Reports indicate that Ernst & Young (EY), a prominent Big Four global professional services member, has unveiled an astounding $1.4 billion investment in artificial intelligence (AI) technologies.
EY Unveils Innovative Platform
This financial commitment underpins the development of its groundbreaking AI-driven platform (EY.ai). The platform, anchored by EY’s expansive large language model (LLM) known as EY AI, is designed to facilitate seamless AI adoption within organizations.
This substantial investment was made in collaboration with industry giants such as Microsoft, affording EY early access to the formidable capabilities of Azure OpenAI, including ChatGPT-3 and ChatGPT-4. Furthermore, EY partnered with Dell in supporting Dell Generative AI Solutions, a venture aimed at streamlining the integration of generative AI using LLMs.
Beyond the creation of the EY.ai platform, the funds allocated for AI investments will also go into integrating this transformative technology into existing EY services like EY Fabric. Already serving over 60,000 clients, EY Fabric is poised to undergo further expansion.
Additionally, EY plans to acquire supplementary technologies that bolster cloud and automation capabilities. Carmine Di Sibio, the global chairman and CEO of EY, stated that it is important for everyone in the industry to admit that the era of AI is now.
He further explained that embracing AI transcends mere technological advancement. It also entails unlocking newfound economic potential, a profound evolution with boundless promise.
EY’s forward-thinking approach towards AI integration follows its initiative from 2018, when it introduced a comprehensive curriculum and credential program centered around AI, data, and analytics education.
Since then, 100,000 credentials have been conferred upon EY professionals, with 4,200 tech-focused team members. Di Sibio emphasized that every business, regardless of its domain, must contemplate the integration of AI into its operational framework.
Goldman Sachs Refutes AI Bubble, Foresees Impending Revolution
As EY stands as a trailblazer in incorporating emerging technologies into its operations, it is one of many major global enterprises spearheading the charge towards AI integration. Like EY, investment banking behemoth, Goldman Sachs (GS), is also bullish about the long-term prospects of AI.
Recently, GS dismissed assertions of an impending AI bubble, predicting an imminent revolution of the finance industry through AI. Peter Oppenheimer, the chief global equity strategist at Goldman Sachs, said, “we are on the cusp of a new technological epoch, far from the crest of an inflated bubble.”
He contends that the technology is in its developing phase and is poised to have an enduring impact. Goldman Sachs forecasts a substantial surge in global investments within the AI sphere, which could rise to $200 billion in the next two years.
According to the firm, this surge would be tied to the expansive economic prospects unleashed by generative AI, a specialized branch of AI focused on generating content via large language models. Preliminary estimates indicate that this AI sub-sector could contribute over $4.3 trillion to the global economy.
Since the start of this year, AI stocks have performed incredibly, playing a pivotal role in the recovery of the S&P 500 index following the setback of 2022. However, Goldman Sachs asserts that the valuations of the leading market stocks haven’t dropped significantly compared to previous market downtrends.
These companies still boast formidable balance sheets and impressive returns on investment, highlighting their stability and strong fundamentals over the years. Despite the AI stocks’ promising outlook, some experts urge investors to be cautious when considering investments in the AI sector.
As innovation trends continue, investments in AI technology signal a philosophical shift towards embracing this sector as an integral force in shaping the future of businesses and economies worldwide. Despite irregularities in regulating the crypto sector in the US and some other regions, many other conventional firms will inevitably start investing in AI as the sector develops.
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