Tay Kim
The potential of AI is definitely one of the most controversial topics right now. Trending stocks in the market are good examples of people’s expectations in the AI industry. For example, Nvidia’s market cap surged to over a trillion dollars as it grew remarkably for the past couple of years. However, what people are looking forward to in the AI industry is the limitless potential of AI. For the past few years, opinions on the potential of ai have diverged from pessimist to optimist.
Optimistic views say that the AI industry is going to lead the economy in 10 years. According to Bloomberg, the AI market is expected to explode, growing to $1.3 trillion over the next 10 years from $40 billion in 2022.
Most promising sector of the AI industry is definitely generative AI. Generative AI is artificial intelligence capable of generating text, images, or other media, using generative models. Big tech companies such as Google and Microsoft started implementing AI chatbots in their search engines. Currently generative AI like chat gpt is getting most attention from the customers, however other sectors of the AI market are also thriving.
Other major sectors of the AI industry include digital ads by AI, AI servers, AI storage, AI assistance software, conversational AI devices, and computer vision AI products. Those are in vast development led by companies like Nuro, Scale AI, Aurora Innovation, Dataminr, and etc. These AI technologies can be implemented in electric vehicles, marketing, banking, trans-portation, robotics, and etc.
AI may be the most successful industry in 10 years, however unemployment due to the growth of Ai is becoming a huge problem. In May 2023, roughly 5% of all job loss in the US was due to AI. The United Nation estimated a loss of 80 percent of jobs due to AI in the coming decade.
Nevertheless, the UN argued that it is impossible for AI to substitute the jobs entirely since many of those jobs require versatility and adaptability. They also mentioned that the new era of the AI industry will create new jobs that can substitute the previous ones. Fear of job substitution have occurred many times in human history. Industrialization and adaptation of new technology replaced many jobs and eventually led humanity to evolve.
Finally, as the AI industry started to draw lots of attention, opinions on the AI industry varied greatly. Most resources are positive about the growth and potential of the AI market, however some critics warn that we should be aware of the negative impact it can cause.