As Walmart becomes a lifeline, online sales surged 74%

  • “Online sales in the U.S. jumped 74% for its fiscal first quarter that ended April 30, which captured the brunt of the pandemic’s outbreak. Same-store sales rose 10% at U.S. Walmart stores on strong sales of food, health and wellness goods.
  • Ken Perkins, president of research firm Retail Metrics, said he expects earnings will be down 36.6% for the 103 retailers he tracks compared to the year-ago period.”

AI For Wealth Management: How Banks Should Prepare

  • “Already, 46% of consumers admit that they feel overwhelmed when it comes to financial affairs. Empowering them with the right tools can help you secure their loyalty for the next decade. That is particularly important as, by 2029, millennials will control the largest share of disposable income, making them the ideal candidates for wealth management services.
  • Robert Golladay, general manager, Europe, at CognitiveScale, shares the same sentiment and says, ‘The winners in the wealth management space are probably going to use AI to understand how a person wants to be communicated with and marketed to.’”

Microsoft teamed up with OpenAI to build a massive AI supercomputer in Azure

  • “At its Build developer conference, Microsoft today announced that it has teamed up with OpenAI…to create one of the world’s fastest supercomputers
  • Microsoft says that the 285,000-core machine would have ranked in the top five of the TOP500 supercomputer rankings.
  • To be in the top five of supercomputers, a machine would currently have to reach more than 23,000 teraflops per second. It’s also worth noting that the No. 1 machine, the IBM Power System-based Summit, reaches over 148,000 teraflops”

Facebook details the AI behind its shopping experiences

  • “Facebook today announced improvements to the shopping experiences across its platform, including Facebook Shops, a new way for businesses to set up a single online store
  • The company characterized the new products — all of which are powered by a family of new AI and machine learning system — as a step toward its vision of an all-in-one AI assistant
  • Rather than manually annotate each image with product identifiers, which would have taken ages — there are 3 million possible identifiers — Facebook developed a technique to automatically generate additional identifiers using GrokNet“

Facebook details the AI behind its shopping experiences

Accenture, accelerated: Three years of transformation in three months

“Here are takeaways of our interview with Paul Daugherty at Accenture:

  • COVID-19 pandemic is different than any other crisis we’ve ever seen.
  • COVID-19 has increased the gap between digital laggards and leaders.
  • A digital foundation is a requirement for adaptability and crisis management.
  • Accenture does not believe in social distancing — it believes physical distancing but bring people together socially.
  • We are seeing three years of digital and culture transformation in three months.”