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ChatGPT may be new but artificial intelligence has a long history

Published

2 years ago

on

Scientists and philosophers have been working on a ‘second brain’ for decades

From the heartless Tin Man in the Wizard of Oz, to the humanoid robot in Metropolis; science fiction has brought artificially intelligent robots to life.

In the 1950s, some of the world’s brightest minds were already using artificial intelligence as part of their vocabulary.

John McCarthy was among the first computer scientists to coin the term: artificial intelligence.

McCarthy and two dozen other men came together at a Dartmouth workshop in New Hampshire for a conference on artificial intelligence.

“I started my work on artificial intelligence in ’56, although I became interested in it before that, in ’49,” he said.

Computers began to store more information and boast a speed like never before. Dr Stefan Popenici from Charles Darwin University is a leading voice on artificial intelligence.

He said the technology is hardly new. “It’s not new. Artificial intelligence came as a formula in 1956,” he said.

Dr Popenici has published a book on the implications of the adoption of artificial intelligence in higher education.

He said open source artificial intelligence like ChatGPT have become a concern for researchers in the education sector.

“This is just one of the many serious challenges associated with the exponential advancements of AI in the last years, and universities have to find now the energy and will to articulate efficient and sustainable solutions for education and society,” he said.

In the 1980s, artificial intelligence was expanding its algorithmic toolkit and receiving more funding.

By 1997, reigning world chess champion and grand master Gary Kasparov was defeated by IBM’s Deep Blue.

In the same year, speech recognition software was implemented on Microsoft Windows computers.

“AI is not only the subject of a new hype but also stirs profound cultural, educational, and economic changes with significant medium and long-term impacts.

“We know that all technological revolutions come with winners and losers, and institutions of education must now make a set of choices that will decide where they will stand in the near future,” Dr Popenici said.

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Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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U.S. small business confidence hits 3-1/2-year peak

US small business confidence hits 3.5-year high post-election, driven by optimism for economy and hiring plans.

Published

17 hours ago

on

December 11, 2024

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U.S. small-business confidence reached its highest point in nearly 3-1/2 years in November, according to the National Federation of Independent Business (NFIB).

The NFIB’s Small Business Optimism Index increased by 8.0 points to 101.7, marking the highest level since June 2021.

This surge followed the recent elections, which saw Donald Trump winning the presidential race and the Republican Party gaining control of Congress.

Small business owners, who typically lean Republican, showed increased confidence, a trend anticipated by economists.

Other sentiment surveys also reported improvements in consumer confidence post-election.

Economic improvement

The percentage of small business owners expecting economic improvement rose significantly, indicating a shift in outlook.

More owners believe now is a good time to expand their business, with expectations for higher sales growth increasing. Concerns about inflation slightly lessened, as fewer owners cited it as their primary issue.

Additionally, the uncertainty index for small businesses dropped, reflecting increased stability in economic expectations.

Despite ongoing labor shortages in various sectors, the number of businesses planning to hire rose to the highest level in a year.

Compensation for employees saw an uptick; 32% of owners reported increases, while a notable percentage plans further raises in the coming months.

 

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Inflation report tests stock rally before Fed meeting

**Inflation report next week could impact stock rally; Fed rate cuts anticipated amid strong job growth and resilient economy.**

Published

3 days ago

on

December 9, 2024

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An upcoming inflation report will assess the strength of the U.S. stock market rally and influence the Federal Reserve’s rate cut strategy.

The S&P 500 has recorded its third consecutive weekly gain, increasing over 27% year-to-date.

This upward momentum in equities is influenced by expectations of additional Fed interest rate cuts amid a resilient economy.

Friday’s employment report indicated stronger than expected job growth, reinforcing this positive outlook. However, this data is not expected to change the Fed’s rate plans for its upcoming December meeting.

The consumer price index data due on Wednesday may alter this optimistic sentiment if inflation exceeds expectations, posing risks for well-performing stocks.

Experts note that if inflation rates are high, it could create uncertainty for investors before the Fed meeting.

Following the recent jobs report, the probability of the Fed cutting rates has increased, with nearly a 90% chance predicted for a 25 basis point cut.

The consumer price index is expected to rise by 2.7% over the past year.

If CPI results are higher than expected, it might prompt a cautious approach on future cuts, affecting outlooks for 2025.

Additionally, inflation concerns are heightened by the potential introduction of tariffs by President-elect Donald Trump.

Despite these factors, stock prices continue to rise, although there are warning signs of overly optimistic sentiment in the market.

Some analysts maintain a positive view on stocks heading into the year-end, citing a reduction in concerns surrounding the economy and interest rates.

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Stocks on the way to achieve three consecutive years of gains

S&P 500’s strong 2024 raises hopes, but concerns linger over AI sustainability and economic headwinds affecting future gains.

Published

3 days ago

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December 8, 2024

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The S&P 500 has risen 28% in 2024, poised for consecutive annual gains of over 20%.

Major banks forecast more modest returns for 2025, projecting the index reaching 6500, a 6.7% rise from approximately 6090.

Barclays has a more optimistic target of 6600, with Bank of America and Deutsche Bank expecting 6666 and 7000, respectively.

President-elect Donald Trump’s policies are seen as potentially beneficial for stocks, though high interest rates and geopolitical issues pose risks.

Investors remain cautious about the sustainability of the rally.

Economic conditions

Upcoming inflation data will be crucial for assessing economic conditions before the Federal Reserve’s anticipated rate cut in December.

Increasingly, small-cap stocks are joining the rally, with the Russell 2000 index nearing record highs.

More than 220 S&P stocks have hit 52-week highs recently, which indicates broader market strength, making it less susceptible to downturns.

The early market gains were largely driven by major tech stocks, which continue to perform well amid various challenges.

Long-term growth expectations, however, appear dim, with forecasts suggesting limited gains over the next decade.

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