What is Artificial Intelligence?

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Artificial Intelligence is an increasingly impactful element in our world and will continue to have an impact on our world financially. In an effort to keep you informed on the AI space, this series of posts will do a deep dive into this and connect its significance to your financial life.

What is Artificial Intelligence?

Artificial Intelligence (AI) is a technology that enables computers and machines to simulate human intelligence and problem-solving capabilities. By leveraging advanced algorithms and vast datasets, AI systems can perform tasks that traditionally require human cognitive abilities, such as learning, reasoning, and decision-making. This technology powers a wide range of applications, from digital assistants like Siri and Alexa to GPS guidance systems that provide real-time navigation. 

Autonomous vehicles use AI to interpret sensory data and navigate roads safely, while generative AI tools, such as OpenAI’s ChatGPT, can engage in human-like conversations, demonstrating the breadth and depth of AI’s capabilities.

Generative AI, a subset of AI, has demonstrated to the general public its vast potential to impact people and businesses. It can create realistic images from textual descriptions, generate video content based on a few prompts, or write complex software code autonomously. This ability to synthesize and generate diverse forms of data highlights the versatility and potential of AI to revolutionize multiple fields, from creative industries to scientific research.

Interested in discussing more about AI and financial opportunities that may benefit your investment plan? Scheduled a call with Rely Wealth today!

As AI continues to evolve, discussions around AI Ethics and Responsible AI are becoming increasingly critical. Ensuring that AI systems are developed and used in ways that are fair, transparent, and beneficial to society is essential for harnessing the full potential of this technology.

Why Should You Pay Attention to AI?

Paying attention to AI is essential because it is reshaping the world in profound ways. The rapid integration of AI into everyday technology emphasizes its growing importance, and understanding its implications can help individuals make informed decisions and leverage these advancements. From digital assistants that help manage our schedules to recommendation algorithms that personalize our online experiences, AI is becoming a ubiquitous part of our daily lives. This integration not only enhances convenience but also drives efficiency and innovation across various sectors.

Interested in discussing more about AI and financial opportunities that may benefit your investment plan? Scheduled a call with Rely Wealth today!

The excitement surrounding AI stems from its potential to transform industries and address complex challenges. This interest extends beyond current capabilities to the endless possibilities AI holds for the future. 

Looking ahead, the future of AI promises even more groundbreaking developments. Although significant progress has been made, we are still in the early stages of exploring AI’s full potential. Emerging trends such as AI-powered automation, advanced robotics, and enhanced Natural Language Processing indicate that the technology will continue to evolve and expand its influence. 

By staying informed about AI now, individuals can better understand and navigate the changes it will bring.

What to Except from Rely?

In an effort to continue to keep our community informed on AI and its impacts, we will be sharing more content on this topic including when and where you might financially invest in companies who are involved in the AI space.

If you’re ready to speak to Rely Wealth about your next steps with investing in AI, reach out to schedule a call. We’re here to continue to bring clarity to this complex topic.

Key Terminologies

Speaking of staying informed, the Rely Wealth team thought it might be helpful to provide a list of key terms you may see regarding the AI space and a definition for each. This is not a comprehensive list.

Machine Learning (ML)

  • A subset of AI where algorithms learn from data to make predictions or decisions. It improves over time as it is exposed to more data without being explicitly programmed for specific tasks.

Deep Learning (DL)

  • A specialized subset of ML that uses neural networks with many layers to model complex patterns in large datasets. It is particularly effective in image and speech recognition.

Neural Network

  • A computational model inspired by the human brain’s network of neurons, used in ML to recognize patterns and make decisions based on data. Neural networks are the foundation of deep learning.

Natural Language Processing (NLP)

  • A branch of AI focused on the interaction between computers and humans using natural language. It enables machines to understand, interpret, and generate human language, powering applications like chatbots and language translation. 

Generative Artificial Intelligence (AI)

  • A type of AI that uses deep-learning models to create new content based on training data. It can generate a variety of content, including text, images, audio, videos, code, and synthetic data. For example, generative AI can learn a language and create new content based on what it’s processed.

Weak AI (Narrow AI)

  • Weak AI refers to systems designed to perform specific tasks without possessing general intelligence. Examples include virtual assistants like Siri and recommendation algorithms on streaming services.

Strong AI (Artificial General Intelligence – AGI)

  • Strong AI, or AGI, is a theoretical form of AI that can understand and learn across a wide range of tasks, similar to human cognition. It has not yet been achieved.

AI Ethics

  • AI ethics involves principles that guide the development and use of AI technologies, focusing on fairness, accountability, and transparency to align with human values and promote positive societal outcomes.

Responsible AI

  • Responsible AI encompasses practices ensuring AI is developed and used ethically and transparently, aiming to prevent bias, protect data privacy, and maintain accountability to build trust in AI systems.

 

References

What is Artificial Intelligence (AI)? | IBM

What is AI (artificial intelligence)? | McKinsey

DISCLOSURE: Investment advisory services offered through Rely Wealth Partners, LLC, a DBA of tru Independence Asset Management, LLC, a Registered Investment Advisor with the U.S. Securities and Exchange Commission. This material is intended for informational purposes only. It should not be construed as legal or tax advice and is not intended to replace the advice of a qualified attorney or tax advisor.

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