What is the News ?

India ranked fifth in Artificial Intelligence (AI)-based investments according to Stanford University’s annual AI Index report 2023.

Facts About:

• AI Index is an independent project at Stanford Institute for Human-Centered Artificial Intelligence (HAI).

Purpose: 

• The annual report compiles, analyzes, and visually presents AI-related data to empower responsible and ethical AI advancements in collaboration with human interests

Global AI Investment Rankings

1. United States
2. China
3. United Kingdom
4. Israel
5. India

India's Remarkable Growth

• India secured the fifth position in AI investments received by startups worldwide in 2022.
• AI startups in India attracted $3.24 billion in funding, surpassing countries like South Korea, Germany, Canada, and Australia.

Investment Revival amidst Recession

• Despite a global AI investment dip since 2021 due to economic challenges, a resurgence in Venture Capital (VC) funding is anticipated this year.
• Enterprises and consumers' heightened interest in generative AI products like Open AI's ChatGPT is expected to drive this revival.

Global Contribution to LLM Development

• 54% of researchers involved in advancing large language models (LLMs) hail from American institutions.
• Significant progress observed as researchers from Canada, Germany, and India joined the LLM development landscape in the past year.

Source: https://indianexpress.com/article/technology/artificial-intelligence/key-takeaways-from-stanford-ai-index-report-2023-8539812/