Businesses are cashing in on Generative AI as it becomes the ultimate money maker

The prowess of Generative AI (Artificial Intelligence) is such that it barely fails to impress. ChatGPT became a pro at playing the online multiplayer battle arena game Dota 2 by playing against itself. Microsoft founder Bill Gates recently said he was stunned by an AI chatbot offering advice for how a father could talk with a sick child, the result being better than what most human fathers could do.

Chat GPT 4.0 can incorporate images and music. It already wrote a new scene for ‘M*A*S*H’ a long running American sitcom, when its star Alan Alda asked it to generate a script for him and his former co-star Mike Farrell. Farrell said the idea that AI could one day replace human script writers had unnerved him.

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However, it is making money that interests people more, no matter the technology. Recently, British AI researcher and entrepreneur Mustafa Suleyman proposed a new Turing test that would see if AI can make US$1 million, which would measure the intelligence of the technology. Calling it a “seismic moment for the world economy,” he argues that the test would be the epitome of planning and skilling in machines.

Making money has become the hallmark of a technology’s success in the world of business, and AI is doing just that. Businesses large and small are rushing in to leverage the disruptive technology.

The AI market is set to expand twenty-fold by 2030 from its current value of US$100 billion

to an estimated US$2 trillion. LLM based chatbots are slaying it in the AI market. Chinese search engine Baidu revealed pre-recorded videos of its AI-powered chatbot Ernie summarizing financial statements and creating PowerPoint presentations, among other industry-focused abilities.

Meanwhile, companies are customizing ChatGPT to suit their own needs. Snapchat released its own GPT-powered chatbot that has been trained to offer a “unique tone and personality” and can recommend birthday gift ideas, dinner recipes, and “even write a haiku about cheese for your cheddar-obsessed pal,” the company revealed in a blog post.

In July, global FinTech Spacenet Enterprises India Ltd, tied up with Chennai’s business analytics and generative AI firm, Pathfinder Enterprise Solutions Pvt. Ltd. With the spotlight on retailtech, a primary focus of this agreement is the integration of RETAILGPT, Pathfinder’s proprietary generative AI platform.

Mudrex, a Bengaluru and San Francisco-based Y Combinator-backed global crypto investing platform launched SatoshiGPT, an AI Chat bot designed to provide comprehensive cryptocurrency education to educate individuals about the crypto ecosystem, enabling them to make informed decisions in their crypto investments.

AI is reshaping the way we engage with products. Our objective is to leverage AI in simplifying information accessibility, safeguarding users from scams, and empowering them to make smart investment decisions

Shashank Sahu, Head of New Initiatives at Mudrex

Shashank Sahu, Head of New Initiatives at Mudrex, emphasized the transformative impact of AI on product engagement, stating, “AI is reshaping the way we engage with products. Our objective is to leverage AI in simplifying information accessibility, safeguarding users from scams, and empowering them to make smart investment decisions.”

Alibaba showed off its generative AI model and said it would be integrated into all of the company’s apps in the near future. The unveiling was swiftly followed by the government’s publication of draft rules outlining how generative AI services should be managed.

In April, Australian software company Atlassian Corporation Plc unveiled Atlassian Intelligence, its new AI virtual teammate built in collaboration with OpenAI.

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Even OpenAI, the ChatGPT creator, is planning to launch an App Store-like marketplace for AI models, where AI developers can not only connect with millions of potential users, but also monetize their offerings, rake in revenue, and widen their customer base. Recently, Amazon entered the same field with Bedrock, an API platform that lets users host generative AI models like those built by AI21 Labs, Anthropic AI, and Stability AI.

Will we still use this incredible technology to solve world problems? Only of it makes money while solving them.