In this article, we look at the 5 AI Developments/Trends of 2024. If you want to read the latest trends and developments in artificial intelligence (AI) along with a more extensive list, you can head straight to the 15 AI Trends of 2024.
5. Rising GPU and Cloud Costs
The growing demand for AI services is contributing to increased costs associated with GPU hardware and cloud computing resources in 2024. Training and running Large Language Models (LLM) require substantial computational power which lead to heightened competition for GPUs and is driving up prices for cloud infrastructure. As a result, there is a rise in Small Language Models (SLMs) that focus on improving the efficiency of AI workflows and infrastructure.
4. Rise in Small Language Models (SLMs)
In response to the high computational and energy demands of large-scale AI models, in 2024, the focus is shifting towards Small Language Models (SLMs) which despite being smaller than their Large Language Models (LLM), are becoming increasingly powerful. SLMs that can operate efficiently even on a smartphone offline, are much more cost-effective and accessible, making them a significant trend in AI. Microsoft researchers have been at the forefront of this movement, developing models such as Phi and Orca, which challenge the notion that only large models can deliver high performance.
3. AI Video Generation
While generative models that produce photorealistic images became mainstream in 2023, the focus is now shifting towards video tools like Runway’s Gen-2 model which produces short and high-quality video clips that can rival professional animation studios. AI video generation is emerging as a groundbreaking development in 2024, enabling the creation of high-quality, dynamic video content from simple text prompts or data inputs. Major film studios, such as Paramount and Disney are exploring the use of generative AI throughout their production processes, particularly in lip-syncing, foreign-language overdubs and enhancing special effects. Additionally, deepfake technology which creates fake images, videos, or audio clips that look real is gaining traction, and companies such as Synthesia is providing tools that generate realistic avatars.
2. Increased AI Regulation
There are growing efforts by governments and regulatory bodies all around the world, to address AI risks through regulations. On August 1, the European Union entered the Artificial Intelligence Act into force, which aims to establish standards for AI safety, transparency, and accountability. The Act will be effective from August 2026. In the U.S., Blueprint for an AI Bill of Rights by the White House Office of Science and Technology was released and aims to guide the responsible design, use, and deployment of artificial intelligence (AI) systems. Concerns about intellectual property regarding generative AI, are raising questions about content ownership. There is also an increasing call for transparency in AI development, particularly in disclosing training data and methodologies. AI regulation is one of the most significant trends in 2024, governments and regulatory bodies worldwide are establishing frameworks to ensure AI systems are safe, transparent, and accountable.
1. Revolutionizing Robotics
Roboticists are developing more versatile robots that are capable of performing a wide range of tasks. Unlike traditional AI models, which are designed for specific functions, new models like DeepMind’s Robocat and RT-X are being trained to handle multiple tasks using a single, general-purpose model.
This approach has revolutionized robotics by enabling them to learn new tasks through trial and error, generating their own training data as they go. The paper Advancing Humanoid Locomotion: Mastering Challenging Terrains with Denoising World Model Learning published by Xinyang Gu and Yen-Jen Wang, discusses advancements in humanoid robot locomotion control, focusing on a new method called Denoising World Model Learning (DWL).
DWL improves the robot’s learning and adaptation capabilities to make it better equipped to utilize its mechanical freedom effectively. For example, DWL can help a robot learn how to use its ankle control to handle various terrains more effectively by better simulating real-world challenges. As AI continues to evolve, DWL will push the boundaries in robotic control and generalizable learning, marking a notable development in AI development.
At Insider Monkey, we delve into a variety of topics, however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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