Beyond 2023: AI's Triumphs, EV's Bumps, and the Weight-loss Drug Race

by Solomon Elekwa

As we bid goodbye to 2023, a year marked by unprecedented technological advances and dramatic upheavals, it is both prudent and exciting to take a peek at some of the key trends that have impacted the landscape of innovation and are set to shape the tech industry in 2024. From the mainstream adoption of generative AI to the electric vehicle market’s complex terrain, advancements in humanoid robots, and breakthroughs in weight-loss pharmaceuticals, the tech trends of 2024 promise a dynamic and impactful year. Here is a snapshot:

Artificial Intelligence:

Generative AI takes centre stage as a game-changer, with Microsoft backed ChatGPT leading the way since its launch in late 2022. Alphabet’s Gemini, integrated into Google products, challenges ChatGPT, emphasising the rapid evolution of AI technology. Despite concerns about the high costs and potential regulatory hurdles, venture capital investments in generative AI startups surged to $21.4 billion by September 2023 as against a total $5.1 billion invested in 2022 according to PitchBook, signalling a robust but potentially challenging future.

Electric Vehicles:

While the UK gears up to welcome its one-millionth all-electric car in the first quarter of 2024, the electric vehicle (EV) market faces headwinds. Major players like Ford, GM, and Tesla have paused production expansion plans, citing a “brutal” market with price wars and supply chain issues. Analysts predict a tough year for EV sales in Europe, except in the UK, where the zero-emission vehicle (ZEV) mandate might turn the tide, creating a buyer’s market.

Humanoid Robots:

Humanoid robots, epitomised by Tesla’s Optimus, are set to play a more practical role in 2024. Tesla aims to deploy Optimus in its factories by the end of the year, competing with other companies like Amazon and Sanctuary AI. Amazon’s Digit and Sanctuary AI’s Phoenix showcase robots that can perform human-like tasks, signifying a shift toward increased utility and functionality in the field of robotics.

Weight-loss Race:

In the pharmaceutical space, the weight-loss drug semaglutide, marketed as Wegovy, emerges as a blockbuster success, propelling Novo Nordisk to brief stints as Europe’s most valuable company. The drug, administered as a weekly injection, is undergoing expansion to meet soaring demand, with a tablet version on the horizon. However, Novo Nordisk faces impending competition from Eli Lilly’s Mounjaro and Pfizer’s weight-loss pill, setting the stage for a competitive landscape in the weight-loss pharmaceutical market.

Conclusion

As we enter the new year, the convergence of AI advancements, the electric vehicle market’s trials, the evolving role of humanoid robots, and breakthroughs in pharmaceuticals underscore the dynamic nature of the tech landscape. While challenges and obstacles are acknowledged, the collective trajectory points toward a year marked by innovation, competition, and the continuous quest for technological excellence. The interplay of these trends promises to shape industries, redefine norms, and leave an indelible mark on the tech narrative of 2024.

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