Perhaps 2023 will go down in IT history as the year that generative AI became widely used.

Though not flawless, generative AI systems can produce a variety of content quickly, including computer code, artwork, and essays. This versatility has made them indispensable tools in certain fields and occupations.

With support from Microsoft, ChatGPT set the standard when it launched in late 2022, and since then, competitors have been joining the fray.

One of the biggest announcements this month was made by Alphabet, the company that owns Google, when it unveiled Gemini, an artificial intelligence system that would be incorporated into several Google products, such as its search engine and chatbot.

According to Alphabet, Gemini performs better than ChatGPT as it is now.

However, OpenAI, the company that created ChatGPT, claims that it is not stagnant. It has promised to release a more potent software version in the upcoming year.

The chief executive of OpenAI, Sam Altman, stated in November at a software development conference: “What we launched today is going to look very quaint, relative to what we’re busy creating for you now.”

Investors are flooding the market with cash in the hopes of finding the next big thing.

As of the end of September, venture capital companies invested $21.4 billion globally in start-ups focused on generative AI, according to PitchBook.

By contrast, only $5.1 billion was invested in 2022 overall.

However, some are cautioning us not to get ahead of ourselves. Chief analyst at CCS Insight Ben Wood predicts a “cold shower” for generative AI in 2024.

“The hype has ignored, we think, a few obstacles that are just going to slow it down a bit in the short term,” he says.

He makes the point that creating and maintaining a generative AI system is exceedingly costly. It demands pricey computer chips, which are in low supply, and a significant amount of processing power.

He believes that some AI will switch to hybrid systems, in which part of the processing is done locally, on your laptop or phone, to reduce those expenses.

According to Wood, the current frenzy surrounding generative AI may abate in light of regulations and legal disputes.

“Firms could find they end up in a situation where they invest loads of money in an AI powered service, and then have to roll some of it back to be compliant with the regulation.”

Electric Shock

According to Schmidt Automotive Research, the one millionth all-electric vehicle will be driven on UK roads in the first quarter of 2019. With that, the UK will become the second market to achieve that milestone, behind Germany.

In spite of this, 2024 is predicted to be another challenging year for electric vehicle (EV) manufacturers.

Ford, GM, and Tesla all put plans to increase their electric vehicle manufacturing on hold in the latter part of 2023. Mercedes-Benz labelled the electric vehicle market as “brutal” in October, citing supply chain problems and a pricing battle.

Analysts don’t think things will get much easier.

Auto market expert Matthias Schmidt predicts that EV sales in Europe will remain flat in 2024.

He observes hardly no growth at all in historically robust markets like Norway and Germany.

But with the implementation of the zero emission vehicle (ZEV) rule, the UK might be an exception. Just over a fifth of all vehicles sold must be electric starting in January, with an 80% target anticipated by 2030.

If you have the funds to purchase an electric vehicle, all of this may be fantastic news.

“It will be a total buyer’s market especially when it comes to electric cars as manufacturers rush to meet ZEV mandate targets,” says Schmidt.

“The cuts will be hidden though, through financing deals and higher trim levels at no extra costs – as manufacturers will be hesitant in being too overt about price cuts,” he adds.

Humanoid robots

Next year, humanoid robots may begin to appear more practical. Engineers at Tesla are developing a humanoid robot called Optimus, which they anticipate will soon be performing routine manufacturing tasks.

Earlier this month, a video showcasing the most recent iteration of Optimus was made public. It included new hands, new motors, and was lighter than its predecessor.

Musk stated in July that in 2024, Optimus would be able to operate at a Tesla facility.

“In terms of when it will be able to do some useful things, we’ll first be trying this out in our own factories – proving out its utility. But I think we’ll be able to have it do something useful in our factories sometime next year. I’m pretty confident of that.”

There is a lot of competition for Tesla in the humanoid robot market. Robots are already learning jobs in work environments in other firms.

A humanoid robot is being tested by Amazon in its warehouses. This robot, named Digit, is able to move, grab, and manipulate objects similarly to a human.

Agility Robotics, the company behind its development, plans to start supplying Digit robots to additional clients in the upcoming year.

In the meantime, Sanctuary AI in Canada has been teaching Phoenix, its robot, how to perform particular activities like packing luggage. The objective is to increase Phoenix’s task capability by 2024.

Weight-loss race

One medication in the pharmaceutical industry is selling so quickly that its manufacturer is finding it difficult to keep up with demand.

Due to the tremendous success of the weight-loss medication semaglutide, which is sold under the brand name Wegovy, its owner Novo Nordisk momentarily became the most valuable corporation in Europe.

The Danish company is spending billions of euros to expand its production facilities in order to meet demand.

Wegovy is now given as a weekly injection, although a tablet form is almost complete. When Novo Nordisk anticipates that product will be available in stores is unknown.

Next year, the Danish company should anticipate increased competition.

The US and UK have approved Eli Lilly’s medication Mounjaro as a weight-loss aid, and the European Union is expected to approve it shortly as well.

Pfizer has been pursuing approval for their weight-loss medication in the meantime.

(Adapted from BBC.com)

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