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Joaquim Cardoso MSc.
Chief Research and Strategy Officer (CRSO),
Chief Editor and Senior Advisor
December 20, 2023
What is the message?
The article by Nicole Goodkind explores the evolving landscape of artificial intelligence (AI) as the prominent buzzword of 2023 and delves into predictions and trends expected in 2024.
Key insights are provided through an interview with Marco Argenti, Chief Information Officer at Goldman Sachs, offering perspectives on macro trends, industry applications, regulatory challenges, investor discernment, and the future of AI funding.
One page summary
What are the key points?
Macro Trends and Hybrid AI:
- The emergence of “hybrid AI” is predicted, featuring a collaborative approach between larger foundational models like ChatGPT and Gemini and smaller, fine-tuned AI models.
- This collaboration harnesses the reasoning capabilities of large models and the infrastructure advantages of smaller models for enhanced efficiency.
Applications in Financial Services:
- Specialized and complex use cases in financial services, such as interpreting legal documents and optimizing portfolios, benefit from the shift towards refined AI models.
- Hybrid AI allows for close coordination, akin to managers and specialists working together, offering a nuanced approach to solving intricate financial problems.
Execution of AI and Regulatory Focus:
- A shift from the potential to the execution of AI is anticipated in 2024, with a focus on proving concepts and delivering tangible results.
- Increased attention on safety, governance, and a balanced approach to regulation is predicted, emphasizing both security and innovation.
2024 Elections and Regulation:
- The 2024 elections are expected to play a pivotal role in discussions around AI regulation, intellectual property protection, and addressing fears associated with AI’s impact on people’s lives.
- A thoughtful balance between security and innovation is deemed necessary without creating restrictive barriers.
Venture Capital Shift and Funding Allocation:
- A shift in venture capital fund allocation towards the application layer of AI is foreseen, moving away from foundational models to business-to-business and vertical applications.
- The article suggests a burgeoning market and significant opportunities in AI applications.
What are the key examples?
- The success of Nvidia, an AI-adjacent chipmaker, exemplifies the thriving market enthusiasm for AI in 2023.
- Marco Argenti’s insights on hybrid AI application in financial services provide a practical example of the collaborative potential of large and small AI models.
Conclusion
As AI transitions from a buzzword to a pivotal force in technology, the article anticipates a nuanced and collaborative future.
The predictions include the emergence of hybrid AI, tangible execution of AI concepts, regulatory considerations, and a shift in venture capital focus.
The article emphasizes the dynamic nature of the AI landscape, suggesting that investors will become more discerning in 2024 as the industry continues to evolve.
DEEP DIVE
This summary is based on the article “AI was the buzzword of 2023. What happens in 2024?”, published by CNN Business and written by Nicole Goodkind on December 18, 2023.
To read the original publication, click here.
