The landscape of artificial intelligence (AI) has dramatically shifted since 2016, a year marked by a significant milestone that showcased the capabilities of AIThis landmark event was a high-stakes Go match played between a top human player and Google's AI program, AlphaGoThe victory of AI not only captured the global spotlight but also opened the eyes of the public to the self-learning capabilities of machinesThe match catalyzed interest in machine learning and deep learning, positioning them at the forefront of technological innovation.

In the wake of this event, a fervent wave of interest in AI surged globally, leading to a prevalent belief in the tech industry that "whoever masters AI secures the future." This sentiment prompted major corporations to pivot their strategies, embedding AI as a core element of their operations

Among these tech giants, Google, Microsoft, Amazon, and Baidu emerged as the recognized leaders in AI development, each vying for a slice of an ever-expanding pieInterestingly, the fervor surrounding AI didn't just spotlight established companies; it also gave rise to a plethora of innovative startups that captivated investor interest.

Prominent among these innovators are four AI unicorns: Megvii, SenseTime, CloudWalk, and Yitu TechnologyThese companies have attracted considerable attention, eclipsing traditional players like Hikvision and Dahua Technology, and establishing themselves as leaders in the machine vision sector—a subdomain of AIAccording to IDC research, in 2019, these four unicorns dominated the Chinese computer vision market, showcasing their emergence as frontrunners within this niche.

By focusing on fragmented, niche markets—such as finance, retail, and supply chain management, along with public venues like transportation hubs and banks—these companies have capitalized on the rising demand, leading to exponential revenue growth

• November Non-Farm Payrolls Exceed Expectations
• How to Conduct International Futures Trading?
• Dollar Dives, Gold Soars, U.S. Stocks Rally
• Hedging Strategies for Crude Oil Futures
• Bitcoin: Ushering in a New Era for US Finance?

For instance, Megvii reported a revenue increase from approximately $1 million in 2016 to $4.5 million in 2017, and ultimately reaching about $14.6 million in 2018, resulting in a staggering compound annual growth rate (CAGR) of 358.8%. This skyrocketing success can largely be attributed to the immense opportunities presented by the video Internet of Things (IoT) in urban and public spaces.

Moreover, Yitu Technology recently made headlines by filing for an IPO on the Star Market, a part of China's emerging tech platformTheir prospectus indicates that their revenues have also been rapidly growing, with a year-on-year increase of 136% in 2019, bringing their total revenue to approximately $102 millionOver the last three years, from 2017 to 2019, Yitu registered a remarkable CAGR of 223% in revenue.

As the AI technology landscape expands, the demand for innovative solutions has only intensified

In light of the COVID-19 pandemic, many industries have turned to AI-driven strategies for smart transformation, aiming to improve productivity and cut costsThe global AI market is forecasted to double in size over the next four years, growing from $50.1 billion in 2020 to an estimated $110 billion by 2024, with a CAGR exceeding 20% according to prior IDC surveys.

For players entrenched in AI development, new growth opportunities are arisingNVIDIA, with its cutting-edge GPUs, has emerged as a dominant player in the market, as many tech giants rely on NVIDIA's technology to establish their AI computing platformsThis has spurred rapid growth in data center segment revenues across the boardAdditionally, iFlytek, a company with over two decades of experience in AI applications, is reaping benefits from these emerging opportunities

In the first three quarters of 2020, iFlytek reported a revenue uptick of 10.8% to approximately $10.6 billion, along with a net profit rise of 48% to $844 million.

The recovery in revenue and profits underscores iFlytek's effective application of core AI technologies across its business operations, reflecting a robust strategic framework driven by these technologiesThis has positioned them well for ongoing growth throughout the yearFor Yitu Technology, the expansive AI market presents vast opportunities, having cultivated expertise in intelligent public services and smart business, and successfully integrating chip technology with algorithm innovation, establishing themselves as leaders in AI computing power.

As Yitu pursues funding through the Star Market, aiming to raise $10.5 billion, the focus remains on enhancing their technological prowess and product capabilities in AI, with the intent of launching more powerful AI computing products and competitive solutions to solidify their standing in the market and drive further growth.

However, it is crucial to acknowledge that Yitu also faces considerable challenges

Despite the expansion of their revenue, they have incurred significant losses, exceeding $10 billion in the past three and a half yearsThe competition within the AI sector is becoming fiercer, not only from heavyweight players like Huawei and the BAT (Baidu, Alibaba, Tencent) triumvirate but also from other prominent competitors in specialized markets like Hikvision and iFlytek, as well as rising unicorns like Megvii and SenseTimeThese dynamics pose ongoing risks of persistent losses for Yitu, exacerbated by a notably unstable customer base, characterized by significant annual fluctuations in clientele.

Reflecting on the journey of artificial intelligence since its conceptual inception in 1956, we find ourselves amidst a golden era of development in this field, marked by advancements in computational power and increasingly sophisticated algorithms

Supported by abundant data, various industries are leveraging AI technologies for digital transformationIn finance, for instance, AI is ushering in a new smart financial era, while in manufacturing it is reigniting a digital revolution.

However, the implementation of AI technologies remains fragmented, suggesting a need for a more unified approachEmbracing platforms and open-source strategies would allow developers greater access to AI technologies, fostering innovation across the boardOverall, we are witnessing the advent of a new age centered around artificial intelligence, propelling the rapid growth of related marketsSimultaneously, as China emerges as a pivotal and dynamic player in this arena, the demand for AI applications, along with those in IoT and cloud computing, continues to rise exponentially