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The AI Index Report 2024 by Stanford University has been released, offering a comprehensive overview of the current state of artificial intelligence.

The AI Index report tracks, collates, distills, and visualizes data related to artificial intelligence (AI). Our mission is to provide unbiased, rigorously vetted, broadly sourced data in order for policymakers, researchers, executives, journalists, and the general public to develop a more thorough and nuanced understanding of the complex field of AI.

The AI Index is recognized globally as one of the most credible and authoritative sources for data and insights on artificial intelligence. Previous editions have been cited in major newspapers, including the The New York Times, Bloomberg, and The Guardian, have amassed hundreds of academic citations, and been referenced by high-level policymakers in the United States, the United Kingdom, and the European Union, among other places. This year’s edition surpasses all previous ones in size, scale, and scope, reflecting the growing significance that AI is coming to hold in all of our lives.

Here are the top 10 takeaways from the report, with added insights from Asia’s burgeoning AI landscape.

Human vs. AI Performance: AI has surpassed humans in tasks like image classification and language understanding, but complex challenges remain. Asia’s contribution to improving AI in these areas is significant, with countries like China and South Korea investing heavily in AI research.

Industry’s Research Dominance: The industry produced 51 notable machine learning models in 2023, overshadowing academia’s 15. Asia’s tech giants are at the forefront, driving innovation and setting new benchmarks in AI capabilities.

Soaring Costs of Frontier Models: Training costs for cutting-edge AI models have soared, with estimates reaching up to $191 million. Asian economies are feeling the impact, as they balance the high costs of AI development with the potential for long-term economic benefits.

U.S. Leads in AI Model Production: The U.S. leads in AI model production, but Asian countries are rapidly catching up, with China and the EU following closely behind. The region’s focus on AI is evident in the increasing number of high-quality models emerging from Asia.

Lack of Standardized Evaluations: There’s a lack of standardization in responsible AI reporting, complicating the comparison of AI models’ risks and limitations. Asian countries are also grappling with this issue, seeking to establish common frameworks for responsible AI.

Generative AI Investment Surge: Investment in generative AI has nearly octupled, with Asia’s market showing a similar trend. The region’s startups and tech firms are attracting significant funding, reflecting the global interest in generative AI technologies.

AI’s Impact on Productivity: AI is shown to improve worker productivity and output quality. In Asia, where there’s a wide skill gap, AI is increasingly seen as a tool to enhance workforce capabilities and drive economic growth.

AI Accelerates Scientific Progress: AI applications are advancing scientific discovery at an unprecedented pace. Asian researchers are contributing to this progress with innovations in fields like materials science and algorithmic efficiency.

Rise in AI Regulations: The U.S. has seen a sharp increase in AI-related regulations. Asian governments are also enacting policies to harness AI’s benefits while mitigating its risks, reflecting a global trend towards regulating AI.

Growing AI Awareness and Nervousness: People worldwide are more aware of AI’s potential impact, with a notable increase in nervousness. In Asia, this awareness is prompting discussions on the ethical use of AI and its societal implications.

The AI Index Report 2024 underscores the rapid advancements and challenges in AI, with Asia playing a crucial role in shaping the future of this transformative technology. As AI continues to evolve, it’s clear that both opportunities and concerns will grow in tandem.

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READ THE FULL REPORT HERE