The landscape at the World Economic Forum (WEF) in Davos has shifted from cryptocurrency dominance to a spotlight on artificial intelligence (AI) in 2024. Major companies such as Intel and Salesforce have taken center stage with AI-focused promotions, reflecting the intense competition among global tech giants to lead in the AI sector. This shift underscores the rapid rise in AI investments, fueled in part by the popularity of OpenAI's ChatGPT, a groundbreaking AI chatbot launched in late 2022. The prominence of AI at Davos aligns with the growing interest and investments in this transformative technology.
PitchBook's Emerging Tech Indicator reveals a surge in AI and machine learning startup investments, outpacing those in Web3 and decentralized finance companies. Nvidia, a prominent player in the AI sector, witnessed a remarkable 239% stock rally in 2023. Despite the diminished presence of crypto firms in Davos, industry insiders like Dante Disparte, Chief Strategy Officer for Circle, suggest that AI's prominence signals its evolution into a foundational technology. Disparte emphasizes the crypto industry's narrative shift and the belief that crypto has solidified its legitimacy as an asset class, culminating in the recent approval of a bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission.