Though this isn’t unexpected, it’s clear that since AI has quickly scaled in multiple industries, CEOS across the board are looking to it to gain a competitive edge. According to a report from Axios, in a new survey, over 72% of U.S. CEOS say generative AI is a “top investment priority.”
The survey itself asked 400 US-based CEOs at companies with an annual revenue of at least 500 million dollars. This is an important detail as companies of this minimal size likely have the capital to implement AI-based programs.
Interestingly enough, there is a bit of a division when it comes to when a return would come. Though a clear majority of CEOs view AI as an important investment, only 23% expect to see a return on their investment.
Over 62% expect to see returns in the mid-term, the next three to five years. These views on AI are unsurprising and do help explain the expected growth in AI-powered applications, and AI chips over the next ten years.
In those ten years, both expect to see a massive CAGR of over 30%, which signals that this survey may be on the money regarding AI interest across industries. However, much of this is likely due to the quick and unexpected adoption of ChatGPT by the greater population since its release last November.
Speaking with Axios, Paul Knopp, CEO of KPMG in the United States had some interesting insights on their perspective. “I think it’s a recognition that generative AI is transformational and that it’s not hype…It provides opportunities to grow revenues potentially, but it also will provide opportunities to make workforces and business processes more efficient.”
Of course, these efficiencies concern some as how CEOs implement generative AI into their companies could mean the loss of jobs. Knopp continued, “I do think that — while generative AI won’t lead to reductions in our workforce — people that have generative AI skills will be more valuable than people that do not … and will have more opportunity going forward in the future.”
This is a similar view held by Microsoft CEO Satya Nadella, who views AI as a complementary tool for human works, not their replacement. Though it is still too early to gauge the effects of AI in the workplace, it will likely take another five to ten years.