Artificial intelligence continues to achieve remarkable breakthroughs, yet its latest contribution might come as a surprise to many. According to a report by CNBC, AI can solve one of the biggest problems facing the USA: its skyrocketing fiscal deficit. According to three economists from the Brookings Institution, artificial intelligence could prove a positive “critical shock” for the country’s fiscal health.
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The Center on Regulation and Markets at Brookings released a working paper last month stating that under the most optimistic scenario, AI could reduce the annual U.S. budget deficit by as much as 1.5% of gross domestic product by 2044. This would lower annual budget deficits by roughly one-fifth at the end of the 20 years.
“The use of AI presents the rare — possibly unique — opportunity to expand access to health care information and services while simultaneously reducing the burden on the conventional health care system”.
– Paper’s authors, Ben Harris, Neil Mehotra and Eric So.
While adopting AI in healthcare is optimistic, Ajay Agrawal, a professor at the University of Toronto’s Rotman School of Management, reveals how economists’ outlook on AI and healthcare is “a mix of enthusiasm and despair”.
“Enthusiasm because there’s probably no sector that stands to benefit more from AI than health care. … But there’s friction due to regulation, due to incentives — because of the way things are structured and how people are paid for things — and friction due to the associated risks and liabilities”.
-Agrawal said.
In other news, CNBC reported that OpenAI has allowed its employees to sell about $1.5 billion worth of shares in a new tender offer to SoftBank. Current and former OpenAI employees will be able to cash out their shares this way, while the Japanese tech conglomerate will be able to get a larger slice of the pie of the AI startup. The tender offer follows the persistence of SoftBank founder Masayoshi Son after he made a $500 million investment in OpenAI’s recent funding round, also reflecting his growing interest in AI.
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15. Laser Photonics Corporation (NASDAQ:LASE)
Number of Hedge Fund Holders: 2
Laser Photonics Corporation (NASDAQ:LASE) is an AI-enabled laser company. Their CleanTech Robotic Cell Enclosure is an AI-capable system designed to automate laser cleaning processes.
On November 27, Laser Photonics Corporation (NASDAQ:LASE) announced that preorders for its soon-to-be-launched CleanTech Industrial Roughening Laser 3060 (CTIR-3060) are now open. The new CTIR-3060 is an industrial-grade fiber laser solution for laser cleaning and surface conditioning designed for aerospace and defense applications. The system can work as a standalone unit or be integrated into a CleanTech Robotic Cell for an AI-ready automated solution.
“Our team has worked tirelessly to develop a next-generation high-powered pulsed laser that is ideal for thermally sensitive applications. With the CleanTech CTIR-3060, operators can now quickly and effectively clean and process delicate and thin material with little to no damage to the underlying substrate. We are excited to continue leading the way in laser technology innovation and look forward to the future”.
– Wayne Tupuola, chief executive officer of Laser Photonics.
14. SAP SE (NYSE:SAP)
Number of Hedge Fund Holders: 36
SAP SE (NYSE:SAP) is a market leader in ERP software. It leverages AI to enhance its enterprise resource planning (ERP) solutions.
On November 27, SAP SE announced the November release of SAP Signavio Process Transformation Suite, a cloud-based software suite designed for business process management (BPM). Joule, SAP’s AI Copilot, is now fully integrated into the SAP Signavio Process Collaboration Hub and is available to SAP Signavio customers in Germany and the U.S. through a dedicated SAP Early Adopter Care program. This will allow users to perform tasks like finding information, performing actions, and gaining insights using simple commands. In addition, SAP Signavio solutions will offer text to insights capability with the new AI-assisted process analyzer. This capability is available via a beta program offered to SAP Signavio Process Intelligence customers.
