As we reach the halfway mark of 2024, the world of artificial intelligence continues to expand at an unprecedented pace. From virtual assistants like Siri and Alexa to advanced AI applications in customer service and data management, the influence of AI is pervasive. The global AI market is projected to be worth $909 billion by 2030, with a compound annual growth rate (CAGR) of 35% from 2022 to 2030. In the generative AI (GenAI) sector, revenues are expected to surge from $1.8 billion in 2022 to $33 billion by 2027, with an astonishing CAGR of 80%.

Amidst this rapid growth, major tech companies are making substantial investments in AI and GenAI. Here, we highlight the five largest AI deals of 2024 so far.

1. CoreWeave Secures $1.1 Billion in Series C Financing

On May 1st, CoreWeave, a specialized cloud provider for AI, announced it had secured $1.1 billion in Series C financing, led by Coatue. This substantial funding will support CoreWeave’s rapid growth across all business areas and aid its expansion into new geographic regions to meet the increasing global demand for GPU-accelerated cloud infrastructure.

Mike Intrator, co-founder and CEO of CoreWeave, emphasized the significance of this funding: “CoreWeave continues to push forward as a provider of critical infrastructure in the development of AI. The high caliber of investors who continue putting their trust in us validates the enormous opportunity we have to define the next generation of cloud computing.”

2. Wayve Technologies Raises $1.05 Billion in Series C Venture Financing

On May 7th, UK-based autonomous vehicle (AV) technology startup Wayve secured $1.05 billion in a funding round led by SoftBank Group. This funding will be used to advance the development of Wayve’s Embodied AI technology, which learns from human behavior. Nvidia and Microsoft also participated in this round, bringing Wayve’s total funding to over $1.3 billion, making it the highest-funded AI-focused startup in the UK.

Wayve plans to use this investment to fully develop and launch its first Embodied AI products for production vehicles, aiming to enable original equipment manufacturers to upgrade cars to higher levels of driving automation, from level 2 assisted driving to level 4 automated driving.

3. Google’s AI Revolution

Google is undergoing a major AI transformation, as announced during its I/O developer conference. CEO Sundar Pichai highlighted the company’s new Gemini AI models and emphasized that AI is still in the early stages of a platform shift. Google’s efforts to reclaim its position as an AI leader have involved introducing a range of new AI products and services, including a generative AI-powered search feature called AI Overview.

This feature will offer summarized responses to queries along with links to sources, marking a significant departure from traditional search methods. Additionally, Google introduced Project Astra, a prototype AI assistant capable of identifying objects, solving programming problems, and more, with a more conversational and human-like tone.

4. Microsoft’s Strategic Moves

Microsoft has continued to strengthen its AI capabilities through strategic investments and partnerships. The company’s integration of OpenAI’s advanced models into its productivity, search, and cloud products has helped it become the world’s most valuable company. Microsoft’s ongoing commitment to AI is evident in its participation in funding rounds for innovative startups like Wayve.

Moreover, Microsoft is expected to make further AI announcements during its upcoming Build developer conference, which could further enhance its position in the AI landscape.

5. Apple’s Generative AI Plans

While Apple has yet to introduce generative AI features to its iOS operating system, significant changes are anticipated during its annual WWDC event in June. Bloomberg reports that Apple is working with Google’s Gemini to power the iPhone’s AI capabilities, and is also in talks with OpenAI. This collaboration could lead to an AI “bake-off” as these tech giants vie for supremacy in the AI space.

Apple’s adoption of generative AI technologies will likely boost its competitiveness, potentially challenging Google and Microsoft’s current dominance.

Conclusion

The first half of 2024 has seen remarkable advancements and investments in AI, with major deals shaping the future of the industry. Companies like CoreWeave and Wayve are pushing the boundaries of what’s possible, while tech giants like Google, Microsoft, and Apple continue to innovate and invest heavily in AI. As the year progresses, we can expect even more groundbreaking developments in the AI landscape, solidifying its role as a cornerstone of modern technology.