The Importance of #AI Innovation for US Economy - ( $IBM) ( $NVDA) (OTCQB: $GOPH) ( $BIDU) ( $TCEHY)
POINT ROBERTS, Wash. and DELTA, British Columbia -
February 20, 2019 (Investorideas.com Newswire) Investorideas.com, a global
investor news source covering Artificial Intelligence issues a special edition
of The AI Eye, looking at the battle for dominance between the US and China.
On
February 11, President Donald Trump issued an executive
order
on Maintaining American Leadership in
Artificial Intelligence. The document stresses the importance of AI in
propelling the US economy and cites current American global leadership in terms
of R&D and deployment of AI as justifications for ramping up federal
government commitments to promote the technology.
Though
it is not explicitly mentioned in the document, many commentators felt that the
growing rivalry with China in the AI space influenced the President’s executive
order. Rob Verger, writing for Popular
Science,
captured the impression of those commentators when he observed: “Competition
with China is a big part of the subtext to this announcement…”
Read this in full
at https://www.investorideas.com/CO/GOPH/news/2019/02201AI-Economy.asp
Some
US AI companies were quick to respond. An article published the same day on The
Hill
quotes IBM:
"Today’s order
is a critical step in the launch of America’s national AI strategy. We commend
and welcome the order’s emphasis on specific priorities that IBM had
recommended, such as the ethical advancement of AI, expanding 21st century
apprenticeship opportunities to build an AI-ready workforce, leveraging
government data to accelerate AI development that can deliver shared
prosperity, and prioritizing AI in federal research and development.”
The
contents of the executive order were anticipated by Ian Buck, VP and General
Manager of NVIDIA’s (NasdaqGS:NVDA) Tesla Data Center Business,
when he opined that the
government was best suited to direct investment.
“There’s simply no
replacement for the federal government significantly increasing support for
fundamental research to bolster university research. Funding drives research.
Research, in turn, drives innovation, from startups to multinationals.”
Among
the listed objectives outlined in the order include enhancing “access to
high-quality and fully traceable Federal data, models, and computing
resources”. Brookings
Institution
observed that “having better access to government data would strengthen the
training of AI algorithms”. An example of a company that would benefit from
this larger and more vetted data pool is Gopher Protocol Inc. (OTCQB:GOPH), whose Avant! AI
platform’s Knowledge
Retrieval Algorithm
(KRA) utilizes robust semantic analysis for large text collections and
multimedia objects. Company CTO, Dr. Danny Rittman explained:
"Our KRA system
analyzes documents, identifies and indexes text and then assigns different
technique to "understand" its meaning and make a decision if it is
viable or non-relevant.”
One
thing Trump’s plan omits however, is any specific information on commitments to
federal funding. This is starkly different from China’s AI policy, which aims
to establish a $150 billion USD industry by 2030, according to an article from Fortune. And while
American businesses like Google, Amazon and IBM currently lead the world in AI
spending, a ZDNet piece indicates
that Chinese companies are expected to spend a staggering $256.61 billion USD
on tech purchases this year, with much of that going to AI.
Baidu,
Inc. (NasdaqGS:BIDU), for instance, boasts over 2000
employees working on AI, including former top Google engineer Andrew Ng, whom
they lured away in 2014. In mid- January, Xilinx announced that the newly
unveiled EdgeBoard, Baidu's edge acceleration computing solution is enabled by
Xilinx. The EdgeBoard is a turn-key solution which is available, fully
configured, directly from Baidu. It can also be configured and customized as
part of the Baidu Brain AI Hardware Platform initiative, developed to deliver
proven market-specific technologies to the industry so that companies can
quickly adopt and deploy them for edge-specific applications.
Back
in the US, NVIDIA’s (NasdaqGS:NVDA) DRIVE autopilot, the world's
first commercially available Level 2+ automated driving system, debuted at the
CES 2019 conference last month. DRIVE utilizes multiple AI technologies,
including AI copilot capabilities and advanced in-cabin visualization of the
vehicle's computer vision system. But this is rivaled by one of Baidu’s
principle AI projects, the Apollo driverless car program. And with the Chinese
autonomous car market projected to hit $500
billion USD by 2030, it may not be surprising for them to eclipse their
American counterparts.
Tencent
Holdings Limited (OTC:TCEHY), is a fellow
Chinese tech giant that is comparable to Google in its scope of services. One
project that distinguishes it from many other big tech companies however, is
its Tencent Miying Engine, which helps healthcare institutions with diagnoses.
According to Nasdaq, “With more than
38,000 medical institutes, especially in China, using [Tencent platform]
WeChat, Tencent is using data to transform and uplift the medical industry in
the country.”
Though
many US companies applauded Trump’s AI initiative, others were critical that it
wasn’t as much of a commitment as that seen from the communist Chinese state.
Historically, centralized states like that of China have failed to out-compete
freer markets like the United States, but it is hard to ignore the dedication
and consequent momentum seen from the People’s Republic.
So
it’s a tale of cats and dogs; Baidu just announced the creation of a
cat shelter using artificial intelligence and in the US, Gopher Protocol Inc.
used its AI tech in its pet tracking technology. Let the race continue.
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