“One of the topics discussed at the World Economic Forum in
Davos was the development of artificial intelligence technology.
– China will win the race in the field of artificial
intelligence if Western countries do not cooperate. They have a sufficient
population. The privacy laws are, of course, completely different, and the data
they can collect gives them a dramatic advantage – said Larry Fink, chairman of
the World Economic Forum and also CEO of BlackRock, one of the world's largest
asset management companies.
During a panel at the World Economic Forum in Davos, he said
that there is currently no bubble in the shares of companies dealing with
artificial intelligence technology, but there will be "several major
failures" in the market. – Instead of worrying about the amount of capital
flowing into artificial intelligence, we need to spend more money to ensure
that we compete appropriately with China – Fink appealed.
He added
that the success of AI will depend on its dissemination beyond technology
giants and its entry into small and medium-sized companies in all sectors. – If
the technology remains the domain of just six hyperscalers, we will fail – said
the BlackRock CEO.
What does the Nvidia CEO say about AI development?
– The world is witnessing the largest infrastructure
expansion in history, and the foundations of the artificial intelligence system
are developing very quickly. "We're already invested in this to the tune
of several hundred billion dollars," said Jensen Huang, CEO of Nvidia, at
the World Economic Forum in Davos.
He added
that trillions of dollars worth of infrastructure still need to be built.
Huang described the AI industry as a "five-layer
cake"—at the bottom is energy, then chips, cloud infrastructure, AI
models, and at the very top, applications as the cherry on top. He stated that
every country should build its own AI system, incorporating its own language
and culture into the AI models. The tech entrepreneur also sought to allay
concerns about the impact of AI on the global job market amidst anxieties about
mass layoffs. He reiterated that AI is a tool to augment human work, not
replace jobs. As an example, he cited radiologists—according to him, AI will
make specialists more efficient, but their roles will not disappear. The
widespread use of AI in analyzing radiological images has led to an increased
demand for radiologists, not the elimination of their professions, because AI
helps them with specific tasks, such as diagnosing diseases, Huang explained.
The Nvidia
CEO also stated that drug research will shift from traditional laboratories to
AI-based platforms, and pharmaceutical giants are already making this leap. He
pointed to Eli Lilly, the world's first $1 trillion pharmaceutical company, as
an example of what this transformation will look like. "Three years ago, most
of their R&D budget, their entire R&D budget, was probably spent on
'wet' labs. Look at the big AI supercomputer they've invested in, the big AI
lab." An increasing portion of this R&D budget will be shifted towards
AI, Huang said.
What could threaten the development of artificial
intelligence technology?
Lagarde said that large artificial intelligence companies
had told her that they would only be able to recoup billions of dollars in
investments if they achieved scale and access to as much data as possible.
"This will be significantly threatened if we have limited access to data
due to different privacy regulations around the world and greater protectionist
barriers that prevent these investments from scaling. This is a real threat.
The development of AI and the expected increase in productivity are difficult
to reconcile with fragmentation in terms of standards, licenses, or
access," the ECB head stated during a panel at the World Economic Forum in
Davos. She called on countries to cooperate more and said that this would
require "people to accept and tolerate different paradigms, different
cultural preferences, and different worldviews."”
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