Sundar Pichai, chief executive of Google and its parent company Alphabet. AP
Sundar Pichai, chief executive of Google and its parent company Alphabet. AP
Sundar Pichai, chief executive of Google and its parent company Alphabet. AP
Sundar Pichai, chief executive of Google and its parent company Alphabet. AP

Google's rebranded AI platform Gemini includes new app and subscription service


Alvin R Cabral
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Google has rebranded its generative artificial intelligence platform Bard – and it's more than just a name change.

The Alphabet subsidiary says the platform will now be known as Gemini, as it seeks to further challenge OpenAI's ChatGPT and grab a bigger slice of the global generative AI market.

What is Gemini?

For background, Gemini is also the name of Google's suite of large language models powering Bard that was introduced in December – at the time the platform's biggest update.

Coming with multimodal reasoning capabilities, the Gemini 1.0 model came in three sizes – nano, pro and ultra – so it can run on everything from resource-intensive data centres to small mobile devices.

This time, Gemini is bigger than ever – and Advanced.

Gemini Advanced is Google's highest-tier generative AI offering, featuring its largest model Gemini Ultra 1.0, which it describes as its "most capable" AI model.

It is "far more capable for reasoning, following instructions, coding and creative collaboration", it "can understand, explain and generate high-quality code in many programming languages" and is designed for highly complex tasks.

How powerful is Gemini Ultra 1.0?

Gemini Ultra 1.0 is the first to outperform human experts on massive multitask language understanding, "evolving to be more than just the models" and "supports an entire ecosystem", Sundar Pichai, chief executive of Google and Alphabet, said in a blog post.

Gemini Ultra 1.0's MMLU uses a combination of 57 subjects – including maths, physics, history, law, medicine and ethics – to test knowledge and problem-solving abilities, according to Google.

Gemini is also available in 40 languages but Google plans to add more, including Japanese and Korean, to this list.

How much will it cost?

For those willing to shell out cash for Google's most powerful AI model, it'll cost you $19.99 a month on the new Google One AI Premium plan – and you'll be charged only after a free two-month trial.

The plan includes 2TB of storage, more features for Google Meet and Google Calendar, and 10 per cent back from purchases made on the Google Store.

The subscription will also grant users access to future Gemini features that will be made available on Gmail, Google Docs, Google Slides and Google Meet.

How about the app?

Google said the Gemini app for Android is now available for download, while those using Apple's iPhones can use the service through the Google iOS app.

The company did not give a date for the iOS launch.

Is Google far off from OpenAI?

The rise of generative AI triggered a race among technology companies to bring the powerful technology to more enterprises and consumers.

Google's move to introduce an app and paid tier is expected to raise the stakes, most notably in its battle with Microsoft-backed OpenAI.

The world's biggest internet company, however, may still have some catching up to do, as OpenAI has built a lead on both fronts: San Francisco-based OpenAI began making the ChatGPT app available in May and a new premium service, ChatGPT Enterprise, in August.

Last month, OpenAI launched the online ChatGPT Store, which gives users access to more than three million custom versions of generative trained transformers to help them customise their chatbots and allow them to earn money.

Expect more from Google

Google is continuing to boost its generative AI platform, "already well under way training the next iteration of our Gemini models", said Mr Pichai.

Next week, he said, the company will share "more details" for the cloud and developers, noting that "hundreds of thousands of developers and businesses have already been building with Gemini models".

"Developers have been fundamental to every major technology shift and will play an equally important role in the Gemini ecosystem," Mr Pichai said.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Updated: February 09, 2024, 10:20 AM