Goldman Sachs puts $500M into small-business AI with four AI labs (thenextweb.com)

Goldman Sachs has announced a significant $500 million investment into its 10,000 Small Businesses program, which will establish a new AI institute in collaboration with major tech players like Anthropic, Google, Meta, and OpenAI. The initiative aims to enhance education, access to capital, and support for an additional 10,000 small businesses, emphasizing the importance of AI application rather than focusing solely on cutting-edge frontier models. CEO David Solomon pointed out that while frontier models have their place in sectors like cybersecurity and healthcare, most businesses can greatly benefit from existing AI tools to improve productivity in areas such as sales and customer experience. The funding will facilitate various educational offerings, including hands-on workshops, an AI Professional certificate program from Google, and specialized training from Meta. Despite the growing interest, a recent survey indicates that many owners currently spend little on AI, with 86% utilizing AI tools yet 73% spending under $100 a month. Solomon cautioned business owners to prioritize quality and effectiveness over rushing to adopt new technologies, promoting a careful and thoughtful approach to integrating AI into their operations.