This week, artificial intelligence continued to capture the attention of investors. Microsoft Corp. seems primed to ride the wave of AI success to a market capitalization of more than $3 trillion, according to analysts at Morgan Stanley. Additionally, in battle with Microsoft, Google bets on medical AI program to crack healthcare industry. Let's delve into some of the most significant stories this week.
Microsoft to Join Apple in $3 Trillion Club by 2024, Analyst Says
Microsoft’s monetization of artificial intelligence will drive the company to a $3 trillion market capitalization by early 2024, says Wedbush.
Analyst Dan Ives wrote in a research note Wednesday that he believes Microsoft should join Apple in the $3 trillion market-cap club by early 2024. What should drive the stock higher is monetization of AI, which is the company’s next step and should come sooner than Wall Street expects, Ives said.
“In this ‘Game of Thrones’ battle for AI market share we view the enterprise as the golden-goose opportunity as we estimate the AI market opportunity is an $800 billion market over the next decade,” Ives wrote.
Google Bets on Medical AI Program to Crack Healthcare Industry
Google is testing an artificial-intelligence program trained to expertly answer medical questions, racing against rivals including Microsoft to translate recent AI advances into products that would be used widely by clinicians.
Google is betting that its medical chatbot technology, which is called Med-PaLM 2, will be better at holding conversations on healthcare issues than more general-purpose algorithms because it has been fed questions and answers from medical licensing exams. The company began testing the system with customers including the research hospital Mayo Clinic in April, said people familiar with the matter.
Med-PaLM 2 can be used to generate responses to medical questions and perform tasks such as summarizing documents or organizing reams of health data, according to Google executives and research published by the company.
Musk Lauds China’s AI Prowess While Warning of Tech’s Dangers
Tesla Inc. chief executive Elon Musk reaffirmed his vision of a robot-fueled future, calling for more regulatory oversight of artificial intelligence at a high-profile Chinese government-backed conference Thursday.
The billionaire entrepreneur and Twitter-owner, who has warned in the past that AI development was proceeding too swiftly, lauded China’s advances in the field while repeating promises to share Tesla’s self-driving discoveries with rivals.
Musk’s brief keynote speech at the conference, a two-day affair centering on China’s AI effort backed by influential regulatory agencies, underscores his deep ties to the world’s No. 2 economy. The Tesla chief wrapped up his first visit to China since the pandemic about a month ago, during which he toured a Shanghai facility that accounted for more than half of Tesla’s global production.
ChatGPT's Explosive Growth Shows First Decline in Traffic Since Launch
ChatGPT, the wildly popular AI chatbot launched in November, saw monthly traffic to its website and unique visitors decline for the first time ever in June, according to analytics firm Similarweb.
Worldwide desktop and mobile traffic to the ChatGPT website decreased by 9.7 per cent in June from May, while unique visitors to ChatGPT’s website dropped 5.7 per cent. The amount of time visitors spent on the website was also down 8.5 per cent, Similarweb data shows.
ChatGPT set off a frenzied use of generative AI in daily tasks from writing to coding and reached 100 million monthly active users in January, two months after its launch.
