In 1995, there were a paltry 16 million people connected to the internet. Five years later, this rose to around 300 million. And by 2005, there were more than one billion.
It’s hard to believe that even with that growth, so many people were skeptical about the value that the internet would bring to modern society.
The National Bureau of Economic Research published an economic paper in December 2000 that said, “Computers and the Internet do not measure up to the great Inventions of the late nineteenth and early twentieth century.”
The internet, the advent of the personal computer, and the launch of the Apple (AAPL) iPhone had their skeptics. But each changed our everyday lives.
Today, artificial intelligence (AI) is having its own internet moment…
Growth is taking off, with millions of users testing out the technology. However, skeptics are showing their true colors.
What are the ethical responsibilities of platform developers?
What are the dangers of using AI for deep fakes and military use?
What are the privacy concerns?
Alex Karp, the CEO of Palantir (PLTR), one of the companies at the forefront of AI technology, even wrote an opinion piece for The New York Times, Our Oppenheimer Moment: The Creation of A.I. Weapons. He discussed the need for regulation but urged not to “shy away from building sharp tools for fear they may be turned against us.”
Alex Karp is right.
For the United States to stay in the lead of the AI race, it’s imperative that we continue to develop our technology.
The most important tech companies in the U.S. agree. And this past week told us all we need to know.
AI was mentioned a combined 163 times between Microsoft (MSFT) and Alphabet (GOOGL). This is up from only a handful of mentions in March of 2022.
This isn’t some flash in the pan, either.
Last week, we saw Microsoft launch a whole set of AI products that pushed shares to all-time highs. And this week’s earnings calls highlighted several applications starting to drive incremental revenue.
Almost every Microsoft customer is asking about generative AI…
- Mercedes is bringing ChatGPT to 900,000 vehicles, making in-car voice assistants more effective.
- Microsoft Fabric is seeing early success with 8,000 trial customers, with 50% using four or more modules.
- 63,000 organizations are using AI-powered capabilities in Power Platform, up 75% from last quarter.
Alphabet is seeing much the same…
- 70%+ generative AI unicorns are Google Cloud customers.
- 750,000 Workspace users have access to Duet AI, helping users to code with AI and analyze data.
- The number of customers using generative AI offerings is up fifteen times from April to June.
The idea that this technology is on par with the internet is becoming clearer daily, as major corporations integrate it into their platforms.
Just like the shift from analog to digital gave us the ability to search and synthesize data at our fingertips, AI is doing the same at an even larger scale… helping us decode trillions of data points.
HSBC (HSBC) has already built AI into its anti-money laundering protocol to identify financial crimes.
GE Aviation is using AI to build digital models of its aircraft.
And Novartis AG (NVS) is utilizing AI to accelerate drug discovery and development at unprecedented speed.
These are only a few examples of how AI is improving the world we live in. And with every passing day, the technology continues to improve.
Director of Technology Investing Research, Money Map Press