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Reconnect the world with artificial intelligence

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Artificial intelligence (AI) is developing exponentially, but investors are now looking beyond foundational technologies like ChatGPT to determine how companies in other industries can benefit from implementing the concept.

Dozens of influential investors and business leaders traveled to Manhattan for the second annual Forbes Iconoclast Summit on June 12 to discuss how to adjust their portfolios and lead their businesses and clients through turbulent times in global finance, and nearly every panelist, including Goldman Sachs CEO David Solomon and billionaire Ray Dalio and their ideas on large language models and generative artificial intelligence.

“The ideas behind AI are not new. They have gone through many cycles of high expectations and disappointments. But this time around, I think this cycle is real because the power of computers has finally reached a point that has pushed AI beyond the threshold of what was considered possible,” he said. Amir Salik, Senior Managing Director at Cerberus Capital Management, during a technology-focused panel discussion entitled “ Reconnecting the World: Is Artificial Intelligence the Answer? » (Reconnecting the World: Is Artificial Intelligence the Answer?)

Julian Salisbury, chief investment officer at Goldman Sachs Asset and Wealth Management, said AI offers “a confluence of performance improvements that come from relatively quickly scalable ability, access – unlike other somewhat esoteric technologies – and awareness, especially with social media.” Social”. . He added, “I think there will be obstacles in the way, but artificial intelligence is changing the way companies operate and the areas in which we invest.”

Rather than betting on AI itself or on the technology companies that provide it, some investors are looking for companies in other industries that use these concepts to improve their bottom line.

“Right now, we’re spending less time on these large, capital-intensive businesses, like the semiconductor market. We’re focused on finding companies that can benefit from applying these technologies in sectors like healthcare and education, to do things in a more cost-effective way. “It’s not just about finding AI that works,” Salisbury said.

As with any new technology, sometimes the best possibilities are found in the most disadvantaged places.

“What we are seeing in the rest of the world is the massive application of AI. How to increase yields to ensure food security in Africa? How can AI applications be brought to a part of the world where there is no credit reporting system and a lot of microfinance to change the way local people are able to Access to financing?’ echoed Noor Sweid, founder and managing partner of Global Ventures, a Dubai-based venture capital firm. “The leap is easier for emerging markets because there is no infrastructure or legacy that you are trying to replace in some way. »

Translated article from the American magazine Forbes – Author: Nina Pambicheva

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