In 2022, we realized how disruptive Generative Artificial Intelligence (AI) could be. DALL-E, MidJourney and StableDiffusion came in early in 2022. The year wrapped up with the incredible ChatGPT that garnered one million users in just five days. 2023 has set off on an epochal note to showcase the superhuman capabilities of AI. Google has announced Bard, its riposte to OpenAI’s ChatGPT. There is speculation that by the time Bard is available to public users, it will be integrated with Google’s search engine and other products like Gmail and Google Maps.

Large Language Models like ChatGPT and Bard are markers of AI’s transformation- from innocuous to invasive. These Generative AI models are springboards, too, for creativity and collaboration. You may not know it, but Generative AI has crept into your streaming habits. Netflix and Spotify, for instance, use Generative AI to suggest content based on the stuff you've watched and listened to.

Years ago, the movie "Matrix" predicted humans would one day live in a bubble where they feel normal, but their brains are being fed with energy by machines. We are heading to that ‘Matrix’ world- a world where our existence is Cyborg and we stay glued to the ‘Bard’ of the moment, shunning the ‘Bard’ of yore.

How does Generative AI work?

The world of Artificial Intelligence (AI) has been a hot-button topic for decades, and Generative AI has captured the imagination of many in recent years. In Generative AI, AI systems can generate new content, whether it's images, music, or text, without being explicitly trained. Generative Pretrained Transformers (GPTs) are large language models (LLMs) that generate human-like text using deep learning. They're called "generative" because they can create a new text based on the input they get, "pretrained" because they're trained on a lot of text data before being fine-tuned for specific tasks, and "transformers" because they process input text and produce output text using transformer-based neural networks.

Generative AI has investor interest despite tech layoffs

According to CB Insights, about $49 billion in venture capital was invested in AI in 2022, up 40 per cent from the year before. In spite of the tech downturn and layoffs, Generative AI companies are still getting a lot of interest from investors. There's still a lot of interest from investors in AI companies. Jasper and Stability AI, for instance, just raised $101 million and $125 million, respectively, and investors like Sequoia think Generative AI will generate trillions in economic value. There are more than 150 start-ups in this space already.

Transforming our daily existence

Firstly, Generative AI will change the manner in which we create and consume content. Artists and musicians will now be able to leverage AI systems to generate works that are truly unique and creative. AI algorithms can sift through large amounts of existing content, using this information to generate new pieces that are both novel and inspiring. Generative AI will also alter the way we interact with technology. In the not-too-distant future, AI systems will be able to generate content that is specifically customized to our individual preferences and needs. For example, an AI system could generate personalized news articles that take into account our interests and reading habits, or produce personalized recommendations for products and services based on our purchasing history.

Another arena where Generative AI will have a considerable impact is in the field of education. AI systems will be able to generate personalized learning experiences for students, tailoring their education to their individual abilities and needs. This will enable students to learn at their own pace and will enable teachers to focus on areas where each student requires the most assistance.

The next crucial aspect of Generative AI is its potential to revolutionize the healthcare industry. AI systems will be able to analyze large amounts of medical data, generating new insights into diseases and treatments. This will assist doctors and researchers in identifying new treatments and developing more effective medical devices.

Finally, Generative AI will also have a considerable impact on the way we conduct our daily lives. AI systems will be able to generate personalized recommendations for everything from travel plans to meals, making our lives easier and more convenient. Additionally, AI systems will be able to analyze data from our homes and our daily routines, making suggestions for improving our lives, such as reducing energy consumption or optimizing our sleep patterns.

How will the future pan out?

As far as Generative AI capabilities go, we're just starting out. By the end of this decade, our phones, home assistants, laptops, search engines, and more will integrate technologies that far exceed those we see now. They'll be part of our everyday lives. AI systems are advancing quickly, so it's vital we embrace this technology and use it to enrich our lives.

https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-generative-ai https://www.nature.com/articles/d41586-023-00340-6