This is the year of “generative AI implementation”, according to Haim Israel, head of global thematic research at Bank of America Global Research – Bank of America’s financial and investing research division.
Speaking at the 2024 American Chamber of Commerce Ireland (AmCham) Global Business Conference in Croke Park, he said: “It’s [generative artificial intelligence] going to each and every sector out there, not just technology, it could be commerce, financial services, healthcare, industrial or real estate, every industry will start using AI”.
He said that with the ease of accessing generative AI we are creating more data than ever and soon we will see this technology used across all sectors. Last year saw 2.5 quintillion bytes of data generated every day, this year that figure jumped to 329 quintillion bytes of data produced daily.
“We are also in a position where processing power is getting stronger and stronger all the time ... Technologies are just getting cheaper and every four years the cost per calculation goes down by 90 per cent.”
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However, Israel said that the current generative AI revolution will be very small compared to the impact of the emerging quantum revolution. “We are at the edge of global knowledge being able to double itself every 12 hours”, he said. “Today we are getting all of this massive amount of data and processing for free and we marry them together to generate this revolution.” Israel also highlighted how easy it has become to use AI: “A year ago if you wanted to use AI you had to be a data scientist, you had to have degrees in computer science to use it, no one could. Now it is an app, that’s it, it only needs your feed.”
Speaking at the Conference, Neil Morris, country lead for Ireland at Amazon Web Services highlighted the strong digital infrastructure in Ireland and the need to further enhance this to ensure our position as a global leader in generative AI
He said: “The provision of digital infrastructure is something that we’re already really good at, I think the challenge now is to position ourselves for the next step in the digital economy globally which will have a huge component that will be driven by generative AI”
Mark Cockerill, senior vice-president, legal – corporate, M&A and international development at ServiceNow noted that Ireland is “already a centre of digital excellence”.
However, he highlighted the importance of future proofing our talent pipeline for the AI revolution. “I think a lot of work could be done and needs to be done for AI preparation on a holistic basis across the universities, across industry and in co-ordination with government, it’s a three-pronged approach. More is needed and we need to think about it from a university experience and a skills experience.”
In his keynote address at the conference, Feargal O’Rourke, chair of IDA said Ireland is well positioned to be a leader in AI and digital, noting that the country has the “highest amount of STEM graduates per capita” in the EU. O’Rourke also noted that US companies based in Ireland have a fantastic access to talent.
“Ireland has the youngest population in the EU, one third under 25 and almost half under 34. The fact that 63 per cent of people aged from 25 to 34 have a 3rd level qualification compared to 47 per cent in the rest of the EU,” he said.
O’Rourke also recognised Ireland’s access to the EU as a key factor impacting Ireland’s attractiveness to US companies. “Ireland has EU access and a common law system; the EU gives us a market of 500 million customers and a potential workforce of 222 million.”
In a panel discussion on Ireland’s global role in supporting business and FDI, Marjorie Chorlins, senior vice-president, Europe at the US Chamber of Commerce spoke about the importance of the special relationship between Ireland and the US. “Everybody knows the length and breadth of the US-Ireland relationship. The fact that we have a trillion-dollar relationship and that indeed Ireland is the ninth largest investor into the US is truly extraordinary,” she said.
Chorlins also mentioned Ireland’s role as a gateway to Europe for the US. “The role Ireland plays in EU decision making is truly incredible, Ireland is a bright star in what is a complicated constellation. Having Ireland as the voice of reason and to talk about the benefits of partnering with business and to have regulation that is fit for purpose and not overly burdensome is extraordinarily important.”
During a fireside chat AmCham 2024 vice-president, Liz Cunningham noted that Ireland has the most productive workers in the world according to the OECD. Cunningham said what puts Ireland on the map is its ability to “attract highly skilled talent and that fact that people can move to Ireland to grow and develop their careers.”
AmCham 2024 president and site lead and vice-president at Signify Health Ireland, Elaine Murphy, highlighted some of the “incredible opportunities” Ireland has in relation to sustainable energy solutions. Murphy said: “We have a huge opportunity to harness our coast and become a European hub of sustainable energy. According to the latest research we can harness 50 gigawatts of floating offshore wind energy by 2030.”
Speaking on AmCham’s panel on sustainable business practices, Kay Hope, managing director, head of ESG for global fixed income research, Bank of America, noted the key considerations that companies should take into account when striving to make sustainable investments: “There are a couple things companies should be thinking about, the first is that you need to transition. Everybody can’t be perfect tomorrow, don’t let perfect be the enemy of the good. Companies need to think about their plans for how they’re going to reach net zero in 2050. Don’t be the company that says the next guy who runs the place can figure out 2040 and 2050.”
AmCham’s Global Business Conference was sponsored by Bank of America with The Irish Times as media partner and the US Chamber of Commerce as US Conference Partner. AmCham’s 2025 Global Conference will take place on Wednesday, February 25th, 2025 in Croke Park and you can book your tickets now at amcham.ie