CEOs showing big interest in AI, former AOL CEO says
Seventy percent of CEOs believe AI is going to 'dramatically change' their business in the next 3 to 10 years, reports say
The 'untold story' in AI is that it is 'getting cheaper,' says Tim Anderson
Flowcode and Former AOL CEO breaks down Nvidia's success, the demand for artificial intelligence technology among CEOs and a shift from platforms around the technology.
Nearly every company CEO will have an interest in artificial intelligence within the next three months, former AOL CEO Tim Anderson predicted.
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"There's going to be a lot of companies investing in this space. I was on yesterday with a really well-known CEO from London, I had another CEO in our office yesterday as well. Both of them said A.I. is number one, two and three on their list," Anderson said Friday.
Timecode CEO and founder Tim Anderson breaks the rise of artificial intelligence, saying that the cost of the technology will continue to lessen in price during an appearance on "Cavuto: Coast to Coast." (Fox News / Fox News)
Anderson said that the "untold story" of A.I. is that the infrastructural costs are continuously getting "cheaper," which the CEO claimed is a "powerful elixir" for future growth.
"In my business… over 10% of our business now is driven by A.I. It's growing every single week," Anderson said during an appearance on "Cavuto: Coast to Coast."
"And the untold story in A.I. right now is it's actually getting cheaper. So, if you looked at our investment in A.I. and the functions we run inside our company on it. It's down 60% in the last six months. So, you have an unbelievable wave of interest, unbelievable wave of technology growing quickly."
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The tech CEO cited a press release from PwC saying that 70% of CEOs believe that A.I. is going to "dramatically change" their business in the next three to 10 years.
Anderson predicted that the statistic will likely rise 99% in the next three months and that Nvidia's unprecedented success will help people "really focus in" on the technology.
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"Nvidia is one of the most unique companies in the world with the fact that they were in the video game business, which required them to essentially use A.I. to render video games to the toughest consumers in the world, which are gamers," Anderson continued.
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"And as now it's migrated to everyone's business, I think Nvidia is probably the best positioned company to be the Switzerland, or the arms dealer to all the other small platforms and big platforms. And I think you're seeing that in the stock."
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Supporting Anderson's claim is the artificial intelligence powerhouse's stock growth, which has risen over 236% in the last year.
The company's rise has been linked to optimism surrounding the emergence of artificial intelligence technologies given the company's role in designing high-end computer chips used to power generative A.I. tools.
Nvidia controls about 80% of the market share for advanced A.I. chips, and recently received a $2T valuation.
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FOX Business' Eric Revell contributed to this report.