USA News Group – The economic impact of generative artificial intelligence (GenAI) could be even larger than previously expected, as analysts at McKinsey & Company generative AI (gen AI) could add a whopping $4.4 trillion annually to the global economy. Tech giants are ramping up their efforts to take their share of the AI landscape, with The Economist reporting that the world’s largest cloud-competing companies have collectively invested $40 billion mostly into data centres equipped to deal with growing AI workloads. According to Fintech Futures, the Generative AI Market itself is expected to reach a revenue of US$266 billion by 2032, growing at an explosive CAGR of 37.8%. Working to setup the potential infrastructure necessary for this monumental shift are several developers, including Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF), Meta Platforms, Inc. (NASDAQ: META), Amazon.com, Inc. (NASDAQ: AMZN), Apple Inc. (NASDAQ: AAPL), and C3.ai, Inc. (NYSE: AI).
As the capabilities of deep machine learning expand across various industries, Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF) has rebranded and broadened its market reach. The company now targets sectors like advertising, gaming, and neural networks with its proprietary technology, GEM (General Enterprise Machine Learning). Recently, Scope announced updates to GEM, enhancing its functionality for advertising firms to tailor ad content more effectively, enabling the gaming industry to offer more personalized gameplay experiences, and utilizing the power of neural networks for advanced applications.
“We’re very pleased at how seamless we were able to streamline, enhance, and strengthen our platform with the latest performance and security upgrades made to our infrastructure,” said Sean Prescott, Founder and Non-Executive Chairman of Scope. “The next generation of our platform will set us apart in what kind of data and its sensitivity we can process and store. It’s a potential game-changer for the industry.”
The update comes shortly after Scope announced the broadening of GEM’s tech applications to include a one-stop web solution for developers and individuals, as well as businesses, large and small, to create, build, and use their own image detection, behaviour analysis and neural network systems for their customer business case.
Within the latest updates, Scope is optimistic that GEM can seriously advance the advertising and gaming industries by providing them with new insights and capabilities. In advertising, Scope states that advertisers using GEM could leverage its visual recognition technology, so that clients can create highly targeted and engaging ads, both maximizing return no ad spend, and driving customer engagement to new heights.
In gaming, Scope believes GEM can enhance user experiences by customizing gameplay and recommendations, after the platform analyzes player behaviour by using neural networks. GEM provides developers with crucial insights with the intention of optimizing game design, increasing user retention, and overall maximizing revenue potential.
Making a huge splash in the AI landscape, Meta Platforms, Inc. (NASDAQ: META) recently confirmed it has obtained $30 billion worth of NVDIA GPUs to train their AI models. The confirmation precedes more variations of Meta’s intelligent assistant Llama 3, which the company unveiled back in April, through more training and fine-tuning that’s currently taking place to improve the platform.
“Despite all the computers we have on our hands, it still takes a lot of time to fine-tune, but a bunch of variations on those models are going to come out over the next few months,” said Yann LeCun, former Turing Award winner and Chief AI Scientist at Meta. “A lot of it, not just training, but deployment, is limited by computational abilities. One of the issues that we’re facing is the supply of GPUs and the cost of them at the moment.”
After recently hitting a monumental milestone of a $100 billion run rate, Amazon Web Services (AWS) has been a driving force behind the remarkable earnings growth of Amazon.com, Inc. (NASDAQ: AMZN). AWS recently extended its strategic partnership with CrowdStrike to accelerate cloud security and AI innovation. As per the details of the partnership, Amazon has unified its cybersecurity protection on the CrowdStrike Falcon platform, protecting the company from code to cloud and from device to data.
“CrowdStrike and AWS have a deep history of working together to secure the most innovative companies in the world,” said CJ Moses, Chief Information Security Officer and Vice President of Security Engineering at Amazon. “Amazon uses CrowdStrike to provide visibility, detection, and response across our businesses in order to protect the cloud, infrastructure, and services for our customers. This is part of our shared mission to help all organizations build, operate, and secure their business.”
Analysts are paying more attention to Apple Inc. (NASDAQ: AAPL) ahead of the company’s Worldwide Developers Conference, scheduled to start on June 10. The maker of the iPhone is making moves to make their smartphone market leading iPhone into an “AI phone”, with all indications pointing to having its own large language model (LLM) technology embedded on-device. Ahead of the Worldwide Developers Conference, Apple CEO Tim Cook provided some hints about what is coming on his company’s most recent earnings conference call.
“We continue to feel very bullish about our opportunity in generative AI,” said Cook. “We are making significant investments and we’re looking forward to sharing some very exciting things with our customers soon. We believe in the transformative power and promise of AI and we believe we have advantages that will differentiate us in this new era, including Apple’s unique combination of seamless hardware, software and services integration, groundbreaking Apple silicon with our industry leading neural engines, and our unwavering focus on privacy, which underpins everything we create.”
Leading Enterprise AI application software company C3.ai, Inc. (NYSE: AI) recently announced an enhanced partnership agreement the company struck with Paradyme, a technology solutions company that works directly with the US government to improve operational efficiency and business agility. Under the agreement, Paradyme will significantly grow its number of dedicated staff to accelerate joint selling and delivery efforts, and will also be trained on and sell C3 AI Defense and Intelligence Suite, C3 Generative AI for Defense, and C3 AI Law Enforcement.
“C3 AI’s federal business remains extremely strong and this collaboration with Paradyme signals the growing adoption of secure, powerful AI products within the defense and intelligence sector,” said Thomas M. Siebel, Chairman and CEO of C3 AI. “This expanded partnership exemplifies our dedication to supporting this community and their critical mission of robust national security.”
C3 AI is also already working with Houston’s oil and gas industry in a cooperative effort to allow petroleum companies to share AI tech and applications with each other. This is in contrast with more common strategies that withhold information from competitors, instead moving towards a goal of collaboration. Siebel used the example of petroleum giant Shell, which uses AI to track their half a million valves all over the world.
“They can see what’s going on,” said Siebel. “They can predict when a valve is going to be stuck open or closed before it happens, and if one of these valves gets stuck open or closed, things go real bad, real fast, right? And so, they’ve decided to make these applications available to Aramco, Eni, Chevron, Phillips.”
Article Source: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
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