Goldman Sachs is making a significant investment in artificial intelligence, with a focus on scaling AI technology to drive business growth and improve operational efficiency. The firm's Chief Information Officer, Marco Argenti, believes that AI will drive a new wave of enterprise transformation across all industries and job functions over the next decade.
Goldman Sachs is exploring various applications of AI, including automation, developer productivity, and data analysis. The firm is also investing in hybrid AI models, which combine the strengths of large language models with specialized, on-premises models.
One of the key challenges in scaling AI is the high cost of training and deploying large language models. Argenti estimates that the cost of training these models can run into hundreds of millions of dollars. However, he believes that the benefits of AI will outweigh the costs, and that companies will need to develop robust approaches to ensure the safety, accuracy, and transparency of AI systems.
Goldman Sachs is also exploring the potential for AI to generate new revenue streams. For example, the firm is looking at the possibility of AI digital rights management, which could enable creators to monetize their content more effectively.
Overall, Goldman Sachs' big bet on AI at scale reflects the firm's commitment to harnessing the power of AI to drive business growth and improve operational efficiency.
