What to expect from AI in 2024
Artificial intelligence experienced a meteoric rise in 2023, impacting nearly every industry. Patrick Moorhead, CEO and chief analyst of Moor Insights & Strategy joined TheStreet to discuss how the technology is expected to dominate in 2024.
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00:00 I wonder, do you think AI will be nearly as big in 2024 as we saw it be in 2023?
00:07 I think it's going to be bigger in 2024 because you're going to see a lot more participation
00:12 in the companies that are benefiting from it. The first wave was all about the picks and shovels,
00:18 right? The NVIDIAs, the AMDs, the Broadcom, SmartVal, the chip makers, Cloud, Player, Microsoft
00:25 in particular. We did see Google go down a lot based on the Microsoft announcements. And then
00:31 we saw some enterprise players get some help like IBM and Salesforce. This next wave is going to go
00:37 to the next level of tech, I believe. So first of all, the chip bonanza is going to continue.
00:44 We're going to see companies like Intel be able to take better advantage of it with AI PCs and
00:50 the data center. We're going to see Qualcomm and Skyworks be able to take advantage of this through
00:56 AI-based smartphones. And then we're going to see enterprise SaaS players, right? Others like
01:01 Adobe and Box and then all of even the PC makers. I believe that mid-2024, we're going to see a
01:08 rebound in PCs like we saw during the pandemic. So HP, Lenovo, Dell, and even Microsoft will get
01:16 some help because of Windows. Patrick, how do you see AI transforming industries in the next
01:20 decade? And I wonder, are there particular sectors that you think will be more heavily
01:25 impacted than others? Yeah, so I like to look at this in terms of waves. And when we looked at the
01:33 dot-com, it impacted travel agents, stockbrokers, brick and mortar electronic stores. And then
01:40 web.2.0 was about context streaming music and movies. And it was transformative for some
01:46 companies like Amazon and Netflix, but quite frankly, wiped out companies like Circuit City
01:53 and even any place you can go to run a VHS. This AI wave is going to impact legal, healthcare,
02:04 accounts payable, accounts receivable, and call centers and anybody that's involved in those
02:11 businesses. And interestingly enough, those are the areas that weren't really touched
02:17 by either dot-com in the 90s or this web.2.0 in the 2000s.
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