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The World Economic Forum in Davos for 2024 has witnessed a significant shift, with artificial intelligence (AI) taking the spotlight. Rather than cryptocurrency firms dominating the main strip, some of the world's largest companies are now fervently promoting their AI products and services, echoing a collective sentiment that "The future is AI."
AI Dominance on Davos
The Promenade in Davos, once primarily adorned with cryptocurrency firms, is now awash with AI slogans and event spaces dedicated to showcasing AI prowess. From U.S. semiconductor giant Intel to Salesforce, companies are vying for a lead position in the AI landscape, aiming to underscore their commitment to this burgeoning technology.
The prominent "AI House," hosted by Swiss telecommunications firm Swisscom, signifies the increasing focus on AI investments and innovations. This marked shift at Davos reflects the rapid rise of interest in AI, driven partly by the widespread adoption of ChatGPT, the AI chatbot developed by OpenAI and launched at the end of 2022.
AI's Rise Over Cryptocurrency Trends
According to CNBC, this shift in focus contrasts with past years, where cryptocurrency firms dominated discussions and displays at Davos. The crypto industry maintained a visible presence even in the face of crypto winters and market fluctuations. However, in 2024, AI's dominance aligns with the evolving narrative surrounding technology and innovation.
According to Bloomberg, PitchBook's Emerging Tech Indicator underscores this trend, revealing a significant investment surge in AI and machine learning startups. In the third quarter, these startups garnered around $600 million, outpacing Web3 and decentralized finance companies, which secured just over $100 million.
Dante Disparte, Chief Strategy Officer for Circle, a prominent issuer of the U.S. dollar-pegged stablecoin USDC, acknowledges the changing landscape at Davos. He notes that the reduced presence of crypto houses along the Promenade indicates a shift towards AI becoming a background technology. Disparte, who has played a pivotal role in legislative efforts for stablecoins, envisions the convergence of blockchain and crypto with traditional banking, finance, and payments.
While some crypto firms, including Circle and CasperLabs, maintain a presence, the overall tone is more subdued than in previous years. The industry's narrative reflects a growing confidence, with the recent Bitcoin ETF approval by the U.S. Securities and Exchange Commission seen as a pivotal moment solidifying crypto's legitimacy as an asset class.
Photo: Gerard Siderius/Unsplash
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