I want to talk about the recent hype that is going on: Artificial Intelligence. I think it is now around for over 50 years but now it got to a point that AI is getting to start being used. With recent technological improvements like the Graphical process units, AI is getting more market shares in fields like autonomous driving. A recent example is the hype about ChatGPT. It is a pretty cool tool to be honest and many people have already tried to use it to their advantage. Well, in this article I want to summarize some of my thoughts on how to profit o this emerging trend, but also talk about the things that you need to keep in mind.
Digital Products
I think that one of the many ways you could use a tool like ChatGPT is by making it write you some stuff. From a template for literally anything to a essay in history. I think the possibilities are endless. Well, but how would you sell the stuff if the person buying it could just also use the same tool as you? Well it all depends how well you can use a tool, correct?
You can easily use AI to help you code an app that you want, but be careful there! You need to understand what is being put out with this code. You can not just blindly trust the output. This is where the skill comes in that gets you paid. You need to see the output as a starting point where you can refine the outcome to your or your customer’s needs. Nevertheless, it opens up completely new ways of approaching things.
Customer Reach
A very popular way in recent times to use AI is the customer reach portion. Instead of hiring people in call centers, just use an AI robot to answer the most frequently asked questions. If a AI voice is too expensive, then use a Chat Robot. There are again many ways to utilize this tool. The thing with this is that many people would prefer human interaction. I am one of them.
It might cut your costs in regards to spendings, but it might hurt you in customer satisfaction. In the end, the AI is not that well developed that it can understand different nuances of a question. No matter how different you would ask a question, it would always provide me the answer that I did not need. I think it can be very frustrating from a customer’s point of view.
Investing in AI companies
Probably the easiest way to make money with AI at the moment could be to invest in an AI ETF or specific AI companies. While many would say that it is already too late for doing this, I think that the same case could be brought up with the crypto space as well. In my opinion, the AI market has so much more potential that it could be considered very early still.
The thing that you need to remember here is to do your own research. In many cases, when an industry is hot it doesn’t mean that all of the businesses in it is hot as well. Very much like crypto there will only a handful companies that will come out victorious from that. All the other ones will probably be left behind or be not as successful. This means that you should diversify your investments. I think an AI ETF might be just the thing here.
Down-Sides And Things to Mention
With all of these great opportunities we need to keep the down sides of AI in mind. In the end, if we break it down, AI is nothing else than very complex mathematics and statistics. In many cases AI programs need training data which are used from the real world. Well, what if I tell you that there are cases where training data is used from a specific use-case. Let just assume you want to create a robot which decides who is able to get a credit and who is not and let’s say we take the training data from a very racist person. Well, this will mean that the AI will behave like this person and have the same pre-occupation towards people.
We need to keep in mind that although AI is looking like computers, it is made by humans. This makes it still faulty. Furthermore, it is important to mention that any tool that is used for the greater good can also be used to do harm. The best example are nuclear reactors and the atomic bomb. I think its is crucial to build in fall backs for this kind of technology as well.
With this being said, I think that AI will get its fair place in the world and I can not wait until it will make our lives easier. I also think that there are plenty of opportunities to profit from this development, people just need to see it!
Published by ga38jem on
LeoFinance
On 14th January 2023