Title: AI Technology Still in Early Phase; Experts Say It’s Just the Beginning
AI technology has been the talk of the town lately, but according to one top expert, we’re still in the early stages. Emad Mostaque, CEO of Stability AI, compares the current state of AI to the earlier versions of the iPhone, suggesting that its full potential is yet to be realized. While 2021 may seem like the year AI took over, Mostaque believes that next year will be the true take-off point.
During a recent virtual roundtable discussion hosted by UBS, Mostaque expressed his view that AI has only scratched the surface so far. Although he is known for making speculative claims, he is not wrong in signaling how much further AI has to go. Looking at the numbers, it’s evident that the AI hype is just beginning. Around 6% of earnings calls this year have mentioned AI, while approximately 25% of software companies have delved into the topic.
The AI frenzy is apparent when analyzing the mentions of ChatGPT alone. According to Insider, in the first half of this year, ChatGPT was mentioned in at least 153 earnings transcripts. However, if Mostaque’s prediction holds true, we can expect an even greater surge in interest. He estimates that by next year, about 50% of all CEOs will be discussing AI.
What sets the stage for this exponential growth? Mostaque points out that, until now, AI has largely been focused on consumer-level applications. From ChatGPT plugins to Microsoft’s integration of AI into Bing and Google’s popular AI chatbot Bard, the consumer market has been at the forefront. However, Mostaque emphasizes that once AI integrates into the enterprise sector, a seismic shift will occur. The current calm will transform into a storm of AI adoption. The only thing holding back this transformation is that the models are not entirely enterprise-ready yet.
One challenge lies in companies’ hesitancy to expose sensitive, in-house data to AI models. Formatting the data in a way that is useful for AI takes time. But once the realization hits that AI can revolutionize the enterprise sector, competition will intensify. Mostaque believes that rival firms across various industries, not just in Silicon Valley, will race to implement AI. The productivity gains and competitive pressure will drive widespread adoption.
Mostaque asserts that those who hesitate to fully embrace AI will face consequences in the market. Companies that fail to utilize AI will be punished by a lack of productivity and the inability to keep up with their competitors. Fortunately, companies have access to large data lakes that can be used to train AI models relatively quickly. Success lies in having the right models in place to enable the desired outcomes that increase productivity.
As AI continues to advance, the possibilities are endless. Although we may be in the early stages, the potential for transformative AI applications is on the horizon. So, buckle up for the AI revolution because, according to experts like Emad Mostaque, it’s just getting started.
