At the World Economic Forum (WEF) in Davos, Switzerland, artificial intelligence (AI) has become the central focus, with major companies promoting their AI products and services.
According to CNBC, this highlights the escalating interest and investments in AI, fueled partly by the widespread popularity of OpenAI's ChatGPT, an AI chatbot rolled out at the end of 2022.
A press photographer works next to the logo of the World Economic Forum (WEF) at the opening of their annual meeting in Davos on January 15, 2024.
AI Takes Over Davos 2024
Prominent global technology companies, including US semiconductor firms Intel and Salesforce, are vying for leadership positions in the AI space. Their bold statements and AI slogans adorned properties along the Davos Promenade, showcasing their expertise in the field.
The prominence of AI at Davos this year far exceeded the presence of cryptocurrency firms, marking a reversal of trends from previous years. This year, AI has taken center stage, reflecting the increasing significance of this technology.
PitchBook's Emerging Tech Indicator, which tracks investments in angel, seed, and early-stage ventures, revealed that AI and machine learning startups attracted significantly more investment in the third quarter than Web3 and decentralized finance companies.
The crypto industry, which has been the recurring theme for every World Economic Forum since 2021, appears to embrace this shift at Davos.
Dante Disparte, the Chief Strategy Officer for Circle, a stablecoin issuer, noted that the blockchain and crypto industry now focuses on telling the story of the technology rather than emphasizing immediate results.
According to Disparte, the decreasing presence of crypto houses along the Promenade in favor of AI houses suggests that AI is becoming a foundational technology.
For Disparte, who has been involved in legislative efforts related to stablecoins, the remaining companies in the blockchain and crypto space will likely converge with traditional banking, finance, and payments.
He draws parallels with the development of the internet, stating that the industry must go through a phase similar to the dotcom bubble to establish trust and durability.
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AI Also Takes Over CES 2024
The prevalence of AI is not confined to Davos. It was also a dominant theme at the Consumer Electronics Show (CES) 2024. As the largest tech show of the year, CES featured AI-powered products across various categories, including pools, pets, and cars.
Sean Hehir, CEO of BrainChip, an AI software company, highlighted the overwhelming presence of AI at CES, indicating a new era in the tech industry driven by AI.
"When I walked the hall today, first of all, you could not see a single product or vendor that did not have AI behind its name or in front of its name - AI for pets, AI for pool cleaners, AI for home maintenance, everything," Hehir said.
The BrainChip executive highlighted that we are witnessing the onset of the next era of transformation in the tech industry, driven by AI. The prominence of this technology at CES 2024 suggests that it might be reaching its peak.
This surge in AI's prominence at both Davos and CES underscores the technology's increasing influence and the industry's collective acknowledgment of its transformative potential.
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