Experts anticipate growth in AI development to ‘explode’ in 2024

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By Carina

In the preceding year, AI experienced a noteworthy surge in development and accessibility. 

Notably, language learning models (LLMs) like OpenAI’s ChatGPT gained immense popularity, inspiring tech giants such as Microsoft, Google, Amazon, and Meta to enter the AI race. 

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AI Industry gains momentum with Microsoft’s strategic moves

Christopher Alexander, Chief Analytics Officer of Pioneer Development Group, acknowledges this momentum but emphasizes that genuine AI autonomy is still years away.

Microsoft took a prominent step in 2023, not only investing heavily in OpenAI but also launching its own AI chatbot integrated with Bing search and Windows 11. 

This move prompted other tech behemoths to announce their AI initiatives, marking the beginning of a competitive era in the industry.

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Experts anticipate surge in AI startups for 2024

Experts predict that 2024 will witness a proliferation of startups in the AI space. 

Samuel Mangold-Lenett from The Federalist foresees increased momentum from the previous year. 

As corporations solidify their positions, startups find ways to customize AI for various niches, and public perception leans toward the positive; the industry is poised for substantial growth.

Mangold-Lenett envisions AI Customization boom in 2024 

Mangold-Lenett imagines 2024 as the year of AI customization, likening it to the evolution of other technologies. 

As large language models (LLMs) aggregate massive amounts of data, he predicts a surge in niche AI companies while emphasizing hardware integration with AI, resembling smartphone digital assistants.

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Siegel makes prediction for AI models in 2024

Phil Siegel, founder of the Center for Advanced Preparedness and Threat Response Simulation (CAPTRS), echoes this sentiment, suggesting that custom AI models will “explode” in 2024. 

Corporations, realizing the potential within their data, are expected to invest in tailored AI models to enhance efficiency across various sectors.

Tempering AI enthusiasm: Calls for realistic regulation in 2024

Despite the excitement surrounding AI developments, experts stress the need for realistic regulation and expectations. 

While initial steps were taken in 2023, including agreements and executive orders, there is consensus that more comprehensive frameworks must be established in 2024.

Alexander advocates for socially responsible AI framework

Christopher Alexander emphasizes the importance of creating a social framework that considers AI’s impact on jobs, especially those most susceptible to rapid displacement. 

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This sentiment aligns with ongoing efforts to regulate the industry responsibly.

U.S.-China AI Competition and Regulatory Framework

Aiden Buzzetti, President of the Bull Moose Project, underscores the need for the U.S. to compete with China in AI development while building upon the regulatory foundations laid in 2023. 

The evolving landscape requires ongoing policy considerations aligned with safety standards and best practices.

Striking a balance for sustainable growth in AI realm

The trajectory of AI in 2024 holds promise, but it necessitates a delicate balance between innovation, customization, and regulatory foresight. 

As the industry evolves, stakeholders must collaborate to ensure responsible and sustainable growth in artificial intelligence.

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