How ChatGPT and Generative AI are changing the game in the tech industry
The launch of ChatGPT, the latest app sensation from Silicon Valley, has generated an unprecedented interest in generative artificial intelligence (AI) technology. With its ability to produce original content such as images, poems, and essays within seconds upon request, ChatGPT has become the new darling of investors who believe that generative AI could be the next big platform.
The emergence of generative AI technology, exemplified by ChatGPT, has been a turning point in the perception of AI by both the public and investors. While AI has been increasingly present in everyday life for decades, generative AI has shown immense potential to transform the tech industry and beyond.
The current buzz around generative AI is reminiscent of the internet and mobile platform explosion, and investors are scrambling to identify the next big thing. According to Shernaz Daver of Khosla Ventures, generative AI could be the next platform that could result in an explosion of new companies.
Since its release in late November 2022, ChatGPT has become one of the fastest-growing apps, attracting over a million users within just five days. This has forced tech giants like Microsoft and Google to rush out their own generative AI projects, which they had previously guarded closely over fears that the technology wasn't yet ready for the public.
The emergence of generative AI couldn't have come at a better time for the tech industry, which has been facing a wave of layoffs and a contraction in valuations. Generative AI companies, on the other hand, have been experiencing skyrocketing market valuations and increased demand from customers.
Entrepreneurs specializing in generative AI say that they no longer need to explain what generative AI is or why it matters. Instead, the appetite for ChatGPT-like capabilities is seemingly limitless, not only from investors but also from customers.
As the giants in the industry, Microsoft and Google, continue to dominate the news, a galaxy of start-ups with ideas on offer are emerging. Recent examples of funding rounds include Kognitos, which aims to automate administrative tasks, and the platform for designers, Poly, which can produce 3D graphics or maps in seconds.
The gold rush surrounding ChatGPT and generative AI could be unprecedented and expand beyond the tech industry because it minimizes the need for a computer coder or designer to execute ideas. This means that any developer can build something amazing on top of ChatGPT and other foundation models in just one weekend.
According to Wayne Hu of SignalFire, the generative AI wave could be bigger than mobile or the cloud and could be on the scale of something like the Industrial Revolution, which changed the course of human history. With the potential to eliminate millions of knowledge worker jobs, disrupt trillion-dollar industries, and fundamentally change the way we learn, consume, and make decisions, generative AI is undoubtedly a game-changer in the tech industry and beyond.
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