In 2024, artificial intelligence had a very successful year. Aside from winning accolades and attracting investors, the cutting-edge innovation also won over Wall Street with its mathematical reasoning capabilities, which it used to explain differential equations and others.
Privacy and safety concerns piqued the interest of regulators around the world. Some were concerned that AI would eventually surpass human intellect and develop into AGI and, ultimately, superintelligence. Bioterrorism, automated weapon systems, and “extinction-level” catastrophes were among the dire possibilities considered and debated.
Generative AI Tech and Business Revolution in 2024
Generative artificial intelligence (GenAI) is a subset of AI that can generate new data without any input at all, except for its extensive training set. Given a line of text, GenAI can generate a 500-word ghost story.
In 2024, GenAI held a prominent position. OpenAI’s AI-powered chatbot, ChatGPT, was not the only example. Claude from Anthropic, Google’s Gemini, Microsoft’s Copilot, and Meta’s Llama 3 series all contributed to breaking new ground by creating software that could read and generate audio, video, and graphics in addition to text.
The AI labs lavishly invested money in powering these innovations. According to Menlo Ventures, AI investment reached $13.8 billion in 2024, which is more than six times the amount spent in 2023. This is seen as “a clear signal that enterprises are shifting from experimentation to execution, embedding AI at the core of their business strategies.
2024 Nobel Prizes Honor AI Pioneers
In October, announcing the 2024 Nobel Prizes by the Royal Swedish Academy of Sciences added to the mounting evidence that AI is not going anywhere. Geoffrey Hinton and John Hopfield received the Physics Prize for their foundational discoveries and inventions that enable machine learning with artificial neural networks. A fundamental component of modern AI is neural networks.
People commonly refer to British-Canadian cognitive AI Breakthroughs and Nvidia’s psychologist and computer scientist Hinton as the “Godfather of AI.” He is not a physicist. His groundbreaking research on neural networks began in the 1980s when he advanced machine learning using methods from statistical physics, such as a Boltzmann machine.
Also in the realm of artificial intelligence, Demis Hassabis, co-founder and CEO of Google DeepMind, and John Jumper have bestowed the Nobel Prize in chemistry for their work in creating a model that can anticipate the intricate architectures of proteins.
Nvidia Overtakes Apple as Top Company in 2024
When it came to 2024, the most popular big language models (LLMs) required a specific kind of computer processor, and none other than chipmaker Nvidia manufactured more of these GPUs than anybody else.
After Apple’s $3.52 trillion in market capitalization was surpassed in late October by Nvidia’s $3.53 trillion, it’s hardly unexpected that Nvidia became the most valuable corporation in the world in 2024.
Nvidia’s GPU Dominance Faces Challenges
The demand for Nvidia AI Breakthroughs and Nvidia’s chips is high, and more and more companies are incorporating AI into their daily operations, according to AJ Bell’s investment director, Russ Mould.
When 2025 rolls around, will Nvidia still be the undisputed leader in manufacturing? Due to design issues, Nvidia allegedly postponed their highly anticipated Blackwell GPUs from their scheduled 4th quarter launch. However, few predict Nvidia’s imminent overtake, given its massive dominance in the GPU market (it held 98% of the market in 2023).
FAQs
What are the concerns about AI’s future?
Regulators are concerned about AI surpassing human intellect, potentially leading to risks like bioterrorism, automated weapon systems, or even "extinction-level" catastrophes.
What is Generative AI (GenAI)?
GenAI is a subset of AI that can generate new data, such as creating text, audio, video, and graphics, based on its extensive training without requiring additional input.
What notable advancements in AI occurred in 2024?
AI companies like OpenAI, Anthropic, Google, Microsoft, and Meta made significant strides in generative AI, investing heavily in innovations and expanding their capabilities.
How much was invested in AI in 2024?
AI investment surged to $13.8 billion in 2024, a significant increase from the previous year, signaling a shift from experimentation to widespread AI adoption in businesses.
