnings from these changes is temporary. For a number of years, they’ve proved us wrong, with most cloud services companies having now changed estimates at least twice in the last few years.
We predicted the increase in their estimate of useful server lives at Alphabet. This quarter the increase in their useful lives estimates boosted net income by more than 5 percent. Along with the equity grant change, Alphabet’s earnings received a substantive boost from accounting policy decisions. (On the other hand, unlike the rest of the world, we’re still bullish on their AI capabilities.)
LIFO is out, FIFO is in
LIFO must be the most idiotic accounting policy to have ever graced the hallowed halls of U.S. GAAP. (An opinion of Kris’ that, thankfully, was not quoted in any of the articles below.) We’re not sad to see LIFO going the way of the dodo.
We appreciate the naive confidence in efficient markets of Professor Mayew and respectfully disagree. We also wouldn’t call it “manipulation”. How about “putting your best foot forward”. It’s not their fault that no one reads the notes.
According to Weiss, there’s a “Save LIFO” coalition. Not the hero U.S. GAAP needs but certainly the one it deserves.
From Mark Maurer at the WSJ about the LIFO to FIFO switch, also featuring Bedrock AI analysis:
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