The latest (and likely greatest) technology disruption of our lifetime started with a tweet.
On November 30, 2022, Sam Altman, the CEO of OpenAI, sent out this message on social media platform Twitter…
By clicking the link, you could start a conversation with OpenAI’s new artificial-intelligence (“AI”) chatbot, free of charge.
Chatbots – computer programs that can simulate human conversation in text format – have been around for decades. Massachusetts Institute of Technology computer scientist Joseph Weizenbaum is widely credited with inventing the first one, named ELIZA, in 1966.
But seven months ago, OpenAI’s ChatGPT took conversing with computers to a whole new level.
The technology is hotly debated. Everyone is speculating about what it can (and can’t) do.
So today, we’ll take a look at how the potential uses are growing… And I’ll share three key ways that companies stand to profit from the boom.
When ChatGPT launched, it started an AI “arms race”…
In just two months, the platform racked up 100 million active users (a milestone even the wildly popular social media app TikTok took nine months to hit).
As the New York Times revealed in mid-April, ChatGPT is already helping people from all walks of life be dramatically more productive…
Radiation oncologist Dr. Jeffrey Ryckman reduced the time it takes to write insurance-claim rebuttal letters from 30 minutes to one minute.
Data engineer Paul De Salvo simulates arguments his bosses will make so he can come up with successful counterarguments. (We really respect that one.)
And author Paul Gamlowski evaluates how likely readers are to get the point of his stories. That way, he can make tweaks before the final version is published.
Known as a large language model (“LLM”), ChatGPT can answer questions on a multitude of topics. It can compose just about any type of written material (like poems, business plans, and computer code).
It can hold long, fluid text conversations… and even solve problems that require logical reasoning and interpretation.
How does it work? Well, the “GPT” in ChatGPT is short for “generative pre-trained transformer.” Simply put, this means it can process a vast databank of words (about 300 billion) lightning fast to identify key patterns.
The more data these transformers are fed, the “smarter” they get – meaning their pattern-recognition capabilities improve as people use them. Eventually, the transformers get so smart, they can generate new material, either text or images… hence the term “generative AI.”
This type of AI has many potential uses. Here are just three ways we expect to see businesses profit as the arms race continues…
- Large technology companies will build their own flagship generative-AI models.
- Businesses will incorporate generative AI into their existing offerings.
- Companies will introduce new AI-powered products.
As generative AI becomes readily available, businesses everywhere will build it into their own workflows, products, and services.
One of the key takeaways from the New York Times article is that ChatGPT is helping people complete tasks in a fraction of the time it would take otherwise. Virtually every business on the planet has tasks that a reliable chatbot would make easier… And the productivity boost could be extraordinary.
Outsourcing tasks to chatbots will save money, too. Business-analytics firm Gartner predicts the contact-center industry alone will reduce labor expenses $80 billion by 2026.
In short, generative AI is already unlocking new ideas and solutions to all kinds of challenges. And as it spreads, it can improve the lives of countless people around the globe.
The generative-AI boom is upon us… And it’s creating a massive opportunity for investors who get in now.
Good investing,
Mike Barrett
— Mike DiBiase
Source: Daily Wealth