Goldman Sachs, Nomura, and AT&T Adopt Meta's Llama AI Models

Goldman, Nomura tap Meta Llama AI models

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. In the 18 months since launch, the mostly free open source Llama models have seen nearly 350 million downloads and been taken up several major firms, including in financial services. In a progress report, Meta says that Goldman Sachs' GS AI Platform allows the bank's engineers to use Llama models for various use cases, including information extraction from documents. Meanwhile, Nomura uses Llama on AWS to achieve faster innovation, transparency, bias guardrails, and performance across text summarisation, code generation, log analysis, and document processing. Meta has ploughed billions of dollars into AI but is taking a different approach to rivals such as OpenAI with its open source model. In a July letter, Mark Zuckerberg argued that open source AI is good for Meta because it prevents the firm getting locked into a competitor's closed ecosystem. In addition, he, wrote: "The bottom line is that open source AI represents the world's best shot at harnessing this technology to create the greatest economic opportunity and security for everyone."

Meta's Llama AI wins big with Goldman Sachs, AT&T, Nomura | bobsguide

Meta's Llama AI models are being embraced by giants like Goldman Sachs and AT&T, signalling a major shift towards open-source AI and challenging the dominance of traditional closed-source systems. Meta's open-source Llama AI models are rapidly gaining traction across various industries, with significant uptake among financial institutions and major enterprises. Companies such as Goldman Sachs, Nomura Holdings, AT&T, DoorDash, and Accenture have adopted Llama models for a range of business functions, including customer service, document review, and computer code generation, Meta said in a statement on Thursday. Meta, the social media giant led by Mark Zuckerberg, announced that the Llama models have been downloaded almost 350 million times since they were made publicly available last year. This figure marks a substantial increase from the 300 million downloads reported when Meta released the largest version of its latest Llama 3 model in late July. Usage of Llama models via cloud providers has also seen impressive growth. Meta noted that usage through platforms like Amazon Web Services (AWS) and Microsoft Azure has more than doubled between May and July of this year. The expanding usage of Llama models through these cloud services highlights the growing integration of open-source AI into enterprise operations. FS and broader enterprise adoption Financial institutions are at the forefront of this trend. Goldman Sachs, a leading global investment bank, is using Llama models for tasks such as customer service and document review. These applications demonstrate how AI can enhance efficiency and service quality in the financial sector. Nomura Holdings, a major player in Japan's financial markets, is also utilising Llama to optimise decision-making and streamline operations. The use of Llama models by such high-profile financial institutions underscores the models' capabilities in handling complex, data-intensive tasks. Beyond the financial sector, other major companies are embracing Llama models for a variety of uses. AT&T is employing these AI models to enhance its customer support services, aiming to improve customer experience and operational efficiency. DoorDash, a leader in the food delivery industry, leverages Llama to optimise delivery routes and enhance service reliability. Accenture, a global professional services firm, is using Llama to deliver innovative solutions to its clients, demonstrating the broad applicability of these models across different sectors. Meta's open-source strategy Mark Zuckerberg has been a vocal advocate for an open-source approach to AI, arguing that it positions Meta to lead the industry without being restricted by competitors' proprietary technologies. "The path for Llama to become the industry standard is by being consistently competitive, efficient, and open generation after generation," Zuckerberg wrote last month. Meta's strategy is proving effective. According to a survey by Artificial Analysis, Llama was the second most considered model among developers and the industry leader in open-source AI. Meta's open approach has catalysed innovation, enabling start-ups and enterprises alike to build on Llama's capabilities. The vibrant ecosystem that has emerged around Llama is marked by a range of applications and derivatives, such as FinGPT, BioBert, Defog SQLCoder, and Phind, which achieve parity or even outperform some closed models on select metrics. The success of Llama models is putting pressure on established AI companies like OpenAI and Anthropic, prompting them to innovate and cut costs. OpenAI, for instance, has significantly reduced the prices of its models, including GPT-4o, to stay competitive.