According to Grand View Research, the AI market is forecast to hit $1.8 Trillion by 2030. We’ll be surprised if that estimate is not eclipsed. In the past few weeks alone, the exponential growth of AI applications has been evident, including:
- AutoGPT, whereby AI will create tasks for itself, complete them, create new tasks and cycle again until an objective is reached.
- Adobe launched an AI-powered text-to-video editing feature in Premiere Pro, so video editors can now create a copy and paste-like video cut.
- Meta’s AI tool can animate drawings based on a dataset of 1.8 million amateur drawings
- StabilityAI launched a text-to-image generative model with bone-chilling quality that rivals the leader, Midjourney.
- Amazon launched its GPT AI rival, called Bedrock
Can you see how quickly the world is converging towards AI-led applications? And it’s only 2023. So who will win the lion’s share of AI economics?
- The AI market is forecast to hit $1.8 trillion by 2030. This is a huge market opportunity, and companies that can develop and deploy AI solutions quickly and effectively will be well-positioned to succeed.
- Alphabet and Microsoft are leading the way in AI development. Both companies have invested heavily in AI research and development, and they have a number of successful AI products and services on the market.
- AI is rapidly transforming many industries and professions. AI is being used to automate tasks, improve decision-making, and create new products and services. As AI continues to develop, it is likely to have a profound impact on the way we live and work.
It’s not well known that Open AI’s ChatGPT came to life only because of patents first created and held by Alphabet.
Buy Google’s parent company fumbled the ball when it launched its AI rival, Bard. The top brass at Alphabet were guilty on two fronts.
- First, they held off on launching their own AI solution first, believing the risks to unleashing such powerful technology on the world were substantial.
- And secondly, when their rival launched, Alphabet leadership panicked with a “code red” emergency response, whereby they launched Bard before it was “fully baked” and embarrassed the firm’s leadership by making elementary errors in a demo.
That mis-step aside, anyone who has fully tested Bard cannot but be impressed by its enormous capability. Considering this is essentially version 1.0 launched to the public, the future is truly up for grabs. It’s very hard to envisage a world twenty years from now where lawyers are even fractionally as capable as AI. Bundle in financial advisors to that mix. So too just about any profession where information can be commoditized. If true, Alphabet stands to rule the proverbial AI world, alongside any rivals who can scale quickly, like Open AI.
The headlines report that Microsoft took a big stake in Open AI after a massive funding commitment. Reports are that Open AI’s ChatGPT will be integrated to Bing, so Microsoft can finally rival Google with a meaningful search engine.
What is less well known is that Microsoft already has integrated AI to a host of its products and services, including Azure, Office 365 and Cortana. At one time, Microsoft was at risk of falling victim to technology obsolescence. Those concerns have long been swept under the carpet. Nowadays Microsoft is famously a cloud-focused firm that embraces AI, the latest technologies of the era.
The vision of management to take a big stake in Open AI when it had yet to demonstrate its true power reveals how far ahead of the curve the company is relative to public perceptions of it as a stodgy “has-been” firm.