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Opinion
Hong Kong should focus on finding compelling uses for generative AI
Foundational tech is important but what people need and want will dictate the success or failure of generative AI and the return on investment
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Kai-Lung Hui is associate provost (academic development) and Elman Family Professor of Business at the Hong Kong University of Science and Technology.
Generative artificial intelligence (AI) has charmed the world. Its ability to digest and produce content such as text, images and videos presents opportunities for any industry that needs to communicate – from medicine, law and finance to the creative arts, architecture and biochemical sciences.
US research suggests large language models (LLM) could affect at least 10 per cent of tasks for most of the workforce and at least 50 per cent for some. Accordingly, LLM and generative AI are tipped to become general purpose technologies, which have a broad and transformative impact on the economy and society.
One key feature of general purpose technology is that it attracts investment. According to Stanford University’s 2024 AI Index Report, private investment in generative AI last year was nearly nine times that in 2022, and 30 times that in 2019.
While this investment is primarily led by the United States, China has invested more than US$600 million, close to the combined investment of the European Union and United Kingdom. Most of this investment went to AI infrastructure and natural language processing, both of which form the foundation for generative AI. Over the five years to 2027, the International Data Corporation expects generative AI investment in China to grow by a compound annual rate of 86.2 per cent.
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