Breaking News: Generative AI Takes the Markets by Storm
Generative artificial intelligence (AI) is the talk of the town, and it’s not hard to see why. In a recent report by Accel, it was revealed that generative AI companies now account for a staggering 60% of new unicorns, valued at $1 billion and more. And the commercialization of this groundbreaking technology doesn’t stop there! OpenAI, one of the leading pioneers in the industry, is rumored to be considering a share sale that would value the company at a whopping $86 billion, triple its value just six months ago.
In this exciting landscape of generative AI, PYMNTS has been tracking the latest stories making waves. From IBM collaborating with Amazon Web Services to train 10,000 consultants in generative AI expertise, to Mastercard unveiling new AI-powered solutions, the possibilities seem endless. Square has also joined the fray, launching 10 new generative AI features that aim to assist businesses of all sizes in saving time and automating operations.
But it’s not just businesses that are embracing AI. According to a PYMNTS Intelligence report, almost two-thirds of Americans want an AI copilot to help them book travel. Tech companies are rushing to meet this demand, with Meta’s Chief Product Officer, Chris Cox, stating that there is a huge demand from businesses for better AI tools.
However, with great power comes great responsibility, and regulation of AI is a topic that cannot be ignored. The U.S. Securities and Exchange Commission Chairman has warned that unchecked AI technology could lead to a financial crisis within a decade. Former Google CEO and AI pioneer Mustafa Suleyman are calling for the establishment of an International Panel on AI Safety to oversee the technology’s development.
Regulation aside, New York City is leading the way in leveraging AI within government offices. The city recently announced its AI Action Plan, aimed at protecting against potential risks while effectively using AI technology to improve the quality of life for its residents.
As generative AI continues to reshape industries, there are both excitement and concerns. While some, like Meta’s chief AI scientist, argue against regulation, there are dangers that arise when the tech is allowed to march forward freely. Universal Music recently sued AI startup Anthropic for allegedly scraping artists’ songs without consent using their generative AI chatbot.
What do you think about the rise of generative AI? Is it the future we’ve been waiting for, or should we proceed with caution? Leave a comment and let us know your thoughts!
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