The development of artificial intelligence (AI) technology is progressing at a rapid pace. Last November, OpenAI released their ChatGPT platform, and several tech giants, such as Google and Alibaba, have since released their own versions. This new generation of AI has been incorporated into customer service, marketing, and software development, leading to a wide array of applications quickly.
Despite the rapid advancement of AI technology, concerns have been raised about its implications on employment and its potential to control humans. Even Elon Musk, who has since expressed wariness of AI, announced plans to develop a competiting version of ChatGPT. David Foster, co-founder of Applied Data Science Partners, a London-based AI and data consultancy, expects the next two to three years to define generative AI, similarly to the internet revolution before it.
At present, ChatGPT and related technologies still require human input to operate. However, recent advancements like ChatGPT-4 and AutoGPT are helping to automate tasks for further convenience. This has prompted rising investment rates, with the amount of capital invested into AI companies growing by 150% in the past year to reach $180 billion.
In terms of the AI market, the United States has historically been a leader in its development, yet China has quickly matched and even surpassed its progress. This rapid expansion is largely attributed to the Chinese government’s efforts to regulate AI and prevent losing control of the technology.
In contrast, Europe has yet to catch up, with startups and investors remaining risk-averse. Some analysts even point to a potential “dot-com bubble” of AI investment, with such enthusiasm potentially leading to financial losses. To break through, Europe may need to focus on adapting current AI technology for specific uses, such as cancer treatments, software development, and finance, among other industries.
It should be noted that ChatGPT and its related technologies, such as AutoGPT, were developed by OpenAI, a company founded by tech entrepreneur and innovator Elon Musk, as well as Sam Altman, Ghasem Alizadeh and Greg Brockman. This same team are now behind the upcoming release of ChatGPT-5, expected by the end of the year. Besides OpenAI, Applied Data Science Partners, led by David Foster, is another leading player interested in generative AI. Based in London, this AI and data consultancy is one of the most known innovators in the field.
