In the rapidly evolving tech landscape, 2023 marked the mainstream embrace of generative AI, with Microsoft-backed ChatGPT leading the way since its late 2022 launch. The latest development in this space is Alphabet's unveiling of Gemini, an AI set to integrate into Google products, claiming superiority over current ChatGPT iterations.
However, OpenAI, the creator of ChatGPT, is not resting on its laurels. A more potent version of its software is promised for the upcoming year, showcasing the intense competition in the generative AI realm.
Venture capital firms worldwide are pouring unprecedented amounts, $21.4 billion by September, into generative AI start-ups, indicating substantial investor confidence in the industry's potential. Yet, cautionary voices, like Ben Wood from CCS Insight, warn of obstacles such as high development costs and potential legal challenges that could temper the current generative AI enthusiasm in 2024.
Shifting gears to the automotive sector, 2024 is poised to be another challenging year for electric vehicle (EV) manufacturers. Despite the UK becoming the second market, after Germany, to launch a million all-electric cars on its roads, major players like Ford, GM, and Tesla have paused their EV production expansion plans. Market conditions, including a price war and supply chain issues, have been described as "brutal" by Mercedes-Benz, predicting a tough year for EV sales across Europe in 2024.
One potential bright spot could be the UK, with the introduction of the zero emission vehicle (ZEV) mandate from January. This mandate aims for just over a fifth of vehicles sold to be electric, increasing to 80% by 2030, creating a buyer's market as manufacturers strive to meet these targets.
On the robotics front, humanoid robots are expected to play a more visible role in 2024. Tesla's Optimus, designed for basic factory tasks, is anticipated to start working in Tesla factories next year. Competitors like Amazon's Digit and Sanctuary AI's Phoenix are also making strides in deploying humanoid robots for various tasks, indicating a growing trend in the integration of robotic technology.
In the pharmaceutical realm, the weight-loss drug semaglutide, marketed as Wegovy, has become a blockbuster success for Novo Nordisk, making it briefly Europe's most valuable company. Novo Nordisk is investing heavily to meet the surging demand and is on the verge of introducing a tablet version of Wegovy. However, competition is heating up, with Eli Lilly's Mounjaro gaining approval as a weight-loss treatment, setting the stage for a competitive landscape in 2024.