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For decades, artificial intelligence (AI) was the domain of university and corporate R&D labs. Recent progress in machine learning (ML) on the back of improved algorithms (e.g., Google’s AlphaGo, OpenAI’s GPT-3) and increasing computing power have enabled AI to solve real-life problems. GlobalData estimates the total AI market will be worth $1 trillion by 2030, up from $103 billion in 2023 at a compound annual growth rate of 39%. In the coming decade, the country that emerges on top in AI will lead the Fourth Industrial Revolution.
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Artificial general intelligence is still a distant dream
Despite the hype, artificial general intelligence (AGI), or the ability of machines to do anything that a human can and possess consciousness, is still decades away. However, ‘good enough’ AI is already here, capable of human interaction, motion, and decision-making. For example, OpenAI’s ChatGPT can write original prose and chat with human fluency, DeepMind’s algorithms can beat the best human chess players, and Boston Dynamics’ Atlas robots can somersault. If this evolution continues, it could upend the labor-based capitalist economic model.
AI is driving the escalation in US-China trade tensions
The most advanced AI technologies rely on powerful chips. As such, the ongoing US-China trade dispute, which has led to the US prohibiting exports to China of either AI chips or the tools to manufacture them, will disrupt the competitive landscape. China will lose its AI market dominance if it does not secure access to advanced chip manufacturing technology.
