Aravind Srinivas claims 'to perplex labs increases AI's IPO essay accuracy up to 98-99%' | Company Business News

David Solomon’s statement from Goldman Sachs CEO of Goldman Sachs that “AI 95% of an IPO prospectus can write accurately”, the confusion boss Aravind Srinivas made an even bolder-after the confusion laboratories, he believes that the likelihood of ai-writing of an IPO Prospectus has increased to 98-99%. What did Solomon say about AI that writing IPO prospectus? Earlier this year, Solomon, while during the Cisco AI summit in California, claimed that AI can write 95% of an IPO prospectus accurately and that people are needed for the last 5% of the work, a report from Financial Times pointed out. Solomon noted the process of setting up an initial registration prospectus for an IPO, known as the S1, that, while a team of six people can complete it within two weeks, AI can now perform the same task “within minutes.” ‘The work to set up an S1 may have taken a team of six people to complete for two weeks, but this can now be done 95 percent by AI within minutes. The last 5 percent is important now because the rest is now a commodity, “he said. Goldman Sachs has 11,000 engineers among his 46,000 employees, who, according to Solomon, use ‘AI to help set up documents for public filing’, added the FT report. AI To improve bank productivity, apart from setting up IPOs, AI is expected to improve banking productivity; However, it is difficult to make money from it, Reuters reported in December, referring to industry experts. While talking at the Reuters Conference in December, Solomon noted that machine learning and AI have the potential to improve bank productivity, especially in coding tasks. “We have 11,000 engineers. We are doing an enormous amount of coding. If we can increase their coding productivity by 20 or 30 percent with these tools, it’s a huge wind for us,” he said. Leading banks use AI in virtual assistants for clients and have introduced tools for employees in compliance, finance, HR and risk management, while developing wealth management products, the report added. (With input of Reuters)