The AI boom and its potential benefit in a variety of activities

With the launch of ChatGPT a little over a year ago, as well as other artificial intelligence (AI) tools, the exponential growth of these new technologies continues to arouse particular interest due to their contribution to generate important advances in productivity, benefiting various industries, reducing costs and generating efficiencies for both companies and consumers. 

In this sense, it is common to overestimate the effect of technology in the short term and, conversely, to underestimate its impact in the long term. Therefore, it is key to distinguish between what could be considered speculation and trendy, and what could be a real and lasting opportunity over time. As examples, the use of AI in the following sectors stands out:

  • Healthcare
  • Diagnosis and treatment planning: AI is used to analyze medical images, such as X-rays and MRI scans, for faster and more accurate diagnosis.
  • Drug discovery: AI algorithms help to identify potential drug candidates and predict their efficacy.
  • Finance:
    • Algorithm-based securities trading: AI is used to analyze financial markets and execute trades at optimal times.
    • Fraud detection: AI algorithms can detect unusual patterns in transactions to identify and prevent fraudulent activities.
  • Retail:
    • Customized recommendations: AI analyzes customer behavior to provide customized product recommendations.
    • Inventory management: AI optimizes inventory levels and predicts demand, reducing overstocking or shortages.
  • Manufacturing:
    • Predictive maintenance: AI analyzes sensor data to predict equipment failures and schedule maintenance before problems arise.
    • Quality control: AI-driven systems inspect products for defects on production lines.

As seen, the further development of these trends in technology and other areas appears to have the capacity to transform everyday life in the coming years, potentially generating opportunities for companies and investors who possess the virtue of adaptation and patience. 

A wide range of companies are harnessing the potential of AI

Source: Capital Group.  

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