Wall Street companies are trying to figure out which tech giant will rise to the top in artificial intelligence. Jefferies analysts predict that Meta Platform (META) and Alphabet (GOOG, GOOGL) will dominate in consumer AI products, while Evercore ISI predicts that Apple (AAPL) and its devices will We expect it to benefit most from language models.
On Yahoo Finance Live, we discuss where these companies see the biggest opportunities with AI integration and when it will be most visible in their revenue numbers.
For more expert insights and the latest market trends, click here to watch the full episode of Yahoo Finance Live.
Editor’s note: This article was written by luke carberry morgan.
video transcript
Brad Smith: After 23 years of boom, artificial intelligence is still a hot topic in 2024. As more companies ramp up their investments in AI, Wall Street is keeping an eye on who will benefit from the launch.
Jeffries exclaims that Meta and Alphabet are best positioned to seize the consumer AI opportunity. Meanwhile, Evercore ISI names Apple as an underappreciated beneficiary of artificial intelligence here. There are bigger questions in the software space as well as in the hardware space about where consumers of artificial intelligence and generative AI will flock to, and who among them. In the hardware space, it’s very difficult to achieve that from the beginning, and the early adopters will probably get in there. Condoms have a thought process, or at least some sort of admiration, that’s more instilled in the average consumer out there.
Rachel Akuffo: That’s true. Generated AI as adding to what it doesn’t already have, compared to Evercore ISI analyst Amit Daryanani’s note in which he said the company is not reaping the benefits of undervalued AI. Because that’s actually what happens when you think about adding . Tie it to Siri. So what you have is that millions of people who already have a cell phone in their pocket are already using Siri. So it’s actually a natural evolution rather than having to add his ChatGPT to other things you’re probably not familiar with.
Brad Smith: right. They said so. And in this Jefferies memo of his, interestingly, he said that 89% of full-time office workers in the United States have heard of his ChatGPT. This is up from his 52% in February 2023. Now, he says, the increased use of AI tools has paralleled the fear of AI automating jobs.
What we’ve been discussing over and over again every work day, and what we’re talking about is when will AI show up in productivity numbers, and when will generative AI show up as a broader impact? It’s about Noka. to the employment situation.
We are still far from having a major impact on either front. But it’s a question of how many companies have already started planning, what their resources are, and what spending on technology and human resources is likely to drive and unlock the next round of productivity. The bigger question is whether it will be possible, and how many of us are even starting to plan for it. It also works with some generative AI to complete menial tasks at the end of the day.
Rachel Akuffo: That’s true. Because clearly far more people have heard of it in terms of how they use it at work. I think a lot of people are still trying to figure that out. Because you don’t really know if you’re leaving it there and if it’s something you can use if you have permission to use it, and how much you can use it. That’s what you can use, and the ethics surrounding it.
So I wish I could maybe be a little more clear about how people can use it and how useful they might find it. Usually because it’s something creative or used for some of these simple tasks. But when it comes to traveling, something else, something creative, but when it comes to daily work life, the guidelines are still not clear.
Brad Smith: I think this is an area when it comes to marketing automation tools. Simply put, it can have a big impact. You think about different marketing automation campaigns. And I’m thinking about how this is going to impact companies like Oracle and some of their subsidiaries, or Salesforce, which had an AI Day last year, and I’m talking about how that could help drive sales. . Your team can more efficiently create emails that are ready to send.
So what kinds of jobs will it affect? How quickly? Can you have that touchpoint and bring back a different contact point with your customers?
So there are different ways to think about how you can implement it.
Rachel Akuffo: surely. Of course, we’re still figuring that out.