Companies — and VCs — continue to invest in AI despite market slowdown

Companies — and VCs — continue to invest in AI despite market slowdown

Hiring freezes While Big Tech companies might be reducing certain AI investments, it is clear that there is a strong demand within the enterprise for AI technologies — regardless of whether they are developed in-house or outsourced.

According to McKinsey Survey Since December 2017, AI adoption in companies has more than doubled, with 63% expecting that spending on AI will increase in the next three years. IDC released February’s IDC report. Forecast Companies would spend 19.6% more on AI solutions in 2022, reaching $432.8 Billion by the year’s end and $500 Billion by 2023.

With text-to-image tools like OpenAI, Generative AI is a hot topic in corporate interest. DALL-E 2 And Stable Diffusion seeing swift uptake despite The There are risks. Adobe announced this month that it would open Adobe Stock, its stock image service to creators who use generative AI programs. Follow in the footsteps of others Shutterstock (but it is not a rival) Getty Images). Microsoft partnered with OpenAI in the interim to provide this service. enterprise-tailored Mattel has access to DALL-E 2 for customers such as Mattel. Mattel is using DALL-E 2 in order to develop new Hot Wheels model car ideas.

Sequoia, a venture capital firm In a September blog post, the company stated that generative AI could generate “trillions” of dollars in economic value. While that might sound optimistic, there is some evidence that suggests that AI has moved beyond being a research project to generating serious revenue.

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