The prospect of artificial intelligence dominating every aspect of human life is no longer a farfetched dream but a harsh reality. Advances around the revolutionary technology already provide clear insights into what to expect, even as Bill Gates insists humans will no longer be needed “for most things” in the future.
The remarks come as the artificial intelligence market is projected to hit the $3.6 trillion mark by 2034, up from $638.23 billion in 2024. According to Precedence Research, the market is growing at a 19.1% compound annual growth rate driven by rapid advancements in technology, increasing data availability, and a burgeoning demand for automation across various industries.
While human expertise dominates various industries, from healthcare to education and industries, things will change significantly with the development and deployment of advanced AI solutions. In a world of free intelligence, Gates forecasts that people will get great medical advice and tutoring, among others, through AI-powered solutions.
“With AI, over the next decade, that will become free, commonplace — great medical advice, great tutoring,” Gates said.
According to Gates, the outcome will be swift advancements in AI-powered technology that are available and affect almost every part of our lives, from readily accessible AI tutors and virtual assistants to better medications and diagnoses.
The question of how exactly the majority of people will fit into an AI-powered future is still up for dispute. According to some analysts, artificial intelligence (AI) will boost economic growth and create more jobs by making human labor more efficient rather than completely replacing it.
Others, such as Mustafa Suleyman, CEO of Microsoft AI, argue that further technology developments over the coming years would alter the nature of most occupations in almost every field and have a “hugely disruptive” effect on the labor force.
“These tools will only temporarily augment human intelligence,” Suleyman wrote in his book “The Coming Wave,” which was published in 2023. “They will make us smarter and more efficient for a time, and will unlock enormous amounts of economic growth, but they are fundamentally labor replacing.”
Nevertheless, Gates insists there are certain jobs that artificial intelligence will never replace. Additionally, the billionaire investor is overly optimistic that artificial intelligence will give rise to breakthrough innovations such as game-changing treatments for deadly diseases and solutions that address long-running challenges such as climate change.
To create this list, we reviewed the latest AI-focused news reports, press releases, and stock analysis. We have also mentioned the hedge fund sentiment around each stock, as of Q4 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
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9. Grid Dynamics Holdings Inc. (NASDAQ:GDYN)
Number of Hedge Fund Holders: 15
Grid Dynamics Holdings Inc. (NASDAQ:GDYN) is a global digital engineering company that provides technology consulting, platform and product engineering, AI, and advanced analytics services. It also integrates AI into its solution to help businesses innovate and improve efficiency. On March 27, the company launched the IoT Control Tower, an advanced analytics solution.
IoT Control Tower is designed to enhance the analysis of IoT data streams for production facilities and field deployments. The solution is tailored to reduce labor costs in manufacturing analytics while improving efficiency using the latest artificial intelligence and machine learning technologies. It is expected to bridge the gap between data collection and actionable insights in manufacturing sectors. The platform’s combination of more recent generative/agentic AI and more conventional machine learning results in a complete solution that can be tailored to different industrial settings and use cases.
“Furthermore, we have integrated this platform with a range of specialized smart manufacturing components we developed, including visual process monitoring, visual quality control, anomaly detection, and root cause analysis, to deliver a comprehensive solution,” said Ilya Katsov, CTO, Americas at Grid Dynamics.
8. XPeng Inc. (NYSE:XPEV)
Number of Hedge Fund Holders: 17
XPeng Inc. (NYSE:XPEV) is an AI-driven mobility company that designs, manufactures, and markets smart electric vehicles (EVs) targeting technology-savvy consumers. On March 25, the high-tech automotive company opened its first “XPENG Tech Center” in Hong Kong SAR China. It marks an important milestone in the company’s global expansion plan as it seeks to unlock new growth opportunities.
The new center paves the way for the Chinese auto giant to showcase its latest advancement in the future of AI-defined mobility. On display will be robots powered by AI, self-developed chips and other cutting-edge technologies. XPENG is committed to growing its market share in Hong Kong and other international markets by promoting intelligent mobility while accelerating the development of smart electric vehicles.
“Through this new space, we hope to bring them closer to XPENG’s innovations, from autonomous driving to intelligent cockpit technology and our future mobility solutions such as AI chips and humanoid robots. With the launch of the X9 in Hong Kong, we look forward to providing a more intelligent and seamless driving experience while leveraging the city’s global connectivity to support XPENG’s broader international development,” said Brian Gu, Vice Chairman and President of XPeng Inc. (NYSE:XPEV).