Tech Trends 2024: In the world of technology, 2023 is poised to be the year when generative AI takes center stage. From coding to artwork to written content, generative AI systems have become indispensable tools in various industries and professions.
Microsoft-backed ChatGPT blazed the trail with its introduction in late 2022, and competitors have been quick to follow suit. Explore the impact and potential of generative AI in this article.
This month witnessed a major development as Alphabet, the parent company of Google, unveiled Gemini – an advanced AI system that will be seamlessly integrated into various Google products, such as the chatbot and search engine[^1^].
Alphabet asserts that Gemini surpasses the current iteration of ChatGPT, while OpenAI, the creator of ChatGPT, affirms its commitment to progress by promising a more robust version of their software in the coming year[^2^]. Stay tuned for the latest advancements in AI technology!
In November, at a software developers conference, Sam Altman, the CEO of OpenAI, expressed his excitement about the future: “What we have launched today will seem outdated compared to what we are currently working on for you.”
Simultaneously, there has been a significant influx of investments in the industry as investors seek to support the next major player. According to PitchBook, venture capital firms worldwide have invested a staggering $21.4 billion (£17.5 billion) in generative AI startup firms, and this figure only accounts for investments made until the end of September.
In comparison, the total investment in 2022 was only $5.1 billion. However, some experts caution against excessive enthusiasm. According to Ben Wood, the chief analyst at CCS Insight, generative AI will face challenges in 2024. “The hype has overlooked a few obstacles that will temporarily slow down its progress,” he explains.
Developing and operating a generative AI system can be a costly endeavor. It demands substantial computing power and expensive computer chips, which are often in limited supply.
However, to mitigate these expenses, experts predict a shift towards hybrid systems, where some processing occurs locally on devices like laptops or phones.
Additionally, regulatory measures and legal battles may temper the current frenzy surrounding generative AI. Stay informed about the evolving landscape of AI technology and its potential impacts.
Companies may face a scenario where they invest a significant amount of funds in an AI-powered service, only to later retract some of it to ensure compliance with regulations. This can result in financial adjustments and operational changes to align with regulatory requirements.
Tech Trends 2024: Electric Boom
According to Schmidt Automotive Research, the UK is set to see the launch of its one millionth all-electric car on its roads in the first quarter of next year. This significant milestone will position the UK as the second-largest market, following Germany, in terms of all-electric vehicle adoption. Get ready to witness the rapid growth of electric cars in the UK!
Despite this, 2024 is anticipated to present challenges for electric vehicle (EV) manufacturers. Towards the end of 2023, Ford, GM, and Tesla temporarily halted their plans to expand EV production. In October, Mercedes-Benz described the electric vehicle market as “challenging”, attributing it to a price war and supply chain issues. Experts predict that the situation is unlikely to improve significantly.
According to auto market analyst Matthias Schmidt, the forecast for electric vehicle (EV) sales in Europe in 2024 appears stagnant. Little to no growth is expected in traditionally strong markets like Germany and Norway. However, the introduction of the zero emission vehicle (ZEV) mandate in the UK could be a bright spot. Starting in January, a minimum of 20% of vehicles sold must be electric, with a target of 80% by 2030. This initiative aims to promote the adoption of EVs and reduce emissions in the transportation sector.
This is great news for anyone with the means to purchase an electric vehicle (EV). With manufacturers striving to meet ZEV mandate targets, the market for electric cars will be highly competitive. Mr. Schmidt suggests that price reductions may be subtle, such as through attractive financing options and upgraded trim levels at no additional cost. Browse our selection of affordable EVs and take advantage of these hidden savings.
Also read: Stellantis Teams Up with Leapmotor in $1.6 Billion Investment for Chinese EV Market
Humanoid Robotics and Artificial Intelligence
Next year, humanoid robots are set to become more practical and valuable. Engineers at Tesla are currently developing Optimus, a humanoid robot designed to perform basic factory tasks. Recently, a video showcasing the latest version of Optimus was released, highlighting its lighter weight, improved hands, and upgraded motors. Elon Musk himself has stated that by 2024, Optimus will be fully capable of working within a Tesla factory.
Tesla faces tough competition in the humanoid robot industry, as other companies have already implemented robots to learn and perform tasks in various work settings. In terms of practical applications, Tesla plans to initially test the capabilities of their own robots in their factories, aiming to demonstrate their utility. Anticipated progress suggests that Tesla’s robots could be performing valuable tasks within their factories by next year. Rest assured, Tesla is confident in their ability to deliver on this promise.
Amazon is currently conducting a trial of a humanoid robot, known as Digit, in its warehouses. Digit is capable of executing movements, grasping objects, and handling tasks in a manner similar to humans. Developed by Agility Robotics, the company aims to make Digit robots available to other customers in the coming year.
Meanwhile, Sanctuary AI in Canada has been training its robot, named Phoenix, to perform specific duties such as bag packing. By 2024, the plan is to expand Phoenix’s capabilities to encompass a wider range of tasks.
Weight-loss competition
The pharmaceutical industry is witnessing a remarkable demand for a popular weight-loss drug called semaglutide, marketed as Wegovy. Novo Nordisk, the proud owner of this successful treatment, briefly became Europe’s most valuable company.
Novo Nordisk, the Danish firm, is making significant investments in expanding its production facilities to meet the growing demand. Currently, Wegovy is administered through a weekly injection, but a tablet version is on the horizon. While Novo Nordisk has not provided a specific timeline for its release, it can anticipate increased competition in the coming year. Stay updated on the latest news and developments on Novo Nordisk’s expansion and Wegovy’s availability.
Eli Lilly’s weight-loss drug, Mounjaro, recently received approval in the US and the UK. It is expected to gain approval in the European Union soon. Meanwhile, Pfizer is also seeking approval for its own weight-loss pill. Learn more about the approval of Eli Lilly’s Mounjaro as a weight-loss treatment for type-2 diabetes.
[^1^]: Source: BBC – Technology
[^2^]: Source: OpenAI website
