Sam Altman, CEO of OpenAI, the creator of ChatGPT – one of the new AI models introduced in 2022 – believes the technology could potentially be as impactful on the world as the printing press was in its time. Over the last year, there has been an unprecedented leap into new territory with the introduction of several AI models. These AI models, ChatGPT, Microsoft’s Bing chatbot and Google’s Bard, have the capability to engage in conversations that seem quite human, to create new content in a variety of different literary styles, and more complex requests like writing code and the sequential details of planning a celebration. 

Essentially almost every industry could be affected and altered by artificial intelligence, automation and robotics. In recent months, the world has seen just the beginning of remarkable advances in AI technology. In addition to the launch of AI models, there has been expanded public access to OpenAI's DALL-E 2 AI image and art generator.

Culturally we have embraced “smart” technology and the way it has made our communication more flexible and the world smaller. For companies at the crossroads of whether to enter the conversation, whether it be machine learning, smart applications and appliances, digital assistants, or autonomous vehicles, companies that choose not to invest in AI products and services risk becoming irrelevant. 

For decades, people have written science fiction stories about the threats, fears and catastrophes that could affect us when robots are integrated into our culture. Science fiction has raised ethical questions for decades about what is human/what is alive, threatening computer systems that control our mortality in a space station, to the possibility that we might grow to form a relationship with an AI entity. It may seem as though these sorts of fears are exaggerated for entertainment, but Altman thinks we have reason to be cautious. 

The creator of advanced chatbot ChatGPT has been on Capital Hill recently requesting that US lawmakers craft regulations on artificial intelligence (AI). Testifying before a US Senate committee on Tuesday about the potential implications of the new technology, Altman suggested that a new regulatory agency should be created to license AI companies, and emphasized the importance of being vocal about the idea that if this new technology were to go wrong, it has the possibility to go quite wrong. 

Along with concerns about governing this technology, ethical human rights questions and privacy concerns continue to be raised with the potential risks posed by both commercial and governmental use of facial recognition technology.

Companies have begun at different levels to incorporate AI into their functions and structure. Under Armour (Tii:UAA) has an app that collects health information on physical activity, how much a user sleeps and their food intake to build personalized workouts and health goals. In addition to its virtual personal assistant, Alexa, launched in 2014, Amazon (Tii:AMZN) uses AI to collect data about consumer spending to determine how many units of products it estimates customers to purchase. The Hilton Worldwide Holdings (Tii:HLT) has a robot concierge called “Connie” to greet guests. 

For the individual investor, a good place to look at investing in AI would be a recent list like Bank of America’s  “Top 10 Best AI Stocks to Buy” compiled in mid May 2023.  The list includes: Microsoft (Tii:MSFT), Alphabet (Tii:GOOG), NVIDIA (Tii:NVDA), Taiwan Semiconductor Manufacturing Co Ltd (Tii:TSM), Meta Platforms Inc. (Tii:META), ASML Holding NV (Tii:ASML), SAP SE (Tii:SAP), RELX (Tii:RELX), BAIDU (Tii:BIDU), Arista Networks (Tii:ANET).