In 2024, Artificial Intelligence Focuses on Practical Applications

In 2024, artificial intelligence (AI) was all about putting AI tools to work. If 2023 was filled with amazement about what AI could do, the following year transformed that wonder into practicality.

Experts highlighted a significant shift in the AI landscape. Arvind Narayanan, a computer science professor from Princeton University, noted that the focus has changed from creating powerful models to actually building products that people can use effectively. This marks a transition towards making AI tools valuable in everyday situations.

Two years ago, when ChatGPT first emerged, around 100 million individuals eagerly explored this new chatbot. Many found it extraordinarily helpful for certain tasks, while others experienced its shortcomings. Despite the mixed reactions, generative AI technology has since integrated itself invisibly into various services. For instance, AI-generated responses now appear in Google search results and new techniques are frequently used in photo editing tools.

According to Narayanan, last year’s generative AI products lacked practical applications. Companies were launching advanced models without offering meaningful ways for people to utilize them. In 2024, they began to build products that leverage these capabilities and provide real assistance.

Since the rollout of GPT-4 by OpenAI in March 2023, the expectations surrounding AI have been tempered. The pace of progress has slowed, highlighting that models are not improving at the rapid rate many anticipated. The conversations have shifted from existential concerns about AI to treating it as a standard component of modern technology.

Understanding AI Costs

This year, finance professionals have questioned technology executives about the high costs associated with AI development. Establishing AI systems that support tools like OpenAI’s ChatGPT or Google’s Gemini entails substantial investment in energy-intensive computing resources. These tech giants have sought alternative energy sources, even making agreements to utilize nuclear power to reduce costs.

Analyst Kash Rangan from Goldman Sachs shared that hundreds of billions of dollars have been invested in AI technology. While some experts express doubts about AI’s ability to address complex challenges effectively, Rangan maintains an optimistic outlook. He recognizes that AI tools have begun to prove their worth, showing incremental improvements in productivity across various fields such as sales and design.

AI in the Workforce

The rise of AI has sparked questions among employees regarding its effects on their jobs. Some individuals worry that AI technologies may replace their roles, while others hope they’ll serve as helpful assistants. For example, the tech firm Borderless AI has implemented an AI chatbot to generate employment contracts in Turkey and India, eliminating the need for human lawyers or translators.

This has raised concerns within the entertainment industry. Video game performers, affected by recent strikes, worry about AI’s potential to imitate their performances without permission. Similarly, musicians and authors fear having their works copied without consent. Despite the controversies, experts agree that generative AI still struggles to create genuinely unique or innovative content.

Walid Saad, a Virginia Tech professor, pointed out that while AI can be trained with vast amounts of data, it lacks true creativity and understanding of the world. Current AI tools are unable to grasp human experiences or common sense, highlighting a significant limitation.

Envisioning a Collaborative Future

Looking ahead, AI experts like Vijoy Pandey from Cisco envision a future where AI tools evolve into more intelligent “agents” that work collaboratively. Instead of performing isolated tasks, these agents will be capable of jointly addressing intricate problems, much like a team of individuals.

These AI agents are expected to specialize in certain tasks, coming together to complete projects. They have the potential to transform various industries, including finance, where AI software might streamline evaluations and decision-making processes.

AI's Impact on Medicine

In the medical field, AI continues to make strides, assisting doctors with faster diagnostics and treatment suggestions. The recent Nobel Prize in Chemistry was awarded to research led by Google, which aims to advance drug discovery.

While AI cannot independently diagnose diseases, it can analyze extensive data, helping medical professionals identify potential issues. Nonetheless, AI still faces challenges; for example, OpenAI’s transcription tool, Whisper, has demonstrated weaknesses in accuracy by generating incorrect or fabricated text.

Pandey highlighted that AI applications can bridge the gap between laboratory work and data analysis, significantly shortening the timeline for pharmaceutical development. This collaboration can reduce years of research to mere days, showcasing the powerful benefits AI offers in various sectors.

AI, technology, productivity, workforce, healthcare