Business

How well does Google’s Gemini stack up against GPT-4?

It wasn’t a matter of if, but when, Google would release Gemini. But just how well does it do compared to the predominant ChatGPT? Now that ChatGPT is a little over a year old (how cute), we’ve seen how influential it has been across the world. And now, Google wants to try its hand at dominating the AI model business.

The large language model (LLM), Gemini, released around a week ago. Google CEO Sundar Pichai and executives at the company’s DeepMind AI division say it will revolutionize generative technology for business and daily life, but now that it’s been a bit since its release, how true is that?

First, let’s go through the family of three models and their capabilities if you haven’t heard already:

• Gemini Nano, the little sibling of the group, is mainly for mobile devices. Users can enlist Gemini Nano to do smaller, more specific tasks like summarizing audio recordings or drafting automatic message replies.

• Gemini Pro is a midsize offering designed for a wider range of complex tasks. Pro now powers Google’s chatbot, Bard, which became available to Google Cloud customers Dec. 13.

• Gemini Ultra, the powerhouse version geared toward data centers and large companies, will launch next year and underpin “Bard Advanced,” a new chatbot that will be able to simultaneously process text, images, audio, and video, according to Google’s prerecorded demonstrations.

If Gemini can do what Google promises, it could chip away at OpenAI’s lead in the LLM space. Since it’s been a minute, we can see where things are leaning.

So, how does it stack up to GPT-4?

Google claimed that Gemini Pro outperforms OpenAI’s GPT-3.5 (which has since been debated) and that Gemini Ultra blows GPT-4 out of the water in most tests of their capabilities, including in reasoning, math, and coding. However, recent analysis of the publicly available models (which doesn’t include Ultra) suggest otherwise:

• The general conclusion from Google’s technical report and other qualitative tests show that the only publicly available version of Gemini, called Gemini Pro 1.0, does not surpass GPT-4’s capabilities, and is more likened to GPT-3.5.

• However, Google released Gemini 1.0 Ultra, which has shown promise of outperforming GPT-4 in a few aspects.

Essentially, Gemini hasn’t proven to be what Google claimed it was. But, Google’s edge over OpenAI could come if Ultra is smart enough to do things other AI models cant. Like making original writing and images, create arts and crafts projects based on a photo of materials, pick a music genre to match a picture, or explain errors in handwritten equations… all in one product.

Overall, the results are mixed. While Gemini shows remarkable promise for the future, it’s still a bit too early to determine if it is really better than GPT-4. At least with the current versions available to us.

Buckle up… the man behind WeWork is creating a new startup

Adam Neumann, the man behind the infamous WeWork failure, has a new business endeavor. He recently received a $350 million loan, which is Andreessen Horowitz’s (a capital market company) biggest check ever, to create his new real estate startup, Flow.

The move has brought a lot of scrutiny, considering Neumann’s failure as the CEO of WeWork, which was once a $76 billion startup… and is now bankrupt (check one of our last articles to see how). Flow’s first building is now available, and so far, only one journalist from Business Insider was let inside.

The new startup’s first property is the Society Las Olas in Fort Lauderdale. Neumann paid over $1 billion for it and six other buildings in 2021. Flow transformed the existing apartment building to be more social, adding a poolside restaurant and fitness classes to a refurbished gym, concierge staff, and an app residents can use to communicate (sounds a lot like WeWork 2.0 if you ask me).

However, it’s not as expensive: A one-bed apartment at the complex is only $2.1 thousand, and the buildings average is $2 thousand flat, which is much cheaper than most of WeWork’s past rates.

Sorry Washington, congrats Virginia

In a stunning move, Washington, DC, has rid itself of two of the three major sports teams they host. Late last week, Ted Leonsis, owner of the NBA’s Wizards and the NHL’s Capitals, announced a deal to move both teams from downtown Washington, DC, to Alexandria, VA (though it isn’t official just yet).

The deal is a big success for Virginia (which is the most lived in state without any major sports teams), where the two teams could play at a proposed $2 billion, 12-acre entertainment complex as soon as 2028.

But for every winner, there is a loser. It’s a massive stinger for the nation’s capital; Washington, DC, has one of the highest rates of people working remotely in the US, and the city is still struggling to recover post-Covid. Plus, all they have left are the Washington Commanders… yikes.

Mayor Muriel Bowser, who made a last-minute offer to Leonsis on Tuesday night to keep the teams in DC, faces the potential loss of two major fanbases and a sports hub in the city’s Chinatown area.

An emerging trend

Leonsis’s plan for Virginia places him among other billionaire franchise owners who want to capitalize off of the harmony between sports and downtown appeal, specifically entertainment and booze (what else would a sports fan want?). The next idea that some other franchise owners are chasing is a casino:

• Earlier this month, Mark Cuban came one step closer to building a new Mavs arena in the middle of a resort and casino after he struck a deal to sell his majority stake in the team to casino mogul Miriam Adelson.

• In November, New York Mets owner Steve Cohen, along with Hard Rock International, proposed an $8 billion entertainment complex and casino to be built next to Citi Field.

While the capital wants to rid itself of NBA teams… in Oklahoma City, the sport isn’t going anywhere. Voters in OKC approved a 1% sales tax for the next six years to fund the construction of a new downtown arena for the OKC Thunder. Under the agreement, the team will stay through 2050. Good for you, Thunder fans.

Food

Was children's applesauce tainted with lead on purpose?

Lead was found in children’s applesauce all over the United States. The FDA is investigating whether higher levels of lead in some cinnamon applesauces, which affected as many as 125 kids in the US, were the result of “economically motivated adulteration” or in layman terms, food fraud.

The investigation is honing in on a manufacturing facility located in Ecuador. The facility has links to the cinnamon applesauce pouches sold under three brands: Weis, WanaBana, and Schnucks… which were all recalled in November.

What is food fraud?

Food fraud is when a producer manipulates or changes ingredients in a food product to gain a competitive edge (like watering down tequila to make it at a cheaper price). Food fraud alone may cost the global food industry up to $40 billion a year, according to some estimates.

But why applesauce? The answer lies in cinnamon. Lead can be added to spices with a reddish hue to increase weight (making them more expensive) or to make the red color more vibrant, food safety experts told the NYT.

The FDA does not currently test for lead in food imported to, or made in, the US. Critics say kids who eat these products are left as testing subjects while the FDA does nothing to stop it.

Food brands want to compete with weight loss drugs

With weight loss drugs becoming increasingly popular, food brands want in on the action. The use of weight loss medicines like Ozempic, Mounjaro, and Wegovy have skyrocketed in the last year, and analysts estimate 7% of the US population (around 24 million people) will be taking the drugs by 2035.

Food companies can’t sidestep this. Especially since the weight loss drugs can reduce your calorie intake by up to 30% every day.

Brands are increasingly creating new products to keep up with the shrink in consumer appetites, per The Wall Street Journal:

• Nestle, the world’s largest food company, is working on sibling products that would supplement vitamins and minerals and reduce loss of muscle mass.

• Abbott Laboratories (which makes Ensure shakes) is working on a new protein drink specifically for weight loss drug users.

• General Mills is also messing with protein-packed products to accompany the new drug surge.

• And protein shake and powder company BellRing Brands, which has had revenue increase 22% in the last year, is considering new formulations to include the micronutrients dieters need.

Let’s weight it out

Other companies are taking a different approach with new products that try to copy the effects of weight loss drugs, without the prescriptions and high prices.

• Startup Supergut makes prebiotic snacks and shakes, which it calls “nature’s Ozempic.” It’s seen a 50% increase in sales in the past month.

• On a more troubling note, supplement brands are putting berberine, a natural compound found in plants, in their items, which took off on social media and can carry serious risks.

Whether brands decide to tweak existing products, shrink portion sizes, or launch new, weight loss-friendly options, will likely depend on how many people decide to cut their weight with prescription drugs.

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Grab Bag

Saudi Arabia will host the 2030 World Fair

Yes, apparently, World Fairs are still a thing. A bunch of people gathered in Paris and decided they wanted to spend half a year of their time in Riyadh, Saudi Arabia, in 2030. Sounds… fun?

While it may not seem particularly notable, it’s more important than you think. The voters weren’t just your average joes, either. They were delegates representing 182 countries in the Bureau International des Expositions, which has overseen World Expos since 1928, gathering to select its next host city.

The 2030 event is a big deal for the Saudi kingdom, which is already hosting the international exhibition and the 2034 World Cup. Both will be key to cleaning the nation’s global image which is stained by authoritarianism and human rights concerns. Not to mention, it would help to diversify its economy beyond oil.

It took some convincing…

The Saudis put aside over $7.8 billion to host the 2030 event and the spending spree has already started, as the BIE’s blessing doesn’t come easy, per Politico:

• The two other finalists (Busan, South Korea, and Rome, Italy) put on intriguing events, enlisting respective star power like K-pop sensation BTS and the Gladiator himself, Russell Crowe.

• Saudi Crown Prince Mohammed bin Salman personally campaigned hard, pairing his pitch with an aquatic show and a lobster and caviar dinner.

• An appearance from soccer star Cristiano Ronaldo probably didn’t hurt the Saudi’s chances either.

Is all of this worth it for a single expo?

Now a bi-decade event, World Expos aren’t the same as they used to be. Looking back: the 1893 Chicago World’s Fair debuted the Ferris wheel, and the 1900 Paris Exposition attracted over 50 million visitors. Gonna be hard to top those two.

But even if they don’t attract 50 million visitors, they’re still great for the economy. Research conducted as part of South Korea’s bid for the 2030 Expo estimated the event would generate around $45 billion and over 500 thousand jobs over its half-a-year run.

According to BIE, World Expos are designed to find “solutions to pressing challenges of our time… through engaging and immersive activities,” which, honestly, sounds like fun. However, I’m not sure I’d be a fan of the Saudi Arabian heat.

Shoppers are going crazy for Costco’s gold

As an avid fan of Costco, if you had asked me what their hottest item was, I wouldn’t have guessed it is gold bars. The bulk-buy store recently began carrying one-ounce gold bars, and apparently, a lot of people like to buy them.

Costco customers bought an astounding $100 million worth of gold bars last quarter, CFO Richard Galanti said on an earnings call this week.

Why the craze? The price of gold briefly went over $2,100 per ounce for the first time ever earlier this month as analysts expect that the Fed might start cutting interest rates in the spring and that the dollar will weaken. Gold often attracts investors in times of dropping yields on savings accounts and bonds.

Is it a good idea?

As of Saturday, the South African-made bars were going for $2,069.99, just about $45 above the price at the time of writing for one-ounce of gold on the market. But, before you rush to your nearest Costco:

• The bullion is available exclusively online, and only Costco members can order them.

• There’s a limit of two per person, and, unlike many other Costco items, you aren’t able return them.

If you decide you want your hands on them, they typically sell out fast and are often out of stock, so don’t wait around.

Fast Facts

Drinking Doritos: Doritos came out with nacho cheese flavored liquor. I don’t think I’d try it even if you paid me. Okay maybe I would.

Congressional Cinema: The Library of Congress has added its annual 25 films to its National Film Registry. This year’s picks include Apollo 13 and the Christmas classic Home Alone.

Gift Giver: Need help with your gift wrapping? Here’s some tips from an expert.

Hosting Hike: News for Jeopardy fans everywhere (which is probably just me): Mayim Bialik is out as co-host, leaving Ken Jennings as the sole answer asker.

Oat Outage: Quaker is recalling several of its granola-based products due to a potential salmonella contamination. The full list is here.

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