ARTIFICIAL intelligence (AI) is here to stay, at least according to research firm Gartner’s latest report on the top 10 technology trends of 2024, with three of them revolving around AI. The promise of AI as a catalyst for transformations across industries is an exciting one that is finally materialising after decades of anticipation, prompting technology companies and infrastructure operators to take notice. Technology reporters noted that “AI” was mentioned more than 140 times in a two-hour keynote address at Google I/O 2023. The term was used 59 times during Meta’s second-quarter earnings call and over 70 times on Alphabet’s earnings call for Q2. 

In sectors as varied as healthcare, finance, transportation, entertainment and productivity, AI’s potential is now tangible. It is no surprise that market intelligence firm IDC projects global AI revenue to reach US$154 billion in 2023 and surpass US$300 billion by 2026. 

However, the AI boom comes with hidden costs, including energy consumption, greater strain on existing digital infrastructure and sustainability challenges. This necessitates a closer examination of these hidden concerns and, conversely, the innovations that are propelling us towards a more sustainable AI-driven future.