In the realm of artificial intelligence, OpenAI‘s ChatGPT made headlines even before the dawn of 2023. Following its launch on November 30, the generative AI-powered chatbot quickly gained immense popularity, captivating 100 million users within a mere two months. Reports surfaced, projecting OpenAI’s revenue for 2024 to potentially reach a staggering US$1 billion.
The large language model’s capacity to transform prompts into poetry, songs, and even high school essays marked a revolutionary stride, surpassing the growth rates of established platforms like Facebook and Twitter. Despite occasional inaccuracies, prompting the term “hallucinate” in the context of AI misinformation, ChatGPT continued its meteoric rise.
Investors, spurred by Microsoft’s substantial investment in OpenAI, injected a remarkable US$27 billion into generative AI startups in 2023. This influx intensified the long-simmering battle for AI dominance among major tech players, including Alphabet, Meta, and Amazon.
By March, a pivotal moment unfolded as thousands of scientists and AI experts, including Elon Musk, united in an open letter demanding a halt to the development of more powerful AI systems. Citing existential risks, the movement underscored concerns about the potential impact and dangers posed by advanced AI technologies.
Consultancy PwC projected a global economic impact of nearly US$15.7 trillion by 2030, heightening optimism for AI-related growth. However, concerns over bias in AI applications, particularly in recruitment, and disruptions to employment patterns, loomed large. Winners, like chipmaker Nvidia, entered the trillion-dollar club alongside industry giants Apple and Alphabet.
The AI landscape faced unexpected upheaval in November when OpenAI dismissed CEO Sam Altman, igniting a debate over the pace and commercialization of AI development. Altman’s reinstatement, prompted by employee protests threatening mass resignations, signaled a victory for AI optimists and commercialization advocates.
As the world enters 2024, regulatory bodies, notably the EU, are poised to assert authority with the EU AI Act. This comprehensive plan aims to establish safeguards for AI technology, a precursor to similar initiatives in the UK and US. The looming global elections in 2024 raise concerns about AI-generated misinformation targeting voters, adding another layer to the societal impact of this transformative technology.