Last year saw the release of many generative AI models. These models have been integrated into many businesses to improve decision-making and efficiency. The AI market was close to $200 billion last year and is expected to grow at an annual rate of 37% per year. This would see the industry grow to nearly $2 trillion by 2030.

Nvidia

The importance of AI in the economy is reflected in the success and growth of Nvidia. The video graphic chip maker has cornered the market on artificial intelligence chips. As the demand for AI services increased so did the demand for the chips that are needed for training and running AI models. Nvidia currently has a 90% market share. This market dominance has made Nvidia the world’s third most valuable company. It has seen a 247% increase in stock price since last March and the company has a market value of over a trillion dollars.

Tesla FSD

Tesla has now rolled out its Full Self Driving (FSD) beta to all customers that had purchased FSD with their cars. This version, 12.3, is a major advance in self-driving technology. Early reports from drivers confirm that this is a marked improvement over earlier versions of the software.

FSD v12 is a change from traditional programming to neural-network decision-making. Vehicles now process new camera footage and vehicle behavior from millions of Teslas directly into driving actions. The program makes better decisions, and the car drives itself more naturally. There will also be more rapid improvement in the software as AI training restraints have been removed.

Elon Musk is so confident in the new FSD software that he is sending a free one-month trial of the software to all Tesla owners. He has also mandated that all sales demos include a test drive demonstrating the car’s autonomous driving.

Neuralink

Neuralink is a technology company founded by Elon Musk to develop a “brain computer interface to help restore autonomy to those with unmet medical needs and to unlock human potential.”

They have developed a small disk that is implanted on the surface of the brain. Using AI technology, the device records and decodes neural signals and transmits the information back to the brain using electrical stimulation.

They have just reported success in their first patient. Nolan Arbaugh, a quadriplegic, had the device implanted in September 2023. He rapidly learned how to control a computer with thought alone. He has played online chess and the video games Mario Kart and Civilization VI using only his brain waves to control a computer mouse and cursor.

This patient’s success is the first step in creating AI computer-brain interface strategies to allow paraplegics to walk.

AI in Healthcare

The introduction and use of AI in healthcare continues at a rapid pace. There are over 700 FDA-cleared AI-enabled medical devices in the market. For perspective, this is 10 times the number that were available in 2020.

Many of the uses are in ultrasound, radiological, and pathological diagnosis, augmented and virtual reality cardiac imaging, and AI software to support surgeons.

Medical devices are now more software rather than hardware. The software can be updated and improved with online updates – just like your iPhone is improved with new apps and features.

These changes will improve clinical efficiencies and improve patient outcomes. 

Legal and Ethical Issues

Many think tanks and the legal system are working to make sure that the implementation of AI in society is fair and does not have adverse consequences.

AI training data and algorithms may have unrecognized biases that can discriminate or reach inaccurate conclusions. Organizations need to test for bias in models, data, and algorithms.

Several legal cases have been filed challenging the generative AI models that allow the creation of text and images using AI. These programs have relied on scraping millions of texts and images created by real people without their permission. Authors, artists, and musicians have filed lawsuits over copyright infringement. Many of these lawsuits are going to trial this year, so there may be some resolution of these concerns.

The next five to ten years will be exciting as the exponential pace of AI development continues. It is hard to imagine the changes that we will see.

Ralph Broadwater, M.D., CFP®

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