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Key Takeaways
- AI currently allows computers to manage basic tasks so that people have time for other things.
- As AI technology advances, it will take over more complex tasks, improving safety and efficiency.
- Many companies are entering this space, but IBM, Micron and CrowdStrike are some of the leaders in this industry.
When you think of artificial intelligence, you might imagine a world where robots and computers run the show. But looking at how AI is being used in today’s world, from voice-activated assistants to virtual assistants answering phones, you’ll recognize how this technology is improving our lives. Here’s a deeper dive into artificial intelligence and the companies leading the way right now.
What is artificial intelligence?
Artificial intelligence is the concept of teaching a computer to think and act independently. This includes rational speech, complex problem-solving, speech recognition, decision-making and initiating actions. The goal of artificial intelligence, also known as AI, is to make a computer think independently and make better decisions than a human.
The current state of AI is known as narrow artificial intelligence because AI systems are relegated to performing a single task or a set of related tasks. For example, virtual assistants like Alexa or Siri can turn on music or answer questions. Robot vacuums learn the best way to clean your floor, and self-driving cars can get you from point A to point B.
Companies are currently in the process of creating AI with broader capabilities. But most of the efforts surrounding the development of AI are focused on what it can do now, not what it can do in the future. But the universe of AI capabilities will only expand.
What benefits does AI offer?
Artificial intelligence is a technology that promises to make everyday life much easier, eliminate the need for someone to perform repetitive, low-level tasks, and improve security. AI has accelerated the production of everything from cars to healthcare and finance. AI operations require less supervision and free up humans to do work that AI cannot handle.
It has long been known that computers save money in all industries. Processes that were once handled by many hands have been distilled into programs that take these tasks and complete them in milliseconds. AI reacts much faster than the human eye-to-hand connection, making it very useful for security applications.
The ultimate goal of AI is to take over tasks and speed up processes. Basically, it’s a time and money saver that can be trusted to do as it’s told. Many companies and industries are engaging in AI research to figure out how to make it do increasingly complex tasks and rely less on humans to do the work. Of course we’ve written about Tesla extensively in this space, who are certainly technology leaders, although it would be difficult to gauge their financial future given the leadership concerns we’re seeing in the market at the moment. Here’s a look at some more of the publicly traded companies that are working toward this goal and emerging as leaders in AI.
Mobileye Global
Mobileye Global is an independent technology company that has been working on the development of autonomous driving since 1999. The company was purchased by Intel in 2017, but the company split up in October 2022. Its Mobileye SuperVision product is currently in more than 60,000 consumer vehicles. It helps drivers avoid potentially dangerous collisions by requiring the driver to be actively engaged in the operation of the vehicle.
The company has multiple assistive and monitoring technologies currently on the market at the consumer and enterprise levels. While the company is growing fast and has the majority of revenue of 8 automakers, it has a lot of competition.
Tesla is its most prominent competitor, with many years of research and development under its belt. Additionally, Apple and Sony are entering this space. Globally, other companies, including Baidu, Cruise, Waymo and others, are pursuing autonomous driving.
IBM
IBM has been working on the concept of AI for decades and has an AI “character” known as Watson who appeared on the game show Jeopardy, and won. Currently, IBM Watson is part of IBM’s cloud computing services to help organizations anticipate their needs and facilitate data collection. The company is involved in research and development of fundamental models for the use of AI in areas that include automotive, robotics, simulation and customer service.
When it reported third quarter results, revenue increased 6% to $14.4 billion year over year. While the slowdown in the economy could hurt earnings going forward, IBM is financially strong enough to weather the downturn while continuing to expand its AI offerings.
Micron
Despite recent layoffs, Micron designs, builds and sells memory and multi-chip processors that run AI applications at speeds and capacities not readily available from most commercial manufacturers. The company also produces high-performance computing modules, backplanes, data center systems and high-performance desktop computers that deliver the computing power needed for AI and machine learning while consuming low amounts of energy relative to their production.
Other chip makers are involved in AI or are starting to get involved, including NVIDIA, Advanced Micro Devices and Qualcomm. This industry will be one to watch over the years to see who emerges as the leader in supplying companies with chips for AI processes.
C3. AI
C3.AI develops AI software for clients and industries ranging from the US Department of Defense to Fortune 500 companies. The company provides SAAS frameworks that are customized to the client’s needs. Its software can help detect fraud, forecast supply chain demand, monitor network health and adjust as needed. C3.AI’s software monitors and responds to demands, collects and delivers data with deeper insight than similar products, and can track progress on a vendor-delivered product.
C3.AI’s AI software is designed to recognize activity patterns, whether an adverse event or product delivery has occurred, and inform the user of what has been detected. It can then take the appropriate action and inform responsible parties in real time. The AI can warn of events before they become detectable and help avoid problems before they start.
Palantir
Palantir uses AI to help businesses spot inefficiencies and identify any issues within a supply chain that could cause disruption. The company was recognized by International Data Corporation (IDC) as the global leader in AI software in 2021 in both market share and revenue.
In addition to helping the private sector, Palantir works with the government. Recently they helped find people to evacuate from Afghanistan in 2021 when the US pulled out its troops. Working with private and public sectors, Palantir has a solid customer base from which to grow.
CrowdStrike
CrowdStrike is a cyber security company that uses AI to protect its clients’ networks. Its endpoint and cloud protection software analyzes trillions of data points every week. That information is transmitted to their customers’ networks to help protect them from cybercriminals.
What sets CrowdStrike apart from other cyber security companies is that they use a cloud-based platform to offer their services to clients. Many other security companies require their customers to purchase expensive local hardware to run security. By bypassing this route, CrowdStrike saves companies money on the front end. Additionally, by offering its services through the cloud, customers can sign up for a subscription.
Bottom Line
Artificial intelligence is still in its infancy today, on its way to becoming a teenager before our eyes. While these companies are at the forefront of current technology, many more will emerge in the form of startups and business units within the enterprise players we already know.
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