One thing right now has investors beyond excited, regulators nervous and researchers lined up along a spectrum that spans from terrified to cautiously optimistic.
The phrase has become a bit of a buzzword recently as the government grapples with questions of regulation and as companies across sectors begin to roll out new AI-powered products.
The significance of this software is not lost on “Shark Tank” investor Mark Cuban.
“There [are] two types of companies in the world: Those who are great at AI and everybody else,” Cuban said at the recent Mackinac Policy Conference, according to Fortune. “I don’t care how big you are or how small you are, you have to learn about AI.”
Ever since ChatGPT showed consumers just what generative AI might be capable of, investors have been all-in on AI companies. Nvidia, the semiconductor company that makes the chips that power AI models, recently achieved a $1 trillion market cap, making it one of the biggest companies in the world.
Talk of AI — which was demonstrated during their recent developer conferences — bolstered shares of both Microsoft and Google.
And many investors, including Ray Dalio, are convinced of the enormous power of this technology to enhance corporate productivity, which could improve profitability.
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A new McKinsey report estimated that these AI models could add between $2.6 and $4.4 trillion to the global economy on an annual basis. But this boost in GDP could come as unemployment spikes; a new report found that just under 4,000 people were laid off due to AI in the month of May alone.
“I don’t care if you’re a one-man or woman show, or if you have 1,000, 2,000, or 5,000 employees, you have to understand how artificial intelligence is going to impact your business operations,” Cuban said. “Even though it seems like a lot and like it’s complicated, you have to be curious enough to figure it out.”