ChatGPT sparks AI 'gold rush' in Silicon Valley | Tech News

ChatGPT sparks AI 'gold rush' in Silicon Valley

Artificial intelligence (AI) has been increasingly present in everyday life for decades but OpenAI's ChatGPT marked a turning point in its perception by the general public and investors.

By:AFP
| Updated on: Feb 20 2023, 07:12 IST
Beware of fake ChatGPT apps! Already downloaded? Delete now
ChatGPT
1/6 OpenAI's ChatGPT portal is rapidly gaining popularity. It uses state-of-the-art language processing techniques to generate human-like responses to text input and  interacts conversationally with users to provide detailed answers on a wide range of topics.  (Bloomberg)
ChatGPT
2/6 But if you are looking to download the app from your Google Play Store or App Store, then beware! There are several fake ChatGPT-like apps that can be dangerous for your device.  (Bloomberg)
ChatGPT
3/6 You can find a bunch of fake ChatGPT apps on Google Play Store and App Store which can steal your data, a report by top10vpn revealed.  Hence, if you have already downloaded them, then you should hurry and delete them quickly. (REUTERS)
ChatGPT
4/6 Some of these apps on Android are: AI Chat Companion, ChatGPT 3: ChatGPT AI, Talk GPT – Talk to ChatGPT, ChatGPT AI Writing Assistant, Open Chat – AI Chatbot App. (Bloomberg)
ChatGPT
5/6 Some apps are also available on Apple's App Store, which include: Genie - GPT AI Assistant, Write For Me GPT AI Assistant, ChatGPT - GPT 3, Alfred - Chat with GPT 3, Chat w. GPT AI - Write This, ChatGPT - AI Writing apps, Wiz AI Chat Bot Writing Helper, Chat AI: Personal AI Assistant, and Wisdom Ai - Your AI Assistant.  (AFP)
image caption
6/6 However, it must be noted that OpenAI does not have an official standalone app for ChatGPT. Hence, you can use the feature in your browser while login to the official website at www.chat.openai.com/chat.  (AP)
ChatGPT
icon View all Images
Generative AI, of which ChatGPT is an example, wades through oceans of data to conjure up original content in seconds and upon a simple request. (Bloomberg)

ChatGPT, Silicon Valley's latest app sensation, has investors rushing to find the next big thing in generative AI, the technology that some hail as the beginning of a new era in big tech.

Artificial intelligence (AI) has been increasingly present in everyday life for decades, but the November launch of the conversational robot from start-up OpenAI marked a turning point in its perception by the general public and investors.

You may be interested in

MobilesTablets Laptops
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
28% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

"Every so often we have platforms that come along and result in an explosion of new companies. We saw this with the internet and mobile, and AI could be the next platform." said Shernaz Daver of California-based Khosla Ventures.

Also read
Looking for a smartphone? To check mobile finder click here.

Generative AI, of which ChatGPT is an example, wades through oceans of data to conjure up original content - an image, a poem, a thousand-word essay - in seconds and upon a simple request.

Since its discrete release in late November, ChatGPT has become one of the fastest growing apps ever and pushed Microsoft and Google to rush out projects that had until now stayed carefully guarded over fears that the technology wasn't yet ready for the public.

"Just five days after its release, a million people used ChatGPT - about 60 times faster than it took Facebook to reach one million users," said Wayne Hu, a partner at SignalFire, another venture capital firm..

"Suddenly investors are all talking about how ChatGPT might eliminate millions of knowledge worker jobs, disrupt trillion-dollar industries, and fundamentally change the way we learn, consume, and make decisions," he said.

The explosion of generative AI comes at an otherwise morose time for the tech sector, with tens of thousands of layoffs cascading through the world's biggest companies as well as smaller ones that are struggling for survival.

"While other categories are facing a contraction in valuations and raising capital, generative AI companies are not," said Daver.

Hu said that the market valuations for generative AI companies have been sky high, while they have contracted for everything else.

- 'Hard to keep up' -

OpenAI, the ChatGPT creator, is valued by Microsoft at nearly $30 billion despite still burning through money at a high speed, he said.

Entrepreneurs specializing in generative AI say they no longer need to scream out for attention when hunting for cash or walk through the details of what they are trying to offer.

"It's helped us a lot," said Sarah Nagy, founder of Seek AI, a start-up that allows nonspecialists to extract technical data from a database using queries in everyday language.

"Before ChatGPT... I had to explain what generative AI is, and why it matters," she added.

Now the appetite for ChatGPT-like capabilities is seemingly limitless, and not only from investors.

"The demand from customers has increased a lot," said Nagy. "It's even hard to keep up, because we're still a small company."

The entrepreneur wants to grow her team and, according to Daver, while the trend is to downsize, "we are currently hiring" in generative AI.

In the last few weeks, it is mainly the giants that have been in the news, first and foremost Microsoft, OpenAI's partner and investor, followed by Google, which is trying to keep up.

But in their shadow, a galaxy of start-ups have ideas on offer too.

Other recent examples of funding rounds include California-based Kognitos, which aims to automate administrative tasks, and the platform for designers Poly that can whip out 3D graphics or maps in seconds.

In addition to the usual venture capitalists, tech giants are on the lookout, like Google, which just invested $300 million to acquire 10 percent of newcomer Anthropic and its chatbot Claude.

Hu said the ChatGPT "gold rush" could be unprecedented and expand well beyond Generative AI because the very technology itself minimizes the need for a computer coder or designer to execute ideas.

"Now you no longer need to get a Stanford PhD in computer science: any developer can build something amazing on top of ChatGPT and other foundation models in one weekend."

"This wave of AI could be bigger than mobile or the cloud, and more on the scale of something like the Industrial Revolution that changed the course of human history," Hu said.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 20 Feb, 07:12 IST
NEXT ARTICLE BEGINS