Anthropic, the US artificial intelligence start-up backed by Amazon and Google, has introduced its more recent chatbot directly aimed at challenging generative AI leader OpenAI.
The chatbot, Claude 3, offers a “new standard for intelligence” and, according to the San Francisco company, outperforms Google's Gemini and OpenAI's ChatGPT.
Claude 3 “sets new industry benchmarks across a wide range of cognitive tasks … [its] models are better at following complex, multi-step instructions”, Anthropic said.
“They are particularly adept at adhering to brand voice and response guidelines, and developing customer-facing experiences our users can trust.”
What does Claude 3 offer?
Claude 3 comprises a family of three large language models (LLMs), the underlying algorithm that uses deep learning and analyses significant amounts of data to generate content.
The LLMs include Haiku, Sonnet and Opus, each offering “increasingly powerful performance, allowing users to select the optimal balance of intelligence, speed and cost for their specific application”.
Anthropic has named Claude 3's LLMs after artistic works – a haiku is a three-line poem, a sonnet has 14 lines, while an opus is a composition – each offering increased capabilities relative to their definitions.
Haiku can summarise “thousands” of documents into structured data, Sonnet helps in conversation and translating language, while Opus, which “achieves near-human comprehension capabilities”, can act as an economic analyst, the company said.
One example Anthropic gave for Opus is looking up US gross domestic product trends and listing them in a table.
How does it compare to GPT-4 and Gemini?
According to Anthropic's benchmarking statistics – comparisons to LLMs currently available commercially that have released evals (an industry term for evaluating LLMs) – Claude 3 outperforms both Gemini and ChatGPT.
For example, in primary school maths, Opus has 95 per cent, compared to 92 per cent of OpenAI's GPT-4 and Gemini 1.0 Pro's 94.4 per cent.
In reasoning over text, those figures are 83.1 per cent, 80.9 per cent and 82.4 per cent, while for common knowledge, they are 95.4 per cent, 95.3 per cent and 87.8 per cent.
Perhaps the most telling statistic is that Claude 3 can summarise up to 150,000 words – compared to ChatGPT's 3,000.
While some results have Claude 3 winning by a hairline, the consensus is that Opus outperforms ChatGPT and Gemini in every metric.
On the lower end, Sonnet and Haiku also largely outperform GPT-3.5 and Gemini 1.0 Pro.
Compared to its predecessors, Sonnet is two times faster than Claude 2 and Claude 2.1. Opus can deliver speeds similar to Claude 2 and 2.1, but “with much higher levels of intelligence”.
Where is Claude 3 available and in what languages?
Sonnet and Opus are now available in 159 countries, including the UAE. Haiku will be available soon, the company said.
Claude 3 is in English and can converse in other languages including Spanish, Japanese and French. Anthropic did not provide a full list of languages.
How much does Claude 3 cost?
Haiku is the most affordable option at $0.25 per million tokens (MTok) for input and $1.25 for output, while Sonnet is at $3 and $15. Opus is, unsurprisingly, the most expensive at $15 and $75.
For comparison, OpenAI’s GPT-4 Turbo comes in at $10 for input and $30 for output, and also with a smaller context window of 128,000 MTok.
Tokens in AI are the basic unit to calculate the length of text and can include punctuation marks and spaces. Token counts vary from one language to another.
Opus and Sonnet are being pitched for businesses, “designed to empower enterprises to automate tasks, generate revenue through user-facing applications, conduct complex financial forecasts, and expedite research and development across various sectors”, according to Claude 3's model card.
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Rating: 2/5
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.”
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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Favourite holiday destination: Turkey - because the government look after animals so well there.
Favourite film: I love scary movies. I have so many favourites but The Ring stands out.
Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.
Favourite colour: Black.
Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Company%20profile
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
