The latest developments in AI tech have been making headlines in the last few weeks, with ChatGPT going viral. While some fear the impact on jobs, there is a lot of excitement, including the potential for massive growth in the sector.
The generative AI boom
Thanks to the development of more sophisticated algorithms and methods for AI and the increasing availability of large data sets that are being used to train AI systems, the Generative AI Boom is well and truly here. This boom has led to the creation of a number of new AI-based technologies, including machine learning, natural language processing and computer vision.
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The AI sector is clearly set to make big waves in the next few years. The industry is growing rapidly and is sure to continue doing so as technology becomes more and more accessible. The sector is also set to benefit from several major trends, such as the increasing use of AI in the business world and the increasing demand for digital services.
There are also some challenges to overcome, including algorithmic bias and the knock-on social implications. Thankfully, steps are already being put in place to counteract this, and in New York, for example, there are already plans to deal with AI bias. In May 2019, The New York City AI Bias Law was passed in order to prevent discrimination and requires businesses with over 50 employees to create a plan to prevent AI bias and to report any incidents. The law also requires companies to provide employees with training on how to identify and avoid AI bias.
AI investment
While some invest directly in the companies that are leading the way in developing or using AI technology, investors also gain access to the sector by investing in AI-based hedge funds or other investment vehicles, such as CFD trading. This is a popular way of gaining access to equities and the stock market, including the leaders in technology and AI, as it allows investors to make quick, speculative investments. Others gain access to the sector by investing in AI-based crypto-currencies or other digital assets.
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Although generative AI is still in the experimental stages, many businesses and organisations will start to adopt these technologies more and gain a better understanding of AI's value. Many companies are investing in these emerging technologies, which are anticipated to grow in the coming year.
The AI industry is predicted to be worth $1.5 trillion by the end of 2023. The main drivers of this growth are the increasing demand for AI services and the increasing adoption of AI across practically all industries.
Investors have good reason to be confident in the longevity of the AI sector, as it is already impacting industries, including healthcare, transportation and retail, and is being used to create more ethical and sustainable businesses. The demand for AI services will continue to grow with the increasing automation market and the need for cognitive capabilities. Many believe generative AI will become as universal as the internet.
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