In a year marked by rapid technological advancement and innovation, 2024 showcased notable strides in artificial intelligence (AI) automation and a myriad of other sectors within the tech industry. Key players such as Microsoft, Nvidia, and Amazon made headlines while addressing emerging technologies, industry forecasts, and the consequent impacts on global business practices.
The year kicked off with Microsoft achieving a remarkable valuation of $3 trillion, solidifying its position as the world's most valuable company. This milestone, however, was overshadowed later in the year when Nvidia surpassed Microsoft, albeit briefly, becoming the world's top company by September with its valuation rooted deeply in the expanding AI sector. By the end of 2024, Apple emerged as the most valuable company with a staggering $3.9 trillion valuation, followed closely by Nvidia at $3.4 trillion and Microsoft at $3.2 trillion.
A notable breakthrough was reported in January 2024 when Neuralink, the neurotechnology company founded by Elon Musk, successfully implanted its first brain chip in a human subject. This groundbreaking achievement underscored the potential implications for medical technology and cognitive enhancement.
February saw remarkable achievements in the Asian tech landscape, with Krutrim, an AI startup founded by Bhavish Aggarwal, becoming India’s first AI unicorn after garnering a valuation of $1 billion following a $50 million funding round led by Matrix Partners India. This significant milestone reflected the burgeoning potential of AI-driven startups in India. Additionally, Alibaba made headlines by spearheading a noteworthy $1 billion financing round for Moonshot AI, marking the largest single financing round for a Chinese AI startup.
However, the year was not without its challenges. In March, West and Central Africa experienced a significant internet outage caused by subsea cable failures, affecting millions and highlighting infrastructural vulnerabilities in the region. Following this disruption, the Nigerian Central Bank's intervention led to the suspension of Binance's services in Nigeria, affecting a large user base reliant on the cryptocurrency platform.
April brought further upheaval in the tech ecosystem as Google announced its decision to completely shut down its Podcasts app, directing users to migrate their subscriptions to YouTube Music. Meanwhile, X, formerly known as Twitter, found itself facing potential shutdown risks in Brazil due to Elon Musk's refusal to adhere to a court order regarding certain popular accounts.
In May, Amazon made its entrance into the African market with the launch of Amazon.co.za in South Africa, providing customers access to a vast selection of local and international brands, thereby intensifying competition in the e-commerce sector. Concurrently, Flutterwave, an African fintech firm, faced significant scrutiny after experiencing a major cybersecurity breach, raising concerns about the security infrastructure within the fintech industry.
As the year progressed into June, Huawei's HarmonyOS surpassed iOS in market share within China, driven by strong demand for its new 5G smartphone line, the Mate 60 series. Meanwhile, SpaceX unveiled ambitious plans surrounding its Starlink service, potentially enhancing mobile connectivity in underserved regions of the United States.
July saw Uber making a notable investment in Moove, a mobility startup focusing on vehicle financing solutions for African entrepreneurs, which reflected the notable interest in African tech innovations. Despite this growth, India's Koo platform ceased operations, unable to secure the necessary partnerships to remain viable.
The latter half of the year maintained this trend of significant developments. By September, OpenAI was estimated to have achieved a valuation of $157 billion, cementing its status as a prominent figure in the global tech landscape. In November, OpenAI partnered with telecommunications giant Orange SA and Meta to develop language models for African languages, indicating a push towards inclusivity in AI.
Closing the year, Apple resolved a protracted dispute with the Indonesian government by agreeing to invest $1 billion to lift a ban on the iPhone 16. Simultaneously, concerns over data privacy were looming for TikTok, with a potential nationwide ban in the U.S. being discussed.
Overall, 2024 exemplified a pivotal year for AI and business practices, with substantial investments and innovations across the global tech landscape, which unveiled both advancements in connectivity and significant challenges regarding infrastructure and regulatory frameworks.
Source: Noah Wire Services