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Artificial Intelligence - Primer

After many years of false hope, the field of Artificial Intelligence (AI) is starting to gain significant traction in the market place. The confluence of increased computing power and the build-up of vast stores of unstructured data have created an ideal situation for the development of AI companies and services. This primer is intended to present a high-level overview of the technology and the emerging ecosystem within the broader AI market. It is our goal that this primer will help readers when analyzing potential investment opportunities within this rapidly evolving corner of technology. We see significant opportunities in the coming years to invest in and profit from the emergence of AI. As with all technological innovation, however, it will be important to focus on those opportunities that can demonstrate sustainable competitive advantages, address real market pain points, offer a realistic and compelling revenue model and value propositions. We expect that over the next 12−36 months a number of companies will transition from venture-backed private companies to pure-play public companies. Even now, the area has been very active on the M&A and venture investing fronts. At present, there is a lot of press devoted to the emergence of AI chatbots; however, this market lacks a real defined revenue model and is more akin to a tool than the basis for long-term company building. It is likely that the best of these bots will be acquired by the likes of Google, Facebook, Amazon, Apple, Microsoft, etc. who are battling for consumer mindshare in the AI assistant marketplace. Of particular interest to investors will be the development of businesses targeting financial services, healthcare and cyber security. In the longer run, the development of neuromorphic processors, which are modelled after nerve cells, could develop into real game changers with respect to power-performance metrics and likely represent the long-term future for the current forms of AI.