Google has decided to temporarily suspend Gemini's AI-powered image generation due to questions about the tool's racial inclusivity. The tech giant has been accused of failing to provide racially appropriate images on its Gemini bot, Bloomberg reports. The move is likely to be a hit for Google, as its peers are also making headway in the AI race.
Google faces criticism over AI-generated images
Alphabet Inc.'s Google has announced it will stop creating images of people after its Gemini artificial intelligence model came under fire for the way it processes images based on race, Bloomberg reports. Google reportedly said it is already working on addressing recent issues with Gemini's image generation functionality. Following this, the company decided to pause the creation of human images and release an enhanced version soon.
Google's move will put it behind rivals like Microsoft and OpenAI. The rival company has significant AI products, raising concerns that it could potentially jeopardize Google's main internet search business.
Google strengthens Gemini capabilities to gain edge in AI revenue race
Google's current setback in business comes at a time when the company is significantly evolving its AI products. Previously, Google announced a new version of its AI-enabled Gemini for Workspace. The new suite of products for workplace productivity already includes Gmail, Docs, Meet, Sheets, and Slides.
Most tech companies are now trying to make good returns from artificial intelligence. Almost every publicly traded technology company is working on some form of AI product. However, current profits and revenues from these products remain significantly low. With the AI market expected to grow rapidly, tech giants are working hard to jump on the AI bandwagon and generate superior revenue streams.
A great example of AI's impact on revenue is Nvidia's current performance. Nvidia posted adjusted earnings per share (EPS) of $5.16 on revenue of $22.1 billion for the quarter. Analysts had expected sales of $20.4 billion and earnings per share of $4.60. This is a significant increase compared to the same period last quarter, when Nvidia posted an EPS of $0.88 on his $6.1 billion. Nvidia's performance was further highlighted by the company's revenue of $27 billion for the entire 2022 fiscal year.
Growth of AI will increase GDP of countries
AI will become a major revenue source for IT businesses in the future. With new subscription models and product listings being released all the time, technology companies will base a large part of their business on artificial intelligence in the future. Furthermore, from 2023 to 2030, the global artificial intelligence market is projected to expand at a compound annual growth rate (CAGR) of 37.3%. According to Forbes, China is expected to benefit the most from AI. The country's GDP will grow by 26% by 2030, and in North America he is expected to grow by 14.5%. Together, these benefits total $10.7 trillion, or more than 70% of the global economic impact.
