Artificial Intelligence Will Dominate Tech Investments in 2024: We may look at a watershed year for generative AI in 2023. However, specialists in the field predict that by 2024, the technology will have reached unprecedented levels of development and will impact practically every sector of the investment industry.
While artificial intelligence first entered the public eye in 2023, many CEOs anticipate a meteoric rise in the technology’s use the following year. To save expenses, 70% of executives plan to increase AI resources next year, according to iShares. Many IT companies have already included AI in their existing products, such as Microsoft’s (MSFT) Office 365 Copilot.3. But according to some analysts, this is just the tip of the iceberg for companies using AI.
Openings in AI-Related Positions
By 2024, AI may affect businesses and organizations of all sizes, from Fortune 500 companies to mom-and-pop shops. Several new positions centered on artificial intelligence (AI) will most certainly crop up shortly, according to Cliff Jurkiewicz, a technologist and VP of global strategy at the HR technology company Phenom.
Jurkiewicz suggests a wide range of new roles related to artificial intelligence, including curators, interpreters, trainers, auditors, policymakers, legal consultants, and in-house AI ethicists. A company’s finances and organizational structure could change significantly if a new team focuses on these and other AI-related matters. Lawsuits and regulatory difficulties await companies that fail to establish these positions. Countries such as Italy, France, and Germany are among the most recent to take action to develop new artificial intelligence rules.
Problems with Trust
Although they are only now taking shape, it seems as though logy will continue to surpass the laws. Businesses must win over investors and consumers by demonstrating they will handle AI with integrity.
According to Jurkiewicz, investors should prioritize companies with human leaders. Companies must self-regulate if federal laws do not exist. To show investors that it is serious about this obligation, a corporation can create roles focused on AI ethics and curation.
The Emergence of the Individual Co-Bot
Jurkiewicz agrees that generative AI-based personal assistant bots will be a thing shortly, calling them “as routine an accessory as a phone.” In short order, these co-bots will supplant AI personal assistants such as Alexa and Siri.
As competition for market share in this area heats up, new companies may spring up, and co-bots will almost certainly immediately affect human resources. Jurkiewicz states, “Recruiters, hiring managers, employees, and candidates are going to use a co-bot to easily navigate many hiring tasks.”
Enhancing Software Development with AI to Quicken
Many programmers, like Carnegie Mellon University’s Ipek Ozkaya from the Software Engineering Institute, have doubts regarding artificial intelligence tools’ ability to aid in software development. “Despite the availability of potentially improved tools, it will be the humans who will use and guide these tools in their purposeful application,” said Ozkaya.
Some think that by 2024, AI will have revolutionized the computer industry by replacing humans in many development tasks. Companies well-positioned to use AI to streamline formerly labor-intensive operations while maintaining human oversight will likely enjoy the most significant financial rewards. Tech investors should keep an eye on whether or not these companies use AI to improve their software development processes.
Translation in Real-Time
Artificial intelligence can revolutionize real-time language translation for businesses. Jurkiewicz says even the most widely used language translation programs today are “only 60% accurate.”
Nevertheless, advancements in automated language translation are expected to be expedited by utilizing machine learning and natural language processing technologies. “Imagine colleagues from all over the world, college professors and students, researchers, and physicians being able to collaborate simultaneously in any language,” added Jurkiewicz.
Investments Driven by AI
AI has the potential to completely transform the way individual investors plan and carry out their investments. The “AI-empowered investor who blends ‘big’ data and ‘big’ models with human insight… [is] the future of asset management,” according to BlackRock’s co-chief investment officer and head of systematic active equity, Jeff Shen.
As we saw with software development, relying solely on AI to make investment decisions could have unintended consequences. Instead, investors using AI to analyze and sort data while keeping a human touch will likely be the most successful in the short term.
The Bottom Line
Launched twelve months ago on November 30, 2022, ChatGPT quickly amassed 100 million users. Making it one of the earliest generative AI systems to achieve extensive worldwide usage.
Artificial Intelligence Investments in 2024: The rapid advancement of AI in the brief period following that is quite remarkable. This isn’t going away anytime soon, so tech and market investors. Should brace themselves for the inevitable impact that AI will have on companies, large and small.