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Generative AI's Distinct Capabilities
- Generative AI differs from previous AI by creating various content formats like text, video, and images using natural language.
- It uses natural language commands, unlike traditional AI, which focuses on simulating human behavior and predicting outcomes.
Accessibility of Generative AI
- Unlike prior AI, generative AI doesn't require users to write code or collect extensive training data for specific tasks.
- Foundation models are pre-trained on massive datasets, making diverse capabilities accessible via APIs and ushering in 'Software 3.0'.
AI's Impact on Legal and Creative Industries
- Conviction invested in a legal tech company using AI to analyze thousands of contracts simultaneously, replacing junior legal teams' initial work.
- They also invested in image generation and analytics automation companies, expanding software's scope beyond traditional boundaries.