Sam Altman, chief executive officer of OpenAI, at the Hope Global Forums annual meeting in Atlanta, Georgia, US, on Monday, Dec. 11, 2023.
Dustin Chambers | Bloomberg | Getty Images
DAVOS, Switzerland — The rise of generative artificial intelligence has dominated private and public discussion at the World Economic Forum as the world’s largest technology companies, including Salesforce,Microsoft and Google, temporarily take over local storefronts as a show of force to conference attendees.
While 2023 highlighted the technology’s ability, 2024 will be about increasing the accuracy of results so that executives in high-stakes industries such as hospitals and manufacturing can get comfortable using AI, said Intel Chief Executive Officer Pat Gelsinger in a CNBC interview.
“You’ve now reached the end of today’s AI utility,” Gelsinger said. “This next phase of AI, I believe, will be about building formal correctness into the underlying models.”
Whether it’s doctors relying on artificial general intelligence (AGI) for diagnoses, warehouses using it to check for assembly line malfunctions, or automated driving, humans need to get more comfortable with the accuracy of the technology, Gelsinger said.
“Certain problems are well solved today in AI, but there’s lots of problems that aren’t,” Gelsinger said. “Basic prediction, detection, visual language, those are solved problems right now. There’s a whole lot of other problems that aren’t solved. How do you prove that a large language model is actually right? There’s a lot of errors today. So you still need you know, essentially, I’m improving the productivity of a knowledge worker. But at the end of the day, I need the knowledge worker to say is it right.”
Pat Gelsinger, CEO Intel, speaking on CNBC’s Squawk Box at the WEF Annual Meeting in Davos, Switzerland on Jan. 16th, 2024.
Adam Galici | CNBC
The best way to improve accuracy is through experimentation and co-piloting tests to advance adoption, said Clara Shih, CEO of Salesforce AI. The AI can adjust to different standard deviation confidence levels as users get comfortable that the technology can be trusted in high-stakes scenarios, Shih said in an interview.
Three phases of AGI will guide adoption, Shih said. Phase one is actively using the technology as an assist for work. Phase two is consciously watching the technology in its autopilot mode to ensure accuracy. The final phase is letting go and trusting the technology will work to the confidence level of one’s choice, Shih said.
“You can tell the AI to be conservative for higher stakes until a human co-pilot essentially graduates it to autopilot,” Shih explained.
The three-phase approach, which heavily draws upon human acceptance of the reliability of the technology, should make AGI less scary than some have speculated, said Open AI CEO Sam Altman during a panel discussion Tuesday with Bloomberg’s Brad Stone.
“This is much more of a tool than I expected,” Altman said. “It’ll get better, but it’s not yet replacing jobs. It is this incredible tool for productivity. This is a tool that magnifies what humans do, lets people do their jobs better, and lets the AI do parts of jobs.”
The past year has been “a year of discovery,” said Nasdaq CEO Adena Friedman in an interview. The financial industry, including Nasdaq, will use AI to update old code to modernize aging systems, improving automated workflows which can save employees hours each day, Friedman said.
“It came onto the scene a little over a year ago,” Friedman said. “We did some experimentation. We started to kind of understand the potential of it. This year will be the year of activations for us and for everyone.”
People stand in front of an Apple store in Beijing, China, on April 9, 2025.
Tingshu Wang | Reuters
Apple iPhone sales in China rose in the second quarter of the year for the first time in two years, Counterpoint Research said, as the tech giant looks to turnaround its business in one of its most critical markets.
Sales of iPhones in China jumped 8% year-on-year in the three months to the end of June, according to Counterpoint Research. It’s the first time Apple has recorded growth in China since the second quarter of 2023.
Apple’s performance was boosted by promotions in May as Chinese e-commerce firms discounted Apple’s iPhone 16 models, its latest devices, Counterpoint said. The tech giant also increased trade-in prices for some iPhone.
“Apple’s adjustment of iPhone prices in May was well timed and well received, coming a week ahead of the 618 shopping festival,” Ethan Qi, associate director at Counterpoint said in a press release. The 618 shopping festival happens in China every June and e-commerce retailers offer heavy discounts.
Apple’s return to growth in China will be welcomed by investors who have seen the company’s stock fall around 15% this year as it faces a number of headwinds.
Since then, Huawei has aggressively launched devices in China and has even begun dipping its toe back into international markets. The Chinese tech giant has found success eating away at some of Apple’s market share in China.
Huawei’s sales rose 12% year-on-year in the second-quarter, according to Counterpoint. The firm was the biggest player in China by market share in the second quarter, followed by Vivo and then Apple in third place.
“Huawei is still riding high on core user loyalty as they replace their old phones for new Huawei releases,” Counterpoint Senior Analyst Ivan Lam said.
Chinese tech giant Baidu has bolstered its core search platform with artificial intelligence in the biggest overhaul of the product in 10 years.
Analysts told CNBC the move was a bid to keep ahead of fast-moving rivals like DeepSeek, rather than traditional search players.
“There has been some small pressure on the search business but the focus on AI and Ernie Bot is a key move ahead,” Dan Ives, global head of tech research at Wedbush Securities, told CNBC by email. Ernie Bot is Baidu’s AI chatbot.
“Baidu is not waiting around to watch the paint dry, full steam ahead on AI,” he added.
Baidu AI overhaul
Baidu is China’s biggest search engine, but — as is also being seen by Google — the search market is being disrupted.
Users are flocking instead to AI services such as ChatGPT or DeepSeek, which shocked the world this year with its advanced model it claimed was created at a fraction of the cost of rivals.
But Kai Wang, Asia equity market strategist at Morningstar, also noted that short video platforms such as Douyin and Kuaishou are also getting into AI search and piling pressure on Baidu.
To counter this, Baidu made some major changes to its core search product:
Users can now enter more than a thousand characters in the search box, versus 28 previously;
Questions can be asked in a more direct and conversational manner, mirroring how people now use chatbots;
Users can ask questions through voice but also prompt the seach engine with pictures and files;
Baidu has integrated its AI chatbot features, which enable users to generate photos, text and videos, into the product.
“This is more aligned with how people use ChatGPT and DeepSeek in terms of how they look for answers,” Wang said.
Outside of China, Google has also been looking to enhance its core search product with AI, highlighting how search has been under pressure from the burgeoning technology.
Baidu on the offense
Baidu was one of China’s first movers when it came to AI, releasing its first models and ChatGPT-style product Ernie Bot to the public in 2023. Since then, it has aggressively launched updated AI models.
However, the Beijing-headquartered company has also faced intense competition from fellow tech giants like Alibaba and Tencent, as well as upstarts such as DeepSeek.
These companies have also been launching new models and infusing AI into their products and Baidu’s stock has fallen behind as a result. Baidu shares have risen around 2.5% this year, versus a 30.5% surge for Alibaba and a 20% rise for Tencent.
“This is a defensive and offensive move … Baidu needs to be aggressive and perception-wise show they are not the little brother to Tencent on the AI front,” Wedbush Securities’ Ives added.
Founded in 2022, ElevenLabs is an AI voice generation startup based in London. It competes with the likes of Speechmatics and Hume AI.
Sopa Images | Lightrocket | Getty Images
LONDON — ElevenLabs, a London-based startup that specializes in generating synthetic voices through artificial intelligence, has revealed plans to be IPO-ready within five years.
The company told CNBC it is targeting major global expansion as it prepares for an initial public offering.
“We expect to build more hubs in Europe, Asia and South America, and just keep scaling,” Mati Staniszewski, ElevenLabs’ CEO and co-founder, told CNBC in an interview at the firm’s London office.
He identified Paris, Singapore, Brazil and Mexico as potential new locations. London is currently ElevenLabs’ biggest office, followed by New York, Warsaw, San Francisco, Japan, India and Bangalore.
Staniszewski said the eventual aim is to get the company ready for an IPO in the next five years.
“From a commercial standpoint, we would like to be ready for an IPO in that time,” he said. “If the market is right, we would like to create a public company … that’s going to be here for the next generation.”
Undecided on location
Founded in 2022 by Staniszewski and Piotr Dąbkowski, ElevenLabs is an AI voice generation startup that competes with the likes of Speechmatics and Hume AI.
The company divides its business into three main camps: consumer-facing voice assistants, integrations with corporates such as Cisco, and tailor-made applications for specific industries like health care.
Staniszewski said the firm hasn’t yet decided where it could list, but that this decision will largely rest on where most of its users are located at the time.
“If the U.K. is able to start accelerating,” ElevenLabs will consider London as a listing destination, Staniszewski said.
The city has faced criticisms from entrepreneurs and venture capitalists that its stock market is unfavorable toward high-growth tech firms.
Meanwhile, British money transfer firm Wiselast month said it plans to move its primary listing location to the U.S.,
Fundraising plans
ElevenLabs was valued at $3.3 billion following a recent $180 million funding round. The company is backed by the likes of Andreessen Horowitz, Sequoia Capital and ICONIQ Growth, as well as corporate names like Salesforce and Deutsche Telekom.
Staniszewski said his startup was open to raising more money from VCs, but it would depend on whether it sees a valid business need, like scaling further in other markets. “The way we try to raise is very much like, if there’s a bet we want to take, to accelerate that bet [we will] take the money,” he said.