The State of AI Development in 2024

The artificial intelligence industry experienced significant advancements in 2024, showcasing a blend of optimism and challenges. Many new companies emerged with high expectations, but some, like Character AI and Inflection, struggled to maintain their momentum and were ultimately absorbed by larger tech firms like Google and Microsoft. This indicates a shift in the landscape, as the ability to deliver groundbreaking innovation became crucial for survival. As investments in AI continue to pour in, estimated at a trillion dollars over the next five years, the industry must find new ways to astonish users similarly to the initial introduction of ChatGPT.