The highlight of the event was the unveiling of new versions of Google’s Gemini AI model, which has become integral in powering various consumer and business applications. By integrating AI capabilities such as processing video, audio, and text simultaneously—also known as multimodal AI—Gemini is driving innovation across industries.

One standout partnership is with Snapchat, which is using Google’s generative AI (GenAI) model to enhance its AI chatbot. This move is part of Snapchat’s broader strategy to boost engagement and increase user time spent on the platform.

Eli Collins, Vice President of Product at Google DeepMind, noted that the collaboration between Google Cloud and DeepMind has allowed AI advancements to reach the market at a faster pace. “The researchers are incredibly motivated by seeing their work in the hands of real products and users,” Collins stated. He highlighted how Google Cloud’s enhanced integration with its research arm is transforming the AI landscape.

Despite trailing behind in the cloud computing market, Google Cloud is leveraging the excitement surrounding generative AI to grow its business. The company’s AI researchers have had to accelerate their efforts, especially following the launch of OpenAI’s ChatGPT, which created competition in the space. This shift reflects not only a change within Google but also in the wider research community, where product-driven research is becoming the new norm.

As AI innovation continues to accelerate, Google’s strategic partnerships and cutting-edge technology like the Gemini model are expected to reshape consumer experiences and business solutions worldwide.

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Parekh highlighted that GenAI is exploring novel applications, such as refining credit analysis to enable banks to diversify their product offerings, thereby creating new revenue streams and enhancing productivity. He expressed optimism about the technology’s potential to drive business growth without necessitating staff layoffs. Infosys continues to ramp up its hiring efforts amid evolving economic conditions, evidenced by robust quarterly and yearly growth and successful deal acquisitions.

Acknowledging the critical role of Gen AI, Parekh mentioned that clients are increasingly interested in leveraging extensive language models for business advantages across various sectors, from software development to customer support. Infosys is witnessing significant benefits that clients can derive from such implementations. Although Infosys does not disclose specific revenue breakdowns from generative AI projects, Parekh underscored the company’s strong commitment to establishing itself as an AI-centric organization.

In its pursuit of expansion, Infosys has globally invested in enhancing its digital upskilling programs to include cutting-edge courses on generative AI. The company’s platforms now incorporate GenAI features, as highlighted in its latest annual report. Furthermore, Infosys is actively seeking potential acquisitions following two recent buyouts, aiming to match the scale of recent tech acquisitions. Parekh expressed interest in acquiring firms specializing in data analytics, SAAS, and exploring opportunities in select European and American markets.

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