Artificial Intelligence (AI) is currently one of the fastest-growing sectors within the emerging tech industry. According to estimates by Bloomberg Intelligence, the generative AI market could burgeon into a $1.3 trillion ecosystem by 2032, marking a decade of supercharged growth given that it was valued at only $40 billion in 2022.
To provide some context, ChatGPT recorded an average of 60 million daily visits in March 2024, one of the many milestones since this Large Language Model (LLM) made history by becoming the first application to hit 100 million users within two months of its launch.
Notably, ChatGPT’s success is not unique; the AI hype has propelled several innovations and companies to heights that were unfathomable before the hype. Nvidia, for instance, had at some point started to struggle with its video game GPUs, but with the company shifting focus to GPUs that support AI applications, it recently surpassed Microsoft, ranking as the most valuable company in the world.
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