ACG Insights: Artificial Intelligence – Fad or Panacea?
Executive Summary – AI Generated in Dr. Seuss Style
Oh, the wonders of corporate AI, Generative AI, oh what a treat, But what opportunities and In its infancy, it does lie. Efficiency advantages it does greet. challenges await, Investors seek its potential bright, Questions aplenty about adoption pace, When AI enters the financial gate? Appraising with all their might. And future profits, a thrilling chase. Oh, the possibilities that lie ahead, In the industry where money is bred.
Artificial intelligence (AI) as a discipline dates back to the 1950’s and encompasses a variety of technologies, predominantly merging computer science with extensive datasets to facilitate complex problem‐solving. The long‐term goal and subject of numerous science‐fiction portrayals has been the development of artificial “general” intelligence where a machine would have an intelligence equaled to humans, i.e., a self‐aware consciousness that can solve problems, learn, and plan for the future.
While we may not be there yet, a great leap forward arrived in late 2022 with the OpenAI release of ChatGPT (GPT stands for Generative Pre‐Trained Transformer). As a natural language model, ChatGPT has undergone extensive training on a vast array of data encompassing conversations, books, and online resources. It can execute a variety of natural language processing (NLP) tasks such as generating text, providing summaries, answering questions, and translating languages. While NLP techniques have been used for years, the explosion in ChatGPT’s popularity, one million users in five days, has increased awareness of potential advancements in generative AI right around the corner. Although the implementation of AI in corporate settings is still in its nascent phase, market participants are already evaluating the investment potential.
The potential for efficiency gains through innovative technologies like ChatGPT are easily conceivable, however, the precise timing and amount of growth in corporate earnings stemming from these advancements are yet to be determined…
Download the full report HERE to continue reading and see Projected Gains in Global GDP in 2030 Resulting from AI by Industry Sector in addition to:
- Implications for Asset Management and Advisory Services
- Top AI Use Cases in Financial Services
- DALL∙E 2
- BofA Global Research, PwC Analysis. There can be no assurance that any estimate, forecast or projection will be realized.
- Source: NVIDIA 4
- Goldman Sachs
- NVIDIA “State of AI in Financial Services” report based on a survey of ~500 global financial professionals