Introduction
It's no secret that most industry leaders in the technological innovation sphere, such as Bill Gates, Elon Musk, and Sam Altman, share a similar viewpoint on the capabilities AI will have going into the future.
In this article, I will cover what current reports predict for AI, what is currently available in the AI landscape, what some companies are in the process of building that we can expect to be released in the near future and what is ultimately going to lead the next wave of both new Fortune 500 companies and existing fortune 500 companies adapting their business models to be oriented around AI.
"The development of AI is as fundamental as the creation of the microprocessor, the personal computer, the internet, and the mobile phone" — Bill Gates, 2023.
The Current Landscape
AI is already applied across almost every industry with considerable capacity, with existing companies leveraging it to help solve problems, from programming with Copilot (and the soon-to-be-released Copilot X) to art design, web design, customer service and even legal assistance.
The Statistics
According to Accenture’s report, AI: Built to Scale, 84 percent of business executives believe they need to use AI to achieve their growth objectives. In conjunction with this, it found that three out of four C-suite executives believe that if they don't scale AI in the next five years, they're at risk of going out of business entirely.
IBM released a report which showed that 44 percent of companies are looking to make serious investments in AI and integrate it into their businesses. And of the 9,130 patents received by IBM inventors in 2021, 2,300 were AI-related.
The Future Landscape
Expect projects such as Adept AI to come to fruition and further disrupt the AI landscape. As we move towards a future with more AI, more people will slowly come to realize the potential that it pertains just like we've seen with GPT-3 and GPT-4. Adept AI's goal is to create an AI teammate that can use any software and any API and have recently raised $350M from Spark Capital and General Catalyst at a higher than $1 Billion dollar valuation, with Nvidia and Microsoft also on as investors.
Conclusion
We have already seen a shift towards the majority of Fortune 500 companies from both the investing side and building their own AI projects. Since speed, accuracy, cost savings, and convenience—the macro-level benefits AI offers—have been the primary focus for human evolution since the dawn of time (take for example invention of the light bulb, car, computers, mobile phones, etc) you can expect even more investment from existing Fortune 500 companies into AI companies and the emergence of many new Fortune 500 companies thanks to AI.
Due to the ongoing growth of the AI space and investment, it's very likely most Fortune 500 companies are either directly related to AI, leverage AI significantly or are invested in businesses that leverage AI tech.
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