South Korean internet giant Naver has unveiled its own generative artificial intelligence tool, HyperClova X, to compete with OpenAI’s ChatGPT. Naver, known as the Google of South Korea, aims to improve search, marketing, and shopping experiences with HyperClova X. The tool powers new applications like Cue, a generative AI search service, and Clova X, a chat app. Clova X offers features such as document summarization, language translation, and an AI writing tool. According to Naver Cloud CEO Kim Yuwon, Clova X can save 10% to 50% of time spent on tasks. Naver also acknowledges ChatGPT’s influence in the AI space and highlights the efforts made to match the various abilities of ChatGPT. The company has invested 1 trillion Korean won ($756.8 million) in AI research and development over the last three to four years.
Naver, in collaboration with Samsung Electronics, is co-developing low-cost and efficient AI semiconductor chips. This partnership aims to improve service quality by reducing costs associated with providing AI-powered search and shopping experiences. Naver CEO Choi Soo-yeo emphasizes the need for a cost-effective chip to commercialize the company’s AI technology successfully.
Moving forward, Naver plans to further refine and develop its generative AI model, with CEO Choi expressing excitement about the potential value it can bring to users and advertisers. Analysts, like James Lim from Dalton Investments, believe that Naver’s AI technology has the potential to enhance services such as e-commerce recommendations. Naver’s Korea-listed shares rose by 6.03% following the HyperClova X announcement.
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