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How ChatGPT and Generative AI Are Revolutionizing the Tech Sector

Feb. 20, 2023.
1 min. read. . 0

About the Writer

Lewis Farrell

8.60178 MPXR

Highly curious about things that increase my awareness, expand my perception, and make me open to being a better person.

Generative AI is a type of artificial intelligence that, in response to a simple request, generates original content such as images, poems, and essays. ChatGPT, an OpenAI conversational robot, is one example of generative AI that has become one of the fastest-growing apps since its release in November 2019. Its success has sparked a gold rush in the technology sector, with investors looking for the next big thing in generative AI, which has the potential to eliminate millions of knowledge worker jobs, disrupt trillion-dollar industries, and fundamentally alter the way we learn, consume, and make decisions.

According to venture capitalists, generative AI companies have skyrocketing market valuations, whereas other categories are experiencing contraction in valuations and capital raising. The trend is to downsize, but the demand for ChatGPT-like capabilities appears to be limitless, and not just among investors. Customer demand has also increased, making it even more difficult for small businesses to keep up.

Entrepreneurs who specialize in generative AI say they no longer need to explain what it is or why it is important, and that it has greatly aided them in attracting investors and customers. Because the technology itself reduces the need for a computer coder or designer to execute ideas, any developer can build something amazing on top of ChatGPT and other foundation models in a single weekend.

Because the explosion of generative AI comes at an otherwise depressing time for the tech sector, the “gold rush” may be unprecedented and extend far beyond generative AI due to its potential to change the course of human history.


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