AI's Risks & Opportunities

MESSAGE FROM THE PRESIDENT

July 22, 2024

“Artificial intelligence (AI) is a branch of computer science that uses algorithms, data, and computational power to enable computers to perform tasks that normally require human intelligence.” In a world of declining birthrates and fewer people to complete basic but essential tasks, policymakers need to tread carefully around this burgeoning field of science. Businesses also need to plan carefully around AI and be open to validation that ensures they are not using these tools for discrimination or bias.

The potential for these exciting technologies varies for both the public and private sectors. NVIDIA is a world leader in the chip industry and reports that “As AI models become more complex and begin to handle diverse data types such as text, audio, images, and video, the need for rapid data processing becomes more critical. Organizations that continue to rely on legacy CPU-based computing are struggling with hampered innovation and performance due to data bottlenecks, escalating data center costs, and insufficient computing capabilities.” There is a lot to understand about AI and what it means for healthcare, preventing financial fraud before its committed, as well as tax collection and crime solving.

News You Can Use

Key economic data starts tomorrow morning with existing home sales for June, followed by June new home sales on Wednesday morning. Second quarter GDP figures are released Thursday morning, as are durable goods orders and retail inventories for June. We wrap up the week Friday with personal income and spending data points from June and an early look at consumer sentiment from July.

Truist Financial and Verizon Communications kick off the week for companies with earnings calls, and are joined by Cadence Bank, HealthStream, and Simpson Manufacturing. Coca-Cola, Albertsons, General Motors, Lockheed Martin, Quest Diagnostics, and UPS are among those scheduled for Tuesday, while Wednesday calls include Brandywine Realty, Chubb, Mattel, Tesla, and Visa, to name a few. AT&T, General Dynamics, Navient, Ford Motor, Graco, IBM, Sallie Mae, Waste Management, AstraZeneca, Dow, Boston Beer, and 3M are among the many others with calls scheduled later this week.

Michael J. Quaranta

President

Delaware State Chamber of Commerce

Uniquely Delaware

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