Pro Perspectives 6/23/23
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June 23, 2023 As we end the week, let's talk more about generative AI.
We've talked in recent weeks about Nvidia, (now) the most important company in the world.
Nvidia is powering the computing side of generative AI.
The other, very important side is data.
The large language models like ChatGPT will make everyone a computer programmer. With simple, plain-English text prompts, the models will ultimately do the work of hundreds of coders — perhaps months of work, in seconds. But the output is only as good as the prompt it's given, and the data it is trained on.
With that, in the era of generative AI, companies that are data-rich are in a position of strength. These companies will have the data to train their own models. They will enhance their decision making, identify opportunities to create new products and improve customer experiences. And those with rich and unique data, will have an opportunity to monetize that data – to become a new revenue source.
And as we've discussed, the speed of change in this "industrial revolution" could be unlike those of the past. It's moving fast.
And it seems pretty clear that the productivity gains will be huge. As an example (from an OpenAI case study), CarMax used ChatGPT to summarize 100,000 customer reviews to include on their website, for every make, model and year. They say it would have taken their editorial team 11 years to complete the job.
So, who are the kings of data?
Meet the new kings, same as the old: Google, Amazon, Facebook, Apple, Microsoft.
When the government turns a blind eye to antitrust law, the moat only becomes wider and wider.
Position yourself for the high-growth opportunities in the emerging fourth industrial revolution (the digital revolution) …
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