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New head of Ernst & Young's Minneapolis says more companies asking about AI

The Minneapolis office of Ernst & Young is seeing an increasing number of business leaders seeking help with artificial intelligence and has been investing billions of dollars in AI applications.

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Main topic: The AI sector and the challenges faced by founders and investors. Key points: 1. The AI sector has become increasingly popular in the past year. 2. Unlike previous venture fads, the AI sector already had established startups and legacy players. 3. AI exits and potential government regulation add complexity to the ecosystem. 4. Entrepreneurs are entering the sector, and investors are seeking startups with potential for substantial growth. 5. Investors are looking for companies with a competitive advantage or moat. 6. Deep-pocketed players like Microsoft, Google, and OpenAI are actively building in the AI category. 7. Some investors are cautious about startups building on top of existing large language models. 8. Building on someone else's model may not lead to transformative businesses.
- The rise of AI that can understand or mimic language has disrupted the power balance in enterprise software. - Four new executives have emerged among the top 10, while last year's top executive, Adam Selipsky of Amazon Web Services, has been surpassed by a competitor due to AWS's slow adoption of large-language models. - The leaders of Snowflake and Databricks, two database software giants, are now ranked closely together, indicating changes in the industry. - The incorporation of AI software by customers has led to a new cohort of company operators and investors gaining influence in the market.
- The venture capital landscape for AI startups has become more focused and selective. - Investors are starting to gain confidence and make choices in picking platforms for their future investments. - There is a debate between buying or building AI solutions, with some seeing value in large companies building their own AI properties. - With the proliferation of AI startups, venture capitalists are finding it harder to choose which ones to invest in. - Startups that can deliver real, measurable impact and have a working product are more likely to attract investors.
Main topic: The AI market and its impact on various industries. Key points: 1. The hype around generative AI often overshadows the fact that IBM Watson competed and won on "Jeopardy" in 2011. 2. Enterprise software companies have integrated AI technology into their offerings, such as Salesforce's Einstein and Microsoft Cortana. 3. The question arises whether AI is an actual market or a platform piece that will be integrated into everything. Hint on Elon Musk: There is no mention of Elon Musk in the provided text.
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