Deep Learning and Neural Networks Drive a Potential $7.9 Trillion AI Economy

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Apr 29, 2024, 10:00 ET

USA News Group Commentary

VANCOUVER, BC, April 29, 2024 /PRNewswire/ -- USA News Group – As artificial intelligence (AI) continues to permeate the corporate landscape, its potential economic impact is becoming increasingly clear. According to McKinsey & Company's recent analysis, which spans 63 different use cases, the data suggests that generative AI could contribute as much as $7.9 trillion to the global economy annually in the foreseeable future. The market has already responded, as the Cloud & AI Confidence Index reached nearly $8 trillion in the first quarter of 2024, showing the potential for generative AI to be "unlimited". One major aspect of the AI revolution is the rapid progression of deep machine learning and neural networks, which are each making major strides thanks to the advancements being made by developers, such as Tesla, Inc. (NASDAQ: TSLA) (NEO: TSLA), Accenture plc (NYSE: ACN), Palantir Technologies Inc. (NYSE: PLTR), ServiceNow, Inc. (NYSE: NOW) (NEO: NOWS), and Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF).

With the endless possibilities for deep machine learning being revealed consistently across several sectors, AI-based tech developer Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF) recently underwent a name change and broadened its scope of potential clientele—no pun intended. Branching beyond its previous AI efforts involving agriculture, Scope has shifted the focus of its proprietary asset called GEM (General Enterprise Machine Learning) to be used in such sectors as digital marketing/advertising, and online gaming.

As part of the operational shift, the company recently announced veteran Adtech, Gaming and Publishing executive James Young as its new CEO. Young brings over 25 years of leadership experience to Scope AI, with the intention to branch out GEM's capabilities to new sectors and potential clientele.

"We are thrilled to welcome James as our new CEO," said James Liang, former CEO of Scope AI. "With his extensive experience and leadership qualities, we are confident that James will guide Scope to new heights and deliver value to our shareholders, customers, and employees."

According to the company's new website, Scope's initial target markets will be the advertising and gaming industries, and upon successful beta testing, the company will expand to several other industries to meet the demands of businesses.

At its core, GEM is designed to allow businesses to create their own object detection, visual information systems, and a complete neural network. With its intuitive web-interface, Scope sees GEM helping retail businesses easily set up an object detection system to monitor inventory levels and customer interactions in real-time, with capabilities for CRM, enhanced login and account security, and data encryption.

"I am honored to lead Scope AI and very excited about the opportunity to work with such a talented team with incredible tech," said James Young, new CEO of Scope AI. "Together, we will build a strong foundation and drive sustainable growth in the years ahead."

Another CEO that's championing AI and sees where it is headed is one of the Top 3 richest people in the world, namely Elon Musk, CEO of Tesla, Inc. (NASDAQ: TSLA) (NEO: TSLA). According to Musk, not only is AI advancing rapidly, but he believes that the tech sector will achieve what's known as Artificial General Intelligence (AGI) within the next two years. The concept of AGI is that of a theoretical AI system with capabilities that rival or even surpass those of a human, which many researchers believe we are still decades, if not centuries, away from achieving.

Musk sees this challenge and is engaging in what he calls the "craziest talent war I've ever seen" to secure the best AI engineers on the planet, having recently boosted his company's engineers' pay grades to keep them away from potential poachers. Another bold idea that Musk has recently floated is the potential use of Tesla's massive fleet of EVs to power a cloud computing service that would rival Amazon's AWS.

"There's a potential... when the car is not moving to actually run distributed inference," said Musk on a recent earnings call with investors. "If you imagine the future perhaps where there's a fleet of 100 million Teslas and on average, they've got like maybe a kilowatt of inference compute. That's 100 gigawatts of inference compute, distributed all around the world."

Meanwhile, Tesla is also enticing customers with a 33% drop in price for its Full Self-Driving software in its vehicles. Musk has even claimed that Tesla vehicles equipped with Full Self-Driving (FSD) capabilities are "appreciating assets," potentially valued between $100,000 and $200,000—due to their potential as robotaxis. Tesla first released its FSD v12 earlier this year, letting its vehicle's controls to be handled by neural nets rather than being coded by programmers.

Much like Scope AI's GEM, the visual recognition capabilities of Tesla's systems are constantly learning by what they see and absorb in terms of data.

"FSD Beta v12 upgrades the city-streets driving stack to a single end-to-end neural network trained on millions of video clips, replacing over 300k lines of explicit C++ code," said Tesla in the release notes of the v12 update. This means that the vehicle's behaviours will also be powered by AI at all times, like its vision system, rather than being coded by engineers.

Similar to Musk's observations regarding AGI, Accenture plc (NYSE: ACN) sees what it calls "Human by Design" technologies driving the productivity of the future. The term reflects an idea of AI being more human-like and intuitive for people to use. In early March, Accenture made a big splash in the sector by committing to invest $1 billion over three years to acquire developer Udacity to build on to and scale up its Accenture LearnVantage platform to help its clients with the comprehensive technology learning and training services to help reskill and update people working in technology, data, and AI and to reinvent organizations to achieve greater business value.

Accenture followed this up roughly a month later with the acquisition of Cognosante, a mission-driven provider of digital transformation and cloud modernization solutions for federal health, defense, intelligence, and civilian agencies, under its subsidiary Accenture Federal Services.

Another developer getting the attention of federal governments is Palantir Technologies Inc. (NYSE: PLTR), which recently secured a $178.4-million contract with the US Army for its TITAN AI-enabled ground station, which are now being referred to as the Army's "first AI-defined vehicle." Palantir then quickly followed this deal up by being designated as an "Awardable" vendor for the Chief Digital and Artificial Intelligence Office's (CDAO) Tradewinds Solutions Marketplace, with two of the company's offerings being added to the Marketplace and being made available to support critical missions across the Department of Defense (DoD).

"Our inclusion in the Tradewinds Marketplace will enable Palantir to deliver innovative, AI-enabled mission command and logistics capabilities to service members at a pace that exceeds most traditional procurement pathways," said Akash Jain, President of Palantir USG. "This unique Marketplace for commercial technology adoption would not be possible without the agile acquisition authorities made available by Congress, as well as the Department's leadership in embracing modern procurement solutions to ensure the U.S. maintains its edge over global competitors."

Working to improve digital workflow, developers at ServiceNow, Inc. (NYSE: NOW) (NEO: NOWS) recently furthered its generative AI leadership with new capabilities in its Washington, D.C. platform release. New features have been added to ServiceNow's Now Assist GenAI experiences, which offer responsible, intelligent automation embedded into the ServiceNow platform. Recently ServiceNow released its Q1 2024 financial results, reporting significant year-over-year growth in subscription revenues (25%) and total revenues (24%).

"As leaders seek significant productivity improvements, ServiceNow has first mover advantage with years of investment in AI technology and talent," said Bill McDermott, Chairman and CEO of ServiceNow. "Our GenAI offerings are the fastest selling in the company's history. We are humbled by the trust our customers are investing in our platform. As we engineer Now Assist AI into every business workflow across every enterprise, we are giving people the power to know more, care more, and do more."

Article Source: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/

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