Did you know AI Index Report Shows How Adoption of AI Systems is Impacting Society and Global Economy
According to the AI Index Report
by researchers from Stanford University, AI technology is evolving
quickly and it has many effects on the global economy and society. The
report shows details about how AI technology is developing, how new AI
hardware is bringing changes and what are the costs of AI inference. The
report also talked about trends in AI technology and how it is growing
in fields like medicine and science. The researchers also emphasized the
importance of responsible AI practices.
According to the report,
developers have made significant progress in AI technology over the
past year and have gotten record-breaking scores on benchmarks like
GPQA, MMLU, and SWE-bench which were developed in 2023 to test the
limits of AI. Many advancements in AI-generated videos and AI agents
have also made many tasks a lot easier. The US has the top-performing AI
models but China is catching up as well. In 2024, 40 AI models were
published by different organizations in the US as compared to 15 from
China and 3 from Europe. Chinese models are showing a lot of progress
and are competing with the US models on benchmarks like HumanEval and
MMLU.
China is quickly gaining ground in AI because of the efficiency, affordability, and accessibility of its AI systems. A report found that the cost of inference for a system that works like OpenAI’s GPT-3.5 has dropped 280 times over the past two years, and the hardware costs have decreased 30% in the last year. 40% less energy is being used by AI models as compared to a year ago and more powerful models are now being used. Many regions like Southeast Asia, the Middle East, and Latin America are also confident in launching their own powerful LLMs. However, the report also found that even the most powerful AI models are struggling to reach human reasoning skills. AI can do well on tasks like the International Math Olympiad but still faces difficulty when it comes to performing tasks which require logical reasoning.
AI is also continuing to attract billions of dollars of investment, with the US having the largest share. American investors invested $109 billion for AI development, as compared to China’s $9.3 billion and UK’s $4.5 billion in 2024. Generative AI has gotten $33.9 billion in private investment, which is an 18% increase from 2023. The report found that 78% of the global enterprises have deployed AI in their workplaces in 2024, which is a 55% increase from 2023.
AI has also made a big impact on society where it is now being incorporated in transportation and healthcare, with FDA approving 950 AI-powered medical devices. AI vehicles like Waymo’s self-driving taxis are also getting about 150,000 rides per week. However, the public opinion in the US about AI is still cautious, with only 39% of Americans thinking of AI as beneficial as compared to more than 75% of people from Thailand, China, and Indonesia who think of AI as advantageous. On the other hand, there is still a big gap when it comes to incorporating AI in education, with 81% of the teachers in the US agreeing that AI education is important but countries like Africa still struggling to incorporate AI in education because of their infrastructure.