The Battle for AI Supremacy
It’s pretty obvious that artificial intelligence (AI) is one of the main themes I explore in my Daily Prophecies.
But it’s also something I heavily research in both of my newsletters.
Keep reading for special access to one of my updates from The George Gilder Report…
Today, there’s more venture funding going into artificial intelligence (AI) than ever before. Venture capitalists around the world are investing tens of billions of dollars into AI technologies.
CBInsights tells us global venture funding in AI-based healthcare startups continued its record-breaking upward trend in the third quarter of 2019, totaling almost $1.6 billion across 103 deals.
Speaking of AI in healthcare, Google’s “DeepMind” group is using AI to tackle one of the grandest challenges in science: protein folding.
As I wrote in my daily recently, the breakthrough DeepMind has made in protein folding using AI stands as one of the all-time greatest feats of computer science, and computer scientists. It indicates Google’s purchase of DeepMind for $500 million in 2014 in a signature move by CEO Larry Page.
Google’s impressive AI accomplishments with DeepMind highlights recent efforts to push the frontiers of science and technology and achieve global supremacy in AI.
But that’s not the only development in the AI sector…
AI Infiltrates the Government
In Washington DC, the defense community is coming to understand that AI will significantly transform, if not completely reinvent, the world’s military power balance.
It was only a short time ago it seemed that China leaped to the top of the global pack in AI venture capital investment.
You may recall that in 2017 the Chinese State Council released its national Next Generation AI Development Plan that set the target of China being the dominant global player in artificial intelligence by 2030.
This ambitious goal is linked to Beijing’s efforts to make the Chinese economy more innovative, not to mention modernize its military and gain influence globally. AI is a top priority for the highest level of the Chinese government.
While the Chinese State Council AI development plan gave a significant boost to AI investment in China in 2017, the country’s reign as a global AI leader in venture funding is turning out to be short-lived.
According to a recently published analysis by global tech market advisory firm ABI Research, the US is back on top of venture funding in AI.
Last year saw nearly $10 billion in AI funding in the US, up 120% from 2017. ABI Research puts the US share of global AI venture funding at 52.3%.
The early-stage AI companies in the US receiving funding last year included Cruise Automation, Dataminr, Zoox, and Zymergen, companies that are in diverse segments spanning self-driving cars, industrial manufacturing, robotics process automation, data analytics, and cybersecurity.
Meanwhile, AI venture funding in China rose at a healthy annual growth rate of 54% to US$7.4 billion. While China has slipped from its top ranking, researchers at ABI note that but the country is still undeniably the largest single market in the world for AI implementation.
Based on how this year is shaping up, ABI expects the US share of AI venture funding to rise further to $14 billion and reach 70% by the end of 2019 and remain atop the AI leaderboard.
The battle for global AI supremacy rages on. And it’s a three-horse race.
I talk about this in great detail in my newsletter, The George Gilder Report.
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In one of my monthly reports, I even recommended a company that’s using AI to provide new types of innovative products and services. The company plans to integrate AI more deeply into its industry to further spur innovation and transformation. It also sees AI as integral to the future of other sectors of its business…
Editor, Gilder’s Daily Prophecy