Big Tech Utilizes AI Agents to Boost Revenue Expansion

Big tech companies like Microsoft and Google are racing to unveil new software to fuel AI spending, according to reports. Microsoft is working on automating tasks such as invoicing and rewriting code for applications using OpenAI’s technology, with plans to debut these features at its Build developer conference next month. Meanwhile, Google’s DeepMind arm is developing AI “agents” to carry out tasks like working on multiple apps simultaneously.

While these tech giants are making strides in AI development, small and mid-sized businesses are struggling to keep up, as highlighted in the 2024 AI Index report from Stanford University. The report’s editor-in-chief, Nestor Maslej, emphasized the growing divide between large and small firms in AI capabilities. He noted that smaller businesses lack the resources and talent to compete with the advanced AI models being developed by tech giants.

Despite the challenges, there is hope for smaller businesses to leverage open-source AI models like Llama 2 and Mistral, which are freely accessible and continue to improve over time. Maslej suggested that in the future, there may be open-source models that can rival the capabilities of advanced models like GPT-4.

Research by PYMNTS Intelligence also found that generative AI technologies, such as OpenAI’s ChatGPT, have the potential to improve productivity but may disrupt employment patterns. The Stanford report revealed a significant increase in funding for generative AI, indicating a growing interest in this technology despite the high costs associated with AI adoption and training.