(TND) — The Bank of America Institute published a report on "five breakthrough AI technologies leading the way."
These hold the potential to accelerate the artificial intelligence revolution, according to the researchers.
This was the first in a series of seven categories the Bank of America Institute will examine in its new "Next Gen Tech" series.
The report outlined five areas of AI:
- end-device AI
- enriched simulations
- knowledge graphs
- hyperdimensional computing
- artificial general intelligence
The overall series is intended to shed light on technologies that will transform the world, according to the Bank of America Institute. And these aspects of AI hold the power to potentially enable an abundance of opportunities in the years to come, the report stated.
Anton Dahbura, an AI expert and the co-director of the Johns Hopkins Institute for Assured Autonomy, said Wednesday that the Bank of America Institute list included a “mixture” of AI-related topics, but it wasn’t necessarily a list of breakthroughs waiting to happen in his eyes.
Knowledge graphs, which was included in the list of five topics in the Bank of America Institute report, has been around for a long time, Dahbura said.
Knowledge graphs are used in search engines, chatbots and retail product recommenders. They are a way to organize data from multiple sources, capture information about the topics, and forge connections between them, according to the Bank of America Institute.
They are important to AI, but they aren’t on the leading edge, Dahbura said.
But Dahbura said one of the five topics outlined in the report is primed for breakthroughs in the coming years: AI-enriched simulations.
AI-powered simulations are “emerging,” Dahbura said. And they can accelerate the discovery of new drugs, chemicals and materials.
Drug discovery is expensive and has a high failure rate, the Bank of America Institute said. AI-powered simulations can address both of those problem areas.
And Dahbura said, “It's really a whole new world for material discovery.”
End-device AI is growing in importance, according to the Bank of America Institute.
That includes the use of AI functionality on things like smartphones, cars, security cameras, appliances and wearables.
AI can foster faster response times, better accessibility and stronger security, the report said.
Hyperdimensional AI computing is all about very large, very complex data processing and then forming correlations or comparisons from that data.
Dahbura said it’s simple enough to look at a handful of stats and decide if one baseball player is better than another.
“Now, imagine having that problem where you have a billion dimensions,” he said. “Or looking at all kinds of things that are creating connections between items and things that lead you to new insights.”
The last topic on the Bank of America Institute list was artificial general intelligence. That’s the theoretical concept of a self-understanding, self-learning AI system.
Essentially, it would be a computer with human-like intelligence.
“Artificial general intelligence is something that is aspirational to some, dreaded by others,” Dahbura said.
Some people believe that it will never come to fruition, he said.
“I'm surprised that they included that, because I don't think that that's especially relevant to investors in the year 2024,” he said.
AI-powered simulations, advanced chip development and generative AI offer the most fertile soil for breakthroughs, Dahbura said.
And he said the “big three” trends powering AI forward are the development of faster and more specialized hardware, the development of advanced algorithms, and the availability of more data.
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