We recently compiled a list of the 10 AI News Dominating Wall Street Today. In this article, we are going to take a look at where Marvell Technology, Inc. (NASDAQ:MRVL) stands against the other AI stocks that are dominating Wall Street.
The Generative AI market, a crucial branch of artificial intelligence, is revolutionizing entire industries today. According to ResearchAndMarkets.com, the Gen-AI market was valued at USD 20.21 billion in 2023 and is expected to reach USD 440 billion by 2032. This signifies an impressive CAGR of 41.31% over the forecast period from 2024 to 2032.
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According to the report, the North American region leads the Generative AI market with a 34% share in 2023. Its robust technology ecosystem, skilled workforce, and increasing demand for AI-powered content are responsible for the leading market share. The European region has also been experiencing growth, driven by government funding, startup innovation, and region-specific applications.
Back in 2022, the generative AI market was dominated by established players only. These established players accounted for 88% of the market share, whereas start-ups grasped only 12%. This is now changing, with more players entering the market with each passing year.
Highlighting advancements in artificial intelligence, Sam Altman, CEO of AI Company OpenAI states how the next innovations in AI are going to be more disruptive than people can imagine. Speaking at the New York Times' DealBook Summit in New York City, he stated that the industry may begin to see examples of artificial general intelligence (AGI), which refers to the hypothetical intelligence of a machine similar to that of a human, as soon as 2025.
"I think it's possible... in 2025 we will have systems that we look at... and people will say, 'Wow, that changes what I expected"
Altman noted that at first, the introduction of AGI, and the level of intelligence beyond it, is going to have minimal effect. However, it will later "be more intense than people think". In its latest advancements in AI, OpenAI has now begun testing new reasoning AI models, o3 and o3 mini.
This demonstrates a sign of growing competition with rivals such as Google to create smarter models proficient at solving complex problems. According to Altman, OpenAI plans to launch the o3 mini by the end of January, and the full o3 after that. The enhanced models aim to outperform existing ones, driving new investments and user growth.