OpenAI launched ChatGPT two years ago on November 30, 2022. Since then, the AI chatbot has changed the tech industry and put AI in the political spotlight. It has also led to a wave of investment in companies that develop these tools.
OpenAI is now worth $157 billion. The company has seen huge growth driven by ChatGPT. Nvidia, an AI chipmaker, has become one of the world’s three most valuable companies.
Nvidia’s CEO called ChatGPT AI’s “iPhone moment.” He compared it to the Apple product that changed what users expect from smartphones. There were fears about AI causing job losses or even a technological apocalypse. But these concerns have mostly not happened.
However, other issues have come up as AI use has grown, such as the huge energy costs. OpenAI’s CEO, Sam Altman, said AI would bring “unimaginable shared prosperity.” That goal is still far off. But investment in the AI industry is expected to grow massively, from $28 billion in 2022 to $420 billion in 2027, according to UBS.
The six biggest tech firms have collectively grown by $8 trillion in market value since 2022. But the industry landscape is uneven.
Marking ChatGPT’s impact
OpenAI’s valuation has increased by 1,700% since early 2023. However, The New York Times reported that the company is currently spending more cash than it takes in. As AI has spread, so has regulatory scrutiny.
In 2023, outgoing US President Joe Biden took a proactive approach with an executive order setting basic principles for AI regulation. President-elect Donald Trump is expected to take a similarly proactive stance, partly influenced by Elon Musk. Musk owns an AI company and is reportedly helping Trump pick an “AI czar.” Musk has pushed for some controls on AI.
But it’s still unclear how Trump will ultimately approach AI regulation. Looking ahead, the next breakthrough in AI may go beyond large-language models. Future advances may come from AI that can both see and understand the world.
AI pioneer Fei-Fei Li described this concept in The Economist. Many in the industry know that new data for training models is getting harder to find. This makes incremental improvements expensive.
But periods of little change are common in tech. The path forward for AI innovation still looks promising.
Cameron is a highly regarded contributor in the rapidly evolving fields of artificial intelligence (AI) and machine learning. His articles delve into the theoretical underpinnings of AI, the practical applications of machine learning across industries, ethical considerations of autonomous systems, and the societal impacts of these disruptive technologies.
