The year 2022 was bad for American tech companies listed on Nasdaq. The Nasdaq 100 index fell 32 per cent in 2022, making it one of the worst years for US indices since 2008. The interest rate walk by the US Federal Reserve and the return to work after the COVID-19 lockdown were not good news for tech companies. They were not ready to change their working style.
The good news is that technology is developing and making strides in this area. Take the example of Chat GPT, which is a big step forward in Artificial Intelligence (AI). Chat GPT is the next big news in the world of technology. And if you’re looking to invest in US markets as part of your diversification, you should look for companies that invest in AI.
In 1950, Alan Turing, considered by some to be the father of theoretical computing and the father of AI, designed a test called the “Imitation Game” or “Turing Test” to demonstrate human-like intelligent behaviour. Can test the capability of the machine. In December 2022, ChatGPT became the second chatbot to pass the Turing test after Google’s LaMDA in June 2022.
Although artificial intelligence (AI) has been discussed and used in our daily lives for many years, Alphabet’s LAMDA and OpenAI’s ChatGPT suggest that technological advancement has reached a turning point. Dall-E 2, another OpenAI system, can produce the visuals displayed below. Here, Dall-E 2 ask to create an image of augmented reality (AR) contact lenses in the manner of Salvador Dali:
Alphabet has a similar, perhaps slightly better, tool called Image, and Meta (Facebook) has a tool called ‘Make-a-Scene’.
AI has already made many strides. Many advances are being made in research in the physical and mathematical sciences. According to the State of AI 2022 report, AI has helped drive advances in mathematics and materials science, including aiding nuclear fusion, predicting the structure of 200 million proteins, and engineering an enzyme for PET and plastic recycling Which represents 12 per cent of world production. Solid waste, writing code from simple language and solving mathematical problems, among many other projects.
Similar advances are being made in the business with AI-powered tools for natural language coding from OpenAI’s codex-based Amazon’s Codewhisperer, GitHub, Microsoft’s Copilot, and upcoming Google products.
Early AI drug research businesses, are now testing several medications at varying stages of development. InstaDeep and BioNTech have created an early warning system (EWS) for novel COVID types. This EWS can identify variants 1.5 months before they are officially declared. The first regulatory approval for a stand-alone X-ray analyzer using the technology has been granted. The uses in defence are numerous but less commented upon.
There are various AI initiatives at major technology companies. For example, two Alphabet initiatives: Google Brain and DeepMind, collaborations with Microsoft AI Research and OpenAI, and Meta’s FAIR (Facebook AI Research). Additionally, Amazon and Apple have AI or machine learning (ML) research initiatives. IBM Research was one of the first labs to work on AI, with Deep Thought defeating a chess grandmaster in 1988 and Deep Blue defeating world chess champion Garry Kasparov in 1997. Nvidia GPUs remain the benchmark chips for AI work. Salesforce, Intel and Qualcomm are other notable companies working on AI.
ChatGPT and its impact on technology companies and stocks
The point is that AI will probably disrupt and transform all sectors of the economy. As this happens, the world is going to change, and disruptive companies will win in terms of revenue, profit, cash flow and business value; Others will lose business and ratings as a result.
Investors should prepare their portfolios for this new turn of events by exposing themselves to AI-powered companies. By 2030, a large portion of the S&P 500 market capitalization will likely consist of AI-powered companies. Like in football, a good player goes where the ball is, while a great player goes where the ball is going to be.
You can do it yourself or go to a portfolio manager. It is better to invest in stocks of AI-powered companies instead of investing in a few companies that seem “exciting”.
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