The Future of AI: What to Expect in 2024

The buzz around AI is expected to continue in 2024, with a shift towards the emergence of hybrid AI models that combine larger foundational models with smaller, fine-tuned models for improved reasoning and data privacy. Financial services and other industries can benefit from this shift by using specialized AI models for tasks such as interpreting legal documents and extracting salient points from corporate filings. The execution of AI in a safe and regulated manner will be a focus, with a balance between security and innovation. Venture capital funding will shift towards the application layer of AI, and the industry may see an increase in M&A and IPO activity. Additionally, the impact of AI on society and the need for regulation will be a major topic in the 2024 elections.