To that end, last week the Stanford Institute for Human-Centered Artificial Intelligence hosted its 2022 HAI Spring Conference on Key Advances in Artificial Intelligence in order to explore ways to leverage AI safely and efficiently.
Three key themes were touched upon with respect to advancements in the field: foundation models, AI’s embodiment both in real and virtual worlds and technological accountability of AI, according to the institute. Additionally, researchers at the institute released the 2022 Artificial Intelligence Index Report ahead of the event, which touches upon the fiscal implications of a growing AI space.
The report indicates a rapidly growing interest in AI and subsequent investments. Per the report, investments both spiked heavily and consolidated in 2021.
“The private investment in AI in 2021 totaled around $93.5 billion—more than double the total private investment in 2020, while the number of newly funded AI companies continues to drop, from 1051 companies in 2019 and 762 companies in 2020 to 746 companies in 2021,” according to the newly published report. “In 2020, there were 4 funding rounds worth $500 million or more; in 2021, there were 15.”
From Twitter
“AI has already changed the way we deliver financial services,” says Ajay Bali, Associate Partner, Digital Consulting Services, in this Delano interview. Find out how AI is evolving and what are the upcoming challenges in the field http://spr.ly/6013KFFdT #AI #Fintech"
Dealmaking possibilities appear endless as activity has been robust and practical partnerships continue to be part of the natural evolution of AI. For example, recently, AI-powered fintech investment platform TIFIN announced a partnership with Harbor Capital Advisors to facilitate the use of AI to create better client experiences, according to a recent announcement.
“We recognize that the asset management industry is shifting towards digital distribution of investment products, and we need to embrace a purposeful way to connect with clients,” said Charles McCain, CEO of Harbor Capital Advisors, in a statement. “We are excited to partner with TIFIN to extend our innovative solutions and deepen our client relationships in an advanced way using AI and machine learning software.”
From Twitter
"Learn how AI enables people-centric transformation across the life sciences industry. Explore the story of Takeda’s AI journey with recent insights from the DeloitteAIInstitute."
Other insights in the Stanford AI report cover a wide range of topics and areas of interest, including other examples of collaboration, ethics, data and economics.
According to information in the report:
- China and the U.S. had the largest number of inter-country projects in the decade between 2010 and 2021. That number increased fivefold during the span.
- Research regarding the transparency of AI has gone up 500% since 2014.
- Since 2018, training costs for image classification declined almost 64% and training times became 94% more efficient.
- Legislation related to AI has skyrocketed; an analysis of 25 nations indicates the number of bills pertaining to AI passed jumped from 1 to 18 between 2016 and 2021.
- The median price of a robotic arm dropped 46.2% over a five-year period. An arm in 2021 cost only $22,600 compared to $42,000 in 2017.
