In the digital realm of 2023, a new dawn of content creation bloomed under the moniker of "generative AI." This potent technology, capable of spinning code, conjuring art, and weaving essays in mere moments, transcended the realm of novelty to become an indispensable tool for various industries and professions.
Microsoft's ChatGPT, unleashed late in 2022, served as the vanguard, paving the way for a stampede of competitors eager to carve their niche in this burgeoning landscape. December witnessed a seismic shift when Alphabet, Google's parent entity, unveiled "Gemini," an AI poised to permeate Google's offerings, including its ever-evolving chatbot and the ubiquitous search engine. Alphabet confidently declared Gemini superior to even the current iteration of ChatGPT, sparking a fiery battle for algorithmic supremacy.
OpenAI, the mastermind behind ChatGPT, refused to yield to the challenge. Its CEO, Sam Altman, confidently assured the world at a software developers' conference in November, "What we unveiled today will appear positively archaic compared to the marvel we're currently crafting for you."
Meanwhile, investors, lured by the siren song of potential profits, showered the industry with an avalanche of financial backing. By September alone, venture capitalists across the globe had plowed a staggering $21.4 billion into generative AI startups, compared to a paltry $5.1 billion invested in the entirety of 2022.
However, a chorus of cautionary voices advised against unrestrained exuberance. Ben Wood, chief analyst at CCS Insight, predicted a "reality check" for generative AI in 2024. "The hype surrounding this technology," he remarked, "has conveniently overlooked certain roadblocks that will inevitably dampen its meteoric rise in the near future."
Wood pinpointed the exorbitant development and operational costs associated with generative AI systems as a major hurdle. He emphasized the massive computing power required, coupled with the scarcity and expense of the necessary processors. To navigate these limitations, Wood envisions a migration towards hybrid systems, where a portion of the processing burden would be offloaded to local devices like laptops or phones.
Furthermore, Wood warned that the regulatory landscape and potential legal entanglements could cast a chilling shadow on the current AI frenzy. "Companies," he cautioned, "could find themselves pouring millions into AI-powered services only to be forced to dismantle aspects of them in order to comply with evolving regulations."
As the dust settles on 2023, one thing remains abundantly clear: the burgeoning world of generative AI has irrevocably altered the digital landscape. Whether it thrives amidst the challenges or succumbs to its limitations, this novel technology has undeniably opened a new chapter in the saga of human ingenuity.
Electric shock
In the impending first quarter of the upcoming year, Schmidt Automotive Research projects the commencement of the circulation of the one millionth all-electric vehicle on British roadways, positioning the United Kingdom as the second market, following Germany, to achieve this significant milestone. Despite this milestone, the year 2024 is anticipated to pose challenges for electric vehicle (EV) manufacturers.
Towards the end of 2023, major automotive players such as Ford, General Motors (GM), and Tesla opted to suspend their plans for expanding the production of electric vehicles. Notably, in October, Mercedes-Benz characterized the electric vehicle market as "brutal," citing a confluence of factors including a price war and supply chain disruptions.
Analysts are not optimistic about a substantial improvement in the market conditions. Matthias Schmidt, an automotive market analyst, foresees a year of stagnation in EV sales across Europe in 2024, with minimal to no growth anticipated in traditionally robust markets such as Germany and Norway.
However, a glimmer of hope emerges for the United Kingdom due to the implementation of the zero-emission vehicle (ZEV) mandate. Commencing in January, slightly over a fifth of vehicles sold are mandated to be electric, with the target set to escalate to 80% by the year 2030.
This regulatory shift could potentially benefit prospective EV buyers. Mr. Schmidt suggests that it will evolve into a buyer's market, particularly for electric cars, as manufacturers strive to align with ZEV mandate targets. To mitigate the apparent price cuts, these reductions may be subtly integrated through financing arrangements and the inclusion of higher trim levels without additional costs, as manufacturers may exercise caution in overtly advertising price adjustments.
Humanoid robots
In the imminent future, humanoid robots may undergo significant advancements, particularly exemplified by Tesla's innovative project, Optimus. Engineers at Tesla are diligently developing Optimus with the aspiration that it will soon undertake elementary tasks within factory settings. A recently unveiled video showcased the latest iteration of Optimus, characterized by its reduced weight compared to its predecessor, augmented with new dexterous hands, and propelled by state-of-the-art motors.
In a noteworthy statement made in July, Elon Musk affirmed that Optimus is anticipated to be operationally functional in a Tesla factory by the year 2024. Musk expressed confidence in the robot's capability to execute practical tasks within the confines of Tesla's manufacturing facilities as early as the coming year. It is envisioned that Optimus will undergo initial trials within Tesla's own factories to validate and establish its practicality.
Tesla faces formidable competition in the realm of humanoid robots, with other companies already deploying robotic entities to acquire new skills within occupational settings. For instance, Amazon is actively experimenting with a humanoid robot named Digit in its warehouses.
Developed by Agility Robotics, Digit possesses the capacity to emulate human movements in terms of mobility, grasping, and handling objects. Agility Robotics aims to extend the deployment of Digit to other clients in the upcoming year.
In Canada, Sanctuary AI is making strides in training its robot, Phoenix, to undertake specific tasks, initially focusing on activities such as packing bags. The strategic plan for 2024 involves broadening the spectrum of tasks that Phoenix can adeptly perform. The pharmaceutical landscape is also witnessing notable developments, particularly in the realm of weight-loss drugs.
Semaglutide, a weight-loss drug marketed as Wegovy, has experienced unprecedented demand, propelling its manufacturer, Novo Nordisk, to briefly hold the esteemed title of Europe's most valuable company.
In response to the surging demand, Novo Nordisk is committing substantial investments, amounting to billions of euros, to expand its production facilities. Presently administered as a weekly injection, Wegovy is on the brink of introducing a tablet version, although Novo Nordisk has refrained from specifying the anticipated market release date.
Novo Nordisk is bracing for heightened competition in the weight-loss drug market, with Eli Lilly's Mounjaro recently receiving approval as a weight-loss treatment in both the United States and the United Kingdom. Furthermore, European Union approval appears imminent.
Concurrently, Pfizer is actively seeking regulatory approval for its own weight-loss pill. The dynamic landscape of technological and pharmaceutical advancements appears poised for substantial transformations in the upcoming year.