Stanford’s 2024 AI Index Report Highlights Key Trends

Stanford University’s Institute for Human-Centered Artificial Intelligence (HAI) recently released its 2024 AI Index annual report, marking the seventh edition of this comprehensive analysis. Compiled by an interdisciplinary team, the report highlights significant trends in AI, such as the eightfold increase in generative AI investment since 2022. This year’s report, the most extensive to date, addresses the rising influence of AI on society and includes:

• New estimates on AI training costs.
• Detailed analyses of responsible AI.
• A new chapter on AI’s impact on science and medicine.

Rising AI Training Costs and Decline in Academic Contributions

One interesting finding is the significant increase in the cost of training large language models (LLMs). These costs have surged to the extent that universities are largely unable to develop such models due to financial constraints. For instance, training Google’s original Transformer model costs under $1,000, whereas recent models like GPT-4 and Gemini cost over $100 million each. This financial barrier has led to a shift in the development of notable AI models from academia to industry. In 2023, industry labs produced 51 notable models compared to academia’s 15, a stark contrast to pre-2016 trends where academia was equally or more prolific in producing such models. However, collaborations between industry and academia reached a new high, producing 21 notable models in 2023.

Generative AI Investment and Increased AI Regulation

The report also documents a dramatic rise in generative AI investment, which has grown eightfold since 2022. Despite this surge, overall private investment in AI has decreased since 2021. This trend indicates a shift in funding focus within the AI sector. Additionally, AI regulations in the USA have increased by 56.3% over the past year, reflecting growing governmental oversight and the need for responsible AI development. The report’s new chapter on science and medicine underscores AI’s increasing role in these fields, highlighting models like DeepMind’s AlphaDev, which created a more efficient sorting algorithm, and noting a 12.1% increase in FDA-approved AI-related medical devices since 2021.

See also: AI Leadership Means to Upskill the Future Workforce – Not Replace Them

Comprehensive Coverage and Public Perceptions

The 2024 AI Index report comprises nine chapters covering research and development, technical performance, responsible AI, economy, science and medicine, education, policy and governance, diversity, and public opinion. This broad scope aims to provide a detailed overview of AI advancements and their implications. The report is considered essential reading for those seeking to stay informed about the rapid developments in AI, offering both general overviews and fine details across its 500 pages.