Artificial Intelligence - annual review and outlook 2024
Since 2016, we envisioned that artificial intelligence (AI) would become a transformative technology that drives a new wave of innovation and disruption across industries and sectors. It was very exciting to see our long-held vision for AI starting to come to fruition beginning in late 2022, when ChatGPT demonstrated AI’s potential to the general public and corporate leaders. In the past year, AI related investment activity accelerated despite an overall muted tech spending backdrop, and we appear to be at the dawn of a long term investment cycle that will likely have significant upstream growth implications in AI applications and AI-enabled industries. We believe this represents a remarkable opportunity for investors who are positioned ahead of this change.
Key takeaways
- Equity markets rallied sharply in 2023 after a challenging 2022, we believe the equity market recovery in 2023 can extend into 2024.
- 2023 proved to be a pivotal year for artificial intelligence companies.
- AI’s impact on every industry is starting to take hold, and we see a growing opportunity set beyond just the Magnificent 7 and the technology sector.
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