Executive Summary

Last week, the Coresight Research team attended the first-ever US-China AI Tech Summit, which was held in Silicon Valley. Our first report on the conference covered the day’s morning sessions, including a fireside chat with Apple Cofounder Steve Wozniak. The second half of the event focused on applications of artificial intelligence (AI) across industries. Experts from the fintech, legal, enterprise and nonprofit realms discussed the challenges ahead and the greatest opportunities for AI integration.

• Across sectors, finding solutions to problems will require human ingenuity. AI is a strong tool, but its efficacy relies on human steering. Instituting a global AI council would be a constructive way to manage this technology.
• AI’s benefits lie not only in predicting future successes, but also in spotting potential disasters. In the finance industry, for example, developers of fintech AI aim to create tools that can predict recessions.
• The strength of AI devices grows primarily in tandem with their capacity to understand humans, not just with their computational skills. In legal systems, the major downside to using AI technologies is their lack of empathy, as many consider empathy a staple of the justice system.
• By centralizing information, AI technologies open pathways for new business ventures.