The advancement and economic impact of generative AI

Over the past decade, there has been remarkable progress in the field of generative AI, which involves the creation of realistic images, audio, video, and text. This advancement has been driven by increased computational power, access to vast internet datasets, and advancement in ML algorithms. Both open-source communities and commercial entities have played pivotal roles in pushing the boundaries of generative AI.

Prominent organizations like OpenAI, Stability AI, Meta, Google, the Technology Innovation Institute (TII), Hugging Face, and EleutherAI have contributed by open sourcing models such as GPT-2, OPT, LlaMA, Falcon, BLOOM, and GPT-J, fostering innovation within the community. On the commercial front, companies like OpenAI, Anthropics, Cohere, Amazon, and Google have made substantial investments in proprietary models like GPT-4, Claude, Cohere, Titan, and PaLM, leveraging cutting-edge transformer architectures and massive...