Is The Artificial Intelligence (AI) Hype Or Reality?

You may have heard the word AI multiple times, especially during the past week. It caught investors’ fancy as shares of the US-listed company, Nvidia Corp (NVIDIA), skyrocketed.

Is Artificial Intelligence (AI) New?

The concept of artificial intelligence has been around for several decades. The term itself was coined in 1956 by computer scientist John McCarthy, who defined AI as "the science and engineering of making intelligent machines."

Since then, AI has become a field of study and research focused on developing computer systems that can perform tasks that would typically require human intelligence, such as visual perception, speech recognition, decision-making, and problem-solving.

Why AI Is Important?

AI enables human capabilities to be undertaken by software. This, in turn, also reduces costs while bringing efficiency to the value chain.

NVIDIA in their quarterly conference call mentioned that AI is seeing momentum in verticals such as automotive, financial services, healthcare, and telecom. Some of the interesting use cases mentioned in the call include:

·??????Auto insurance company for estimating a repair.

·??????Telecom giant to improve fleet dispatches so that their field technicians can serve customers.

·??????Pharma company for drug discovery and protein engineering.

In our opinion, Companies embracing AI early are bound to have a competitive advantage. AI could have been hype, but in 2023, use cases are emerging and it’s a matter of time before we start seeing more real-life engagements around it.

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