AI at Davos - an overview
World Economic Forum Davos 2024

AI at Davos - an overview

"OpenAI does not have a monopoly on good ideas" Yann LeCun


This week's World Economic Forum at Davos where the focus on AI has been significant, with robust debate and sharing of ideas to kick 2024 off.


I've been plugged into the main sessions and fringe events over the last couple of days and here are some key takeouts:?


1. The speed of change will increase exponentially.? More data and compute unlocks exponential?gains from existing models which is the fastest path to value creation using LLM's.?


2. Data is the biggest single enabler of models. We've only scratched the surface through use of publicly available data on the internet. There is huge untapped potential?in hidden data - e.g. cars, buildings, manufacturing etc that can be unlocked to drive learning of LLM's.


3. Last year was the text revolution - this year will be the image processing revolution. The biggest barrier to AGI is that we can't yet get machines to learn from video as they have no contextual awareness or ability to learn from the world.?

4. Having a few companies controlling compute and models reduces the potential for innovation and creates greater inequality. Access to all countries and societies, institutions, hobbyists and entrepreneurs widens the potential application of AI to transform the world.?


5. There is no dictionary in the world that can decipher the difference between complete and finished. If you use and embrace AI you will become complete. If you do not and you are late you will be finished. If you reject it all together you will be completely finished.?


6. This is going to fundamentally shift how we access information, how we communicate and how we do business. As we widen distribution into smartphones or cars, the path to autonomous agents that understand and predict your behaviour, and can have contextual conversations with you becomes a reality.?


7. How do we incorporate the use of AI and protect the innovators, regulate while incentivising. We don't want to risk harming our citizens with unbridled AI without any regulatory oversight. Don't regulate the technology, regulate the use cases based on risk profiling and increase regulation where there is more risk. We need to understand how we protect the value of human invention and intellectual property as we enter this new world.??


8. There is not any area of business, industry or society that will not be impacted by this. We need to bring people on the journey with us - to head off negative stigma already inbuilt by years of films and books predicting AI taking over and destroying humanity. We have to develop digital and AI literacy, be able to reskill people and reshape talent for a new world. The one skill you will need to have is learn critical thinking and have continuous learning at your core.?


9. Smaller or less developed countries could actually be the biggest beneficiaries. Less fear, and more optimism at the potential to transform. Youthful populations who are building and will be using this technology. The ability of AI to transform healthcare outcomes, how we address climate change and food security.?


10. Expansion of models and access so they can be trained on data from the global south and local languages. Overcoming hardware challenges and costs requires partnership across the globe to give the widest possible benefit all across the world and narrow inequality.?


11. The transition to AI is a whole society effort. This requires education of legislators and public officials to truly understand the technology, not driven by a fear of the unknown that creates unnecessary regulation. It is going to rewire the software of our institutions - political, social and economic. We need to prepare our societies for that as it will have unpredictable effects. According to the IMF, developed countries are most likely to be disrupted and displaced as a result.?


12. In financial services the potential for AI to transform workflows, trading platforms and providing real time contextual market insight to inform decision making will be game changing.? The financial system is built on transparency and trust. Can't afford hallucinations or 90-95% accuracy?- people expect 100% accuracy. Starts with accurate verifiable data, scrubbed, sourced and built into LLMs so you can audit where the data comes from. Watermarking of data in financial services will breed confidence.?


13. In AI there are multiple hype cycles all happening at the same time. Investors, organisations and industries are grappling with an unprecedented pace of change. Well known competition of big tech has helped to create the benchmark for an industry proof of concept – gives licence to others to specialise or innovate in their use case. Don’t get caught up in the hype cycle – having the best product is still key. PR is key in keeping awareness high versus lesser technologies but the real investment comes in customers who acquire, adopt and become advocates in a crowded market.?


#ai #wef2024 #wef #technology #regulation #fintech #financialservices


Your insights from the World Economic Forum highlight the dynamic nature of the AI landscape, and it's true that innovation isn't limited to one entity. ?? Generative AI, like the kind we specialize in, can indeed elevate the quality of work across sectors, including financial services and fintech, by streamlining processes and enhancing decision-making. ?? I'd love to explore with you how generative AI can be integrated into your current projects to save time and boost efficiency. Let's book a call to unlock the potential of AI tailored to your needs. ?? Brian

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Marina Bhonsale

Communications & Marketing Leader | Top 20 Global Indians in PR & Comms for 2021

8 个月

Thanks for sharing Sumeet. Very insightful

Priscilla Gravenhorst

Chief of Staff | Marketing | Communications | Operations | Global Project Management | Ex-McCann, Ketchum | CHIEF

8 个月

Sumeet Vermani thank you for these key takeaways they’re incredibly insightful!,

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