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March 01, 2023 at 03:06 PM
Artificial intelligence, big data and cybersecurity should undergo faster adoption in coming years as companies and governments show greater interest in the technologies, UBS Global Wealth Management’s chief investment officer said Tuesday.
“We see artificial intelligence as a horizontal technology that will have important use cases across a number of applications and industries. From a broader perspective, AI, along with big data and cybersecurity, forms what we call the ABCs of technology,” said CIO Solita Marcelli.
“We believe these three major foundational technologies are at inflection points and should see faster adoption over the next few years as enterprises and governments increase their focus and investments in these areas.”
The firm said it sees ChatGPT and other large language models as engines that will eventually power human interactions with computer systems in a familiar, natural, and intuitive way, and cited strong interest from enterprises in integrating conservational AI into their ecosystems.
UBS cited outside data showing the AI hardware and services market reached nearly $36 billion 2020, and predicted it will generate $90 billion in sales by 2025, an estimate it said could be conservative given advances in machine learning and deep learning capabilities.
ChatGPT-3 is an enhanced chatbot developed by OpenAI, a US artificial intelligence research lab, and part of a broader family of LLMs.
