Luis Garicano 🇪🇺🇺🇦 @lugaricano@respublicae.eu

RT @EmilioMorenatti: We just won The Pulitzer Prize in Breaking News Photography for our coverage of Ukraine. Proud to be part of this @AP team @BernatArmangue, @felipedana, @RodrigoabdAbd, @NMofty, @EvgenyMakloleta and @VadimGuirda and the great AP editors @EFM1959 and @BennySnyderAP. https://t.co/LOBagQ7RDg

🐦🔗: https://n.respublicae.eu/lugaricano/status/1655660386056544258

Unpopular opinion: We are going to win the fight against climate change. Without any mandate, Texas will generate 40% of its energy from renewables in 2023. The technology (deep learning curves) is going to get us there.
(Source https://www.sciencedirect.com/science/article/pii/S254243512200410X, Bloomberg)

🐦🔗: https://n.respublicae.eu/lugaricano/status/1655301970503016449

RT @RobinBrooksIIF: We've been our own worst enemy on Russia. We let Greek shipping oligarchs lobby for an ineffective G7 oil price cap. They got their way & Putin still gets lots of cash. Now western firms export to countries with easy access to Russia. No deterrent to Russia or other bad actors... https://t.co/fbmAAw2oui

🐦🔗: https://n.respublicae.eu/lugaricano/status/1655266293359017984

RT @ProfPaulPoast: @megynkelly Here's a🧵with context on what 2A was originally intended to do.

TL, DR: the reason it was included in the Constitution -- prevent a standing army, while not bankrupting the individual states -- aren't relevant today
https://t.co/zpLr50Jm10

🐦🔗: https://n.respublicae.eu/lugaricano/status/1655209944025645056

RT @gdp1985: Saturday Morning Chart: Foreign purchases of U.S. assets! A potential (stupid) default on U.S. debt is the talk of the town (in DC). Foreigners hold about 30% of Treasury debt. As of 2022, foreign buyers were net purchasers of Treasuries. Will they be if we (stupidly) default? https://t.co/mHVIH6PhIu

🐦🔗: https://n.respublicae.eu/lugaricano/status/1655014302653267970

RT @heyBarsee: Midjourney Versions Comparison🤯

The same prompts are used.

It was launched just one year ago, and the progress is insane. https://t.co/YS0e6vdlCE

🐦🔗: https://n.respublicae.eu/lugaricano/status/1654862753901813760

¡Más pan, más circo!
RT @La_SER: 🔴ÚLTIMA HORA | Sánchez anuncia la financiación del Interrail por Europa para jóvenes de 18 a 30 años este verano https://cadenaser.com/nacional/2023/05/06/sanchez-anuncia-la-financiacion-del-interrail-por-europa-para-jovenes-de-18-a-30-anos-este-verano-cadena-ser/ https://t.co/TDg619wVxH

🐦🔗: https://n.respublicae.eu/lugaricano/status/1654844920455213057

RT @PedderSophie: The great contemporary mystery playing out in France👇

⁦@TheEconomist⁩

🐦🔗: https://n.respublicae.eu/lugaricano/status/1654481617165996035

3) The document finishes with a lot of mush and BS about controlling the narrative through open source. But there is no clear path here to monetization here!

Google has made money in open source Android because THE MOAT ON SEARCH WAS HUGE. No longer the case.

🐦🔗: https://n.respublicae.eu/lugaricano/status/1654194433095786496

Plus you can customize the fine tune , since each user has a clear use case and can build on top of the leaked model.

🐦🔗: https://n.respublicae.eu/lugaricano/status/1654194429958426624

And you can use better data!!!

🐦🔗: https://n.respublicae.eu/lugaricano/status/1654194426623967232

The cost of fine tuning an existing model with LoRA is $100

🐦🔗: https://n.respublicae.eu/lugaricano/status/1654194423797026816

2) No scale advantage (this is key) since finetuning a model with cheap hardware (through "LoRA") dominates training from scratch a gigantic model (which would be the advantage of Google or OpenAI).

🐦🔗: https://n.respublicae.eu/lugaricano/status/1654194420294774784

This is particularly the case after Meta's model *with the weights* was leaked.

🐦🔗: https://n.respublicae.eu/lugaricano/status/1654194417488785415

The argument in the blog post is brutally simple and extends the above point:
1) No technology advantage: intellectual property is impossible to protect, as the knowledge is in the head of the researchers, who are leaving Google and spreading the knowledge around.

🐦🔗: https://n.respublicae.eu/lugaricano/status/1654194414628270081

Models, photographers, fashion designers, stylists, hair stylists, creative directors... Not clear if those jobs can survive not just the tech of the future, but today's tech.
RT @emollick: The new version of Midjourney that released yesterday shows how far AI has come in making commerical-level images from text alone

Here is what you get for "modern outfits inspired by Van Gogh/ Basquiat/ Monet/ Rothko, fashion photoshoot" Each one is the first try, no revision…

🐦🔗: https://n.respublicae.eu/lugaricano/status/1654141825832067076

Excellent OpEd by Amit Seru @StanfordGSB on the new banking crisis. The deposit funding model is broken. We need to significantly increase the reliance of banks on equity. "It is time to move to banking without subsidised deposits " https://on.ft.com/3paPXgT via @FT

🐦🔗: https://n.respublicae.eu/lugaricano/status/1654106093084196865

RT @nberpubs: A study of the effects of minimum wages increases on poverty reduction finds a 10% increase in the minimum wage is associated with a statistically insignificant 0.17% increase in long-term poverty, from Burkhauser, @Drew_McNichols and @SDSUCHEPS https://www.nber.org/papers/w31182 https://t.co/QKkdK2FFHf

🐦🔗: https://n.respublicae.eu/lugaricano/status/1653889977414225920

Excellent interview with @MarkusEconomist , always reliably a voice of sanity in the middle of too many fashion driven voices. Very much in agreement on the risk of financial dominance, particularly in a day like today. Google Translate version: https://www.nzz.ch/wirtschaft/der-kampf-zwischen-den-zentralbanken-und-regierungen-wird-sich-verschaerfen-prognostiziert-der-oekonom-markus-brunnermeier-ld.1734589?_x_tr_hl=en-US&_x_tr_pto=wapp&mktcval=twpost_2023-05-02&_x_tr_tl=en&mktcid=smch&_x_tr_sl=fr

🐦🔗: https://n.respublicae.eu/lugaricano/status/1653871257568555009

The new capabilities of ChatGPT are stunning. This is hard to believe. Particularly the Data analysis.
RT @rezkhere: ChatGPT just dropped their most powerful tool yet 🤯

It's called the Code Interpreter.

From creating charts to basic video editing to converting files, it does it all.

Here are some of the craziest things it is capable of 🧵 https://t.co/F3ALb8qXY8

🐦🔗: https://n.respublicae.eu/lugaricano/status/1653806242064916480