Generative AI unlocking a US$4trillion opportunity – Part I

According to a McKinsey study on the economic opportunity of Generative AI’s impact on productivity, it could easily add an equivalent of $2.6 trillion to $4.4 trillion annually across diverse use cases.Generative AI will transform our lives, occupations and society in countless ways and its revolutionary ability to generate content from prompts will redefine the global economy.

A Remarkable Step Towards AGI

Human intelligence encompasses a wide range of cognitive abilities and skills, extending beyond specific domains or tasks. The field of Artificial Intelligence (AI) has long aimed to create systems that exhibit such broad intelligence.While recent AI successes have been focused on specific tasks, OpenAI’s new language model GPT-4 shows promising signs of complex and elusive broader intelligence.

Governments rush to regulate AI

With artificial intelligence being in widespread use, the concern for how AI makes decisions have increased. Governments are worried about its risks and are grappling with controlling its ability to do harm– before it actually does so.As AI regulations kick in, industry fears it’ll hurt innovation. But everyone has an interest in AI research being conducted carefully, with proper oversight and transparency.

The AI Chatbot Report Card

AI chatbots – the confluence of artificial intelligence and chat programs – are revolutionary. They use machine learning algorithms to mimic human-like conversation, bridging the gap between human users and digital interfaces. They understand inputs, process them using natural language processing capabilities, and generate appropriate responses. But their vision for the future may be short-sighted.