Rakuten, the Japanese corporation offering services ranging from financial technology to e-commerce, announced that its Chief Executive Officer Hiroshi "Mickey" Mikitani told CNBC that the company intends to deploy its very own Large Language Model (LLM) in the next two months. Mr. Mikitani pointed out that Rakuten has access to an immense amount of "unique" data, allowing them to construct an LLM that will be used internally by the company to increase operational efficiency prior to being made available to other businesses.
Japanese firm Rakuten will be introducing its own AI language model within the next two months, revealed its CEO Hiroshi "Mickey" Mikitani in a recent interview. It is looking to compete with other tech companies in the rapidly developing field of artificial intelligence. Rakuten's LLM, stands for large language model, is being trained on huge datasets and employed in applications such as OpenAI's ChatGPT. The company's data sets, due to its involvement in banking, e-commerce and telecommunications, are "very unique" and according to Mikitani "Nobody has a dataset like we do".
Mikitani said the company plans to use their AI model internally to boost operational efficiency and marketing by 20%, and to also offer it to third-party businesses to build on in the same manner as Amazon or Microsoft. He added that Rakuten will have something ready within a couple of months. Major tech giants have already been developing their own large language models such as OpenAI, Amazon, Google, Baidu, Alibaba and Tencent. While Japanese firms have fallen somewhat behind, they are attempting to catch up quickly, with the SoftBank telecommunications arm announcing their generative AI computing platform operational in November and NTT announcing their proprietary LLM will be available in March. This provides Japanese firms a chance to create LLMs specific to the Japanese language, granting them an edge over their U.S. and Chinese counterparts. Mikitani concluded that the push into AI is going to give Rakuten "huge profitable growth".
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