On 30 November 2022, artificial intelligence (AI) research laboratory OpenAI released its ChatGPT chatbot, and it exploded onto the public consciousness. The program reached 100m users by January 2023, therewith becoming the fastest-growing consumer application in history. This has placed a spotlight on the acceleration of progress in artificial intelligence in general, and ‘Generative AI’ in particular.
Generative AI generally refers to artificial intelligence systems that are capable of generating text, images, or other media in response to user (text) input (‘prompts’). The sudden emergence of widely available tools with unprecedented capabilities has been compared to an ‘iPhone moment’ – an inflection point that is expected to have transformative effects across society.
These rapid advances in AI have dominated headlines, moved financial markets and even triggered petitions calling for a ‘pause’ in development in order to take stock of the socio-economic consequences. In this report we provide a high-level overview of the relevant dynamics and explore the investment trust impact.