Funston Brief (Issue No. 25)
This month, our featured commentary discusses the way synthetic data can help AI. We also dive into the newly released Apple Vision Pro and what that means for spatial computing and the metaverse.
Synthetic Fuel for AI: A Boon or Bane?
Large language models (LLMs) are revolutionizing fields from translation to writing, but their insatiable data appetite faces a looming crisis: exhaustion. Researchers propose "synthetic data" as fuel, but can it sustain LLMs without ethical pitfalls?
Scarcity Bites: LLMs thrive on diverse, massive datasets. Scraping existing data yields inconsistencies and biases, while manual curation is expensive and unsustainable. This "data drought" threatens to stall LLM progress.
Synthetic Savior? AI-generated data mimicking real-world information seems promising. It can be tailored, scaled, and explore hypothetical scenarios beyond real datasets. However, challenges remain:
Replicating Reality: Can synthetic data capture the nuances and complexities of real-world data without introducing biases or inconsistencies?
Computational Cost: Generating vast amounts of synthetic data is computationally expensive.
Ethical Dilemmas: Misusing synthetic data can spread misinformation and manipulate people.
Balancing Benefits and Risks: While synthetic data offers potential benefits like addressing scarcity and exploring new possibilities, ethical considerations are paramount. We need collaboration between researchers, developers, and policymakers to ensure its responsible and ethical use.
ACTIONABLE INSIGHTS.
On spatial computing, metaverse, the terms left behind and ideas renewed: Matthew Ball explores "spatial computing" and the "metaverse" in a comprehensive new essay. It's fascinating how old terms come back, sometimes subtly twisted, reshaped, or burdened by intervening trends. This begs the question: what truly matters when navigating this future, and what can we safely leave behind?
Key Insight: Disney and Epic Games announced a collaborative project – a Fortnite-connected virtual experience. This collaboration points towards a future where virtual worlds become increasingly interconnected, regardless of chosen terminology. Ultimately, the success of such concepts hinges on our collective understanding and focus on what truly matters: creating engaging, meaningful experiences that transcend mere buzzwords. Link
EAR TO THE GROUND.
Podcast Episode: Barry Sternlicht's stories from building a $120 billion empire
Guests: Barry Sternlicht
Takeaway:
Meet Barry Sternlicht, a modern hotelier who built an empire from the ground up. He launched the iconic W Hotels brand, spearheaded the sale of Caesar's Palace, and grew his company from a mere two people to a staggering 120,000 in just seven years. As Chairman & CEO of Starwood Capital Group, he leads a global real estate investment firm with $240 billion in assets and a track record of structuring investments across diverse sectors: 290,000 residential units, 4,000 hotels, millions of square feet of commercial and industrial space, and extensive land holdings. Barry's 32-year career is a testament to his vision and execution, making him a true pioneer in the industry.
“I’m looking to back people that can do niches. In a way, we’re blessed and handicapped by our scale. We have to do big things. In a way, we’re capital allocators. Our job is to put the money out, and we can’t manage this stuff ourselves - it’s too granular.”
- Barry Sternlicht, Chairman & CEO of Starwood Capital Group
3 million
Over 3 million Apple Cardholders are swiping twice or more monthly, fueling $1 billion in rewards earned in 2023. Link
PROFILE.
At 81, Martin Scorsese remains ever-working, a creative dynamo who battled addiction, four divorces, and box office flops, all while racking up 13 Oscar nominations (and one win). Now, he embarks on a new project, stripping away expectations to explore the film's raw essence. Enjoy his profile!
“I feel strongly about the pictures I’m making and how I’m making them [...] I don’t really belong [in the Academy]. I don’t know if I think like them. I just mind my own business here.” - Martin Scorsese on his relationship with the Academy.
ON MY RADAR.
A primer on prompt design from LinkedIn’s head of AI. Link