Home Latest News Artificial intelligence AI Today: News Highlights | February 12, 2024

AI Today: News Highlights | February 12, 2024


Indian Economy Poised for Growth Amid Global Challenges

A panel comprising key figures including Bill Winters, CEO of Standard Chartered Bank, and Ravi Kumar S, CEO of Cognizant, expressed optimism about India’s economic prospects.

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Leveraging technologies like artificial intelligence, India is positioned to shine as a global leader despite geopolitical complexities.

The panel emphasised India’s potential to drive global economic growth in the coming decades. Bill Winters highlighted India’s remarkable achievements but cautioned against complacency, suggesting the nation could surpass its current growth rate of 6-6.5%.

With a focus on innovation and resilience, India stands poised for a promising future on the world stage.

Michael Spence: India’s Entrepreneurial Resilience in the Era of AI

Michael Spence, Nobel Prize-winning economist and Stanford University professor asserts that India’s entrepreneurial ecosystem, focused on solving local issues, is well-positioned for the advent of generative artificial intelligence (AI).

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He argues that Western economies won’t gain significantly more than developing nations in this transition. Despite global economic constraints, Spence highlights India’s advantageous position, citing its high growth rate and potential.

While acknowledging supply-side challenges globally, he notes India’s comparative resilience, emphasising its potential for sustained growth amidst evolving economic landscapes.

Nvidia Expands into Bespoke Chip Design for Cloud Computing and AI

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Nvidia, a leading global provider of AI chips, is establishing a new business unit dedicated to crafting custom chips for cloud computing firms and other entities, including advanced AI processors.

With about 80% control over the high-end AI chip market, Nvidia aims to tap into the burgeoning demand for specialized AI chips and safeguard its position amid increasing competition.

Its market value has surged by 40% this year to $1.73 trillion, driven by the growing adoption of its products by tech giants like OpenAI, Microsoft, Alphabet, and Meta Platforms. As companies seek alternatives and develop their own internal chips for specific requirements, Nvidia’s move enables it to cater to evolving needs and maintain its prominence in the rapidly expanding generative AI sector.


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