According to a new report by Bloomberg Intelligence (BI), the generative AI market is set for rapid growth, projected to reach $1.3 trillion within the next decade. The market is expected to expand at a CAGR of 42%, initially fueled by training infrastructure and gradually shifting to inference devices for large language models (LLMs), digital ads, specialized software, and services in the medium to long term. Rising demand for generative AI products could generate an additional $280 billion of new software revenue, driven by specialized assistants, new infrastructure products, and copilots that accelerate coding.
READ ALSO: 10 AI News Investors Should Not Miss and Top 10 Trending AI Stocks in Q4
“The world is poised to see an explosion of growth in the generative AI sector over the next ten years that promises to fundamentally change the way the technology sector operates. The technology is set to become an increasingly essential part of IT spending, ad spending, and cybersecurity as it develops”.
-Mandeep Singh, Senior Technology Analyst at Bloomberg Intelligence
The AI world continues to buzz with recent advancements and breakthroughs. On October 29, Linkedin Corporate Communications announced the launch of their first-ever AI agent called Hiring Assistant, developed to take on a recruiter’s most repetitive tasks so that developers can steer their focus on the most impactful work. The company has also rolled out a new coaching feature in LinkedIn Learning to help learners practice human skills through interactive scenarios using text or voice.
In other news, Securiti, the pioneer in data security, privacy, governance, and compliance, announced on Tuesday that it has integrated Nvidia’s NIM microservices into its Securiti Gencore AI solution, empowering users in industries to easily and quickly build safe, enterprise-grade generative AI systems, copilots and AI agents by utilizing proprietary enterprise data safely in diverse data systems and apps.
Medicine is another area where AI is driving significant breakthroughs. On Tuesday, October 29, Biotech firm Iambic Therapeutics revealed that it has made a breakthrough artificial intelligence model. The model can radically reduce the time and money needed to develop new drugs. Its new AI drug discovery model is called Enchant, with a white paper published revealing how Enchant demonstrates a high degree of accuracy when predicting how well the human body would absorb certain drugs.
Asia is also making strides to take the lead in the AI race. The Korea Advanced Institute of Science & Technology (KAIST) has unveiled a new Artificial Intelligence method to speed quantum calculations. Professor Yong-Hoon Kim’s team from the School of Electrical Engineering has achieved a world-first; succeeding in accelerating calculations for electronic structure in quantum mechanics using a convolutional neural network (CNN) model.
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15 AI News Investors Should Not Miss
15. BigBear.ai Holdings, Inc. (NYSE:BBAI)
Number of Hedge Fund Holders: 9
BigBear.ai Holdings, Inc. (NYSE:BBAI) is an artificial intelligence specialist that provides AI-powered decision intelligence solutions for national security, digital identity, supply chain and logistics, enterprise operations, and manned-unmanned teaming in autonomous systems.
On October 28, BigBear.ai Holdings, Inc. (NYSE:BBAI) announced that they have successfully installed the veriScan™, BigBear.ai’s biometric verification solution, at the Denver International Airport. The veriScan is BigBear.ai’s industry-leading facial recognition technology that uses artificial intelligence (AI) to apply human-like sighting capabilities, extracting information from the visual world and gaining high-level insights from digital images or videos. The veriScan™ is now deployed at 14 international departure gates at the airport, streamlining the boarding process for over 46,600 international departing passengers. Using U.S. Customs and Border Protection (CBP)’s Traveler Verification Service, veriScan captures and then transmits the traveler’s image to CBP for identity verification during boarding.
“We are thrilled to see positive results early on from the implementation of veriScan™ at Denver International Airport. I applaud DEN for their dedication to focus on security protocols using innovative technologies across 13 airlines.”
-Kevin McAleenan, President of BigBear.ai.
14. Arm Holdings plc (NASDAQ:ARM)
Number of Hedge Fund Holders: 38
Arm Holdings plc (NASDAQ:ARM) is a British semiconductor and software design company engaged in the design and manufacture of semiconductor technology and other related products. The company demonstrates leadership in mobile and AI technology with products like the Axion processor, Ethos-U85, and Windows on Arm.
On Tuesday, October 29, Arm Holdings plc (NASDAQ:ARM) reported that it is transforming software development by integrating its compute platform with GitHub, the largest developer community, and further enhanced by the powerful GitHub Copilot. Developers can write, test, and optimize code faster on Arm with the help of Copilot’s AI-powered code suggestions. Incorporating Arm tools in GitHub Actions will allow developers to streamline tasks across applications, from cloud-native web applications to AI solutions while reducing costs and boosting productivity.