As we enter 2024, the capital markets have found their footing and are moving higher. The Fed has taken interest rates as far as they want at this time and inflation has come down. It seems that a 'soft landing' is likely. That is good news for the innovation economy because healthy capital markets are a necessary support system.
Let's start with Artificial intelligence (AI) which was the big event in 2023. The AI 'stack' has emerged with Large Language Models and other important models (like audio, imagery, video, etc) operating in the cloud with well-documented and supported APIs that are available to developers to build on. And possibly even more important is the emergence of very good open-source AI models that in many cases can outperform the closed-source models. With the AI stack well developed and supported, we are moving into the application era of AI, much like the browser brought us the application era of the web and the iPhone brought us the application era of the mobile device. This is a big deal. While in 2023, everyone was rightly focused on the large language models like OpenAI, Anthropic, Gemini, Llama, etc, we will see new AI-first applications emerge in 2024 that will start to move the focus and the conversation up the stack. And we will see legacy applications embrace AI to make their products better and to remain competitive with the AI-first disrupters.
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