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Two Years of ChatGPT: Transformative Impact and Growth
It has been two years since OpenAI launched ChatGPT, and the chatbot has significantly influenced the landscape of artificial intelligence and business practices.
Since its inception, ChatGPT has driven substantial growth in global investment in generative AI technology. According to CB Insights, funding in this sector increased fivefold from 2022 to 2023. Notably, the largest companies in the tech industry have reaped considerable benefits from this surge. Tech firms listed on the S&P 500 have experienced a 30% increase in value since January 2022, contrasting sharply with the 15% growth observed among smaller companies, as reported by Bloomberg.
Consulting firms are also recognizing the importance of AI in their business models. For example, Boston Consulting Group now attributes a fifth of its revenue to AI initiatives, much of which involves consulting on generative AI strategies. Similarly, McKinsey has reported that nearly 40% of its work is AI-related, with a significant share shifting towards generative AI, according to Ben Ellencweig, a senior partner at McKinsey’s AI division, QuantumBlack.
On the other hand, smaller enterprises are finding themselves increasingly reliant on larger corporations. These smaller companies often build their applications on established large language models or await the next significant release of developer tools from those giants.
Despite these challenges, emerging developers maintain a positive outlook, believing that tools like ChatGPT can help democratize access to AI technologies. “While the major tech firms still dominate the field, their previous advantage seems less secure now that the forefront of AI innovation has become more accessible,” stated Bryan Chiang, a recent graduate from Stanford who developed RizzGPT.
The impact of ChatGPT extends beyond businesses to everyday users. As of August, the chatbot reached over 200 million weekly active users, doubling its count from the previous fall. In October, a new search feature was introduced that offers users “links to relevant web sources” in response to queries, raising the stakes for tech giants like Google.
Furthermore, OpenAI previewed a set of AI models in September known as o1, aimed at enhancing the thought process before delivering responses. These models are currently available to ChatGPT Plus and Team users, with the community eager for a full public rollout in the upcoming year.
In a reflective moment, Business Insider queried ChatGPT on its interpretation of age. The chatbot offered a thoughtful response: “Age, to me, is an interesting concept — it’s a way of measuring the passage of time, but it doesn’t define who someone is or what they’re capable of.”
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