It is no secret that the technology giants: Alphabet (i.e. Google), Amazon, Meta, Apple, and Microsoft are investing heavily in AI. However, they are not the only ones, and smaller companies are joining the AI spending fray, hoping to tool-up quickly before it’s too late.
The competition in AI, particularly in the subfield known as generative AI, is heating up. Dropbox recently announced its first corporate venture fund, Dropbox Ventures, which will focus on startups that are creating AI-powered products. Amazon’s AWS has also unveiled a $100 million program to fund generative AI projects, and Salesforce Ventures is pouring $500 million into startups developing generative AI technologies. Workday has added an additional $250 million to its existing VC fund to back AI and ML startups, and Accenture and PwC plan to invest $3 billion and $1 billion, respectively, in AI.
However, money alone can’t solve the AI industry’s challenges. At a Bloomberg conference in San Francisco, Meredith Whittaker, president of secure messaging app Signal, warned that the technology behind some AI apps is becoming increasingly opaque. As AI progresses, this could lead to a situation in which people have little control over their individual and collective lives, due to increased surveillance. This should serve as a reminder that structural change is necessary for the industry to move forward.
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