{"id":63789,"date":"2023-06-06T11:35:12","date_gmt":"2023-06-06T01:35:12","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=63789"},"modified":"2023-06-08T10:39:44","modified_gmt":"2023-06-08T00:39:44","slug":"ic-your-trade-3-episode-three","status":"publish","type":"post","link":"https:\/\/www.icmarkets-vnk.com\/blog\/ic-your-trade-3-episode-three\/","title":{"rendered":"The trillion dollar AI opportunity"},"content":{"rendered":"\n<div style=\"position:relative; padding-bottom:56%;\">\n<iframe style=\"position:absolute; top:0; left:0; width:100%; height:100%;\" src=\"https:\/\/www.youtube.com\/embed\/OCHBqmforRY\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen=\"\"><\/iframe>\n<\/div>\n<style>.post-thumbnail{display:none;}<\/style>\n\n\n\n<p>ChatGPT is the fastest growing consumer application of all time, taking just five days to reach one million users and just two months to reach 100 million users.<\/p>\n\n\n\n<p>The US$10 billion investment by Microsoft in ChatGPT\u2019s parent, OpenAI, certainly set the tone in the battle for AI supremacy and pitted Microsoft against Google in the AI arms race.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-36.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-36-1024x576.png\" alt=\"\" class=\"wp-image-63791\" srcset=\"https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-36-1024x576.png 1024w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-36-300x169.png 300w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-36-768x432.png 768w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-36-1536x864.png 1536w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-36.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>Global VP, Innovation from NRI\u2019s Velrada Business, Dan Hookham says the size of the AI prize could be $1.5 trillion by 2030.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>The size is enormous. If you think about it, if you\u2019re able to do something three times faster than your competitor, and can make AI much more accessible than your competitor, then you\u2019re going to win that particular market.<\/p>\n<\/blockquote>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-37.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"329\" src=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-37-1024x329.png\" alt=\"\" class=\"wp-image-63792\" srcset=\"https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-37-1024x329.png 1024w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-37-300x96.png 300w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-37-768x247.png 768w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-37.png 1385w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>One area that is becoming hotly contested is Google\u2019s traditional stranglehold over internet searches.<\/p>\n\n\n\n<p>Google\u2019s parent, Alphabet, generates almost 60% of its revenue from search-related advertising.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-38.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-38-1024x576.png\" alt=\"\" class=\"wp-image-63793\" srcset=\"https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-38-1024x576.png 1024w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-38-300x169.png 300w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-38-768x432.png 768w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-38-1536x864.png 1536w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-38.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>There are currently 5.6 billion searches on Google every day, and only 900 million searches on Bing.<\/p>\n\n\n\n<p>However, Hookham says that with 1.5 billion people using Windows and 1.3 billion using Microsoft Office on a daily basis, a better search experience on Bing will keep people within the Microsoft ecosystem.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>I wouldn\u2019t necessarily say it\u2019s a search challenge, as in who has the best search algorithm but it\u2019s about the accessibility of search and the availability.<\/p>\n<\/blockquote>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-39.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"329\" src=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-39-1024x329.png\" alt=\"\" class=\"wp-image-63794\" srcset=\"https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-39-1024x329.png 1024w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-39-300x96.png 300w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-39-768x247.png 768w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-39.png 1385w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>The artificial intelligence market is on a supercharged growth trajectory, with growth predicted at a compound annual growth rate of 37.3% from 2023 to 2030.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-40.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-40-1024x576.png\" alt=\"\" class=\"wp-image-63795\" srcset=\"https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-40-1024x576.png 1024w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-40-300x169.png 300w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-40-768x432.png 768w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-40-1536x864.png 1536w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-40.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>The sectors that stand to benefit most from the proliferation of AI include transport, security, health and finance.<\/p>\n\n\n\n<p>\u201cAI is already used heavily in financial services, that\u2019s where the biggest revenue is made. But people like pharmaceuticals, biomedical companies, robotics companies, they are all using AI to accelerate the manufacturing process,\u201d said Mr Hookham.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-41.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-41-1024x576.png\" alt=\"\" class=\"wp-image-63796\" srcset=\"https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-41-1024x576.png 1024w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-41-300x169.png 300w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-41-768x432.png 768w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-41-1536x864.png 1536w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-41.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>Oxford Economics economist Alex Holmes says modelling by the OECD indicates that the types of jobs that will be replaced by AI aren\u2019t constrained to low-skilled workers focused on highly repetitive tasks.<\/p>\n\n\n\n<p>\u201cIf you\u2019d asked me a year ago, the kind of job that can\u2019t be replaced would be occupations like doctors, lawyers and teachers, but even these professional jobs are under threat from AI,\u201d said&nbsp;Alex Holmes.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-42.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-42-1024x576.png\" alt=\"\" class=\"wp-image-63797\" srcset=\"https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-42-1024x576.png 1024w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-42-300x169.png 300w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-42-768x432.png 768w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-42-1536x864.png 1536w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-42.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>The encouraging data produced by the World Economic Forum is that on a net basis, AI will create more jobs than it destroys.<\/p>\n\n\n\n<p>\u201cThere is inevitably going to be a period of structural unemployment. This raises a policy conundrum for policymakers. Do they try to tax and redistribute the gains from the AI winners to the losers?\u201d said Mr Holmes.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-43.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-43-1024x576.png\" alt=\"\" class=\"wp-image-63798\" srcset=\"https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-43-1024x576.png 1024w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-43-300x169.png 300w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-43-768x432.png 768w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-43-1536x864.png 1536w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-43.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>The AI arms race isn\u2019t contained to American big tech, with companies from all around the world jostling for pole position.<\/p>\n\n\n\n<p>The number of AI technology patents is rapidly growing, with two Chinese companies leading the charge with almost 20,000 patents between them.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-44.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-44-1024x576.png\" alt=\"\" class=\"wp-image-63799\" srcset=\"https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-44-1024x576.png 1024w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-44-300x169.png 300w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-44-768x432.png 768w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-44-1536x864.png 1536w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-44.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>The sector is also undergoing significant M&amp;A activity, fuelled by high-profile, multi-billion dollar acquisitions.<\/p>\n\n\n\n<p>Hookham says the size of the deals are getting bigger as larger companies either seek to bring new technology into their product suite, or prevent competitors from gaining an edge.<\/p>\n\n\n\n<p>\u201cMuch of the time, they are seeing an opportunity to bring operational benefits in-house, but they are also making sure their peers don\u2019t get their hands on technology that they will ultimately have to compete with,\u201d said Mr Hookham.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-45.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-45-1024x576.png\" alt=\"\" class=\"wp-image-63800\" srcset=\"https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-45-1024x576.png 1024w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-45-300x169.png 300w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-45-768x432.png 768w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-45-1536x864.png 1536w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-45.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>However, the proliferation of AI has come with a warning from tech heavyweights including Elon Musk and Apple\u2019s Steve Wozniak that the world should consider hitting the pause button.<\/p>\n\n\n\n<p>Elon Musk and thousands of others signed a letter in April demanding a six-month pause on the development of AI systems more powerful than that of GPT-4.&nbsp;<\/p>\n\n\n\n<p>\u201cIf you think about the human race in general, over the number of years that we&#8217;ve been on the planet, we have done some pretty, pretty clever things and some pretty disastrous things,\u201d said Mr Hookham.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-46.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2023\/06\/image-46-1024x576.png\" alt=\"\" class=\"wp-image-63801\" srcset=\"https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-46-1024x576.png 1024w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-46-300x169.png 300w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-46-768x432.png 768w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-46-1536x864.png 1536w, https:\/\/www.icmarkets-vnk.com\/blog\/wp-content\/uploads\/2023\/06\/image-46.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>ChatGPT is the fastest growing consumer application of all time, taking [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":63790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[464],"tags":[],"class_list":["post-63789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ic-your-trade"],"_links":{"self":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/63789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/comments?post=63789"}],"version-history":[{"count":4,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/63789\/revisions"}],"predecessor-version":[{"id":63921,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/63789\/revisions\/63921"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/media\/63790"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/media?parent=63789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/categories?post=63789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/tags?post=63789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}