The artificial intelligence (AI) revolution is coming whether you’re ready or not.
And it’s likely to change the world, as we know it.
In plain English, AI is intelligence displayed by machines.
“The term is applied when a machine mimics cognitive functions that humans associate with other human minds, such as learning and problem-solving,” notes Hunt Scanlon Media. “The term encompasses many things, but at the moment it has a strong emphasis on using algorithms to do very smart things. It makes programming a lot simpler and a lot more interesting. What we are seeing in AI today is mostly pattern-matching and the capacity to look through sets of data.”
In healthcare, for example, it can help doctors sift through hundreds of cancer drugs and choose the best one, based on a rapid analysis of papers, data and records, as well as find trends and treat potential health issues before they appear through regular diagnosis, according to Hunt Scanlon. The automotive industry is applying the technology with driverless cars. In financial services, AI is helping to organize operations, maintain bookkeeping and invest in stocks. It is also being used to detect behavioral patterns for abnormal changes to reduce fraud and financial crime.
IBM recently showed an AI computer that can debate a human.
“Through the IBM Cloud, the computer scanned billions of sentences to generate a coherent and persuasive position on the various topics. The machine then listens to its opponent’s speech and generates what IBM claims is a spontaneous compelling rebuttal, exhibiting a type of argumentation that until recently was simply out of reach for the machines,” says USA Today.
Yet, we’re still in the early stages of watching AI revolutionize every industry from consumer products and transportation to healthcare and manufacturing, as corporate America races to embrace machine learning, deep learning and other processes that allow computers to perform tasks that generally require human intelligence.
Catherine Wood, CEO of ARK Investment Management recently noted, “We think [deep learning] could approach $17 trillion in market cap – which would be 35 Amazons.”
“Bill Gates has said a breakthrough in machine learning would be worth 10 Microsofts. Microsoft is $550 to $600 billion. We think deep learning is going to be twice that,” notes The Marketing Artificial Intelligence Institute.
Google CEO Sundar Pichai says it’s “more profound than electricity or fire.”
Microsoft CEO Satya Nadella once noted that AI is the "defining technology of our times” with a capability of changing the way we drive our cars, automate our factories, create jobs, and even help improve our healthcare.
PricewaterhouseCoopers estimates that AI could become a massive $70 billion market by 2020. JP Morgan analysts believe the market will grow to $58 billion by 2021, as well.
No wonder tech heavyweights are scrambling for a piece of the AI market.
Stay tuned to The Cheap Investor for opportunities in this explosive sector.