Cayman Islands could be future hub for AI business
(CNS): Recent research published by PwC found that, aside from transforming the world we live in, artificial intelligence could significantly boost global economic output and annual growth rates by at least a percentage point over the next decade, comparable to that of the 19th-century industrial revolution. And the firm’s team in Cayman believes this jurisdiction could have a role to play in the growth.
The report emphasises that realising the benefits will depend on responsible AI deployment, effective governance, and building public trust.
There are considerable fears about AI not being a force for good, that it might leave many people behind and cut jobs and livelihoods, causing untold problems before it reaches the point where it becomes a tool that can advance rather than hinder society. Many believe that unintended negative consequences are likely to follow as the technology becomes more commonplace.
But the PwC research points to a potential 15% increase in global economic output over the next decade, contingent on responsible AI deployment, the rapid reconfiguration of industries to meet evolving human needs, paving the way for new cross-sector ‘domains’, such as the mobility domain influenced by the rise of electric vehicles.
The work shows a dual impact of AI on climate, too, where increased energy use at data centres could be offset by AI-driven energy efficiency innovations, and PwC said it was actively positioning itself to support clients in navigating these changes.
Graeme Sunley, PwC Cayman’s territory leader, told CNS that AI has the potential to fundamentally reshape the Cayman Islands’ economy, unlocking immense potential in financial services and beyond.
“With its ability to drive innovation, increase productivity, and foster cross-industry collaboration, the technology offers Cayman the chance to evolve its traditional business models and drive economic growth,” he said.
“With its globally recognised reputation for excellence and innovation, whilst adhering to global standards in areas such as cooperation and transparency, Cayman also has a unique opportunity to function as a strategic hub for the AI-fueled businesses of the future.
“Whether it be AI-related job creation at traditional financial services industry firms, such as PwC, or new jobs at new Cayman-based organisations that establish in Cayman, the opportunity is significant,” Sunley added.
In a press release about the research, PwC said it had updated its brand identity to better reflect its commitment to collaborating with clients to propel them forward in the new world. These changes underscore PwC’s dedication to bringing expertise and technology together to meet client needs and navigate complex challenges.
- Fascinated
- Happy
- Sad
- Angry
- Bored
- Afraid
Category: Artificial Intelligence
In fairness, a ChatGPT subscription is better value for money than every single tinpot IT company on these Islands. Hell, I’d wager money it’s better value than the vast majority of internal departments as well.
Think of the savings, a single competent person plus $20 a month for ChatGPT vs Ronco, Integrity, MCS, Liberty, Brava, and so on. I think the former has it, just.
Have you seen the price of the electricity here and the dodgy internet we have? There is absolutely no chance that Cayman has any future in the AI industry.
Except in the niche of start-up investor shams for our SEZ. Hey y’all watch this…
CIG Civil Service should definitely adopt AI, so much NI is missing there!
Franz, are you there?
The Cayman Islands have no electricity to power AI, no half decent Internet connection and no intelligence whatsoever. This is completely delusional
The power and computational power can be almost anywhere. Having the expertise using AI as a lever much like what computers have been in the past, and intellectual property in Cayman are just some of the opportunities.
Haha
I have a 4090 GPU in my bedroom that can run open source LLM models perfectly fine with no internet and using just a few hundred watts, nothing for my solar panels.
That’s great, now you only need to fit your bedroom with 200,000 H100 GPUs, a dozen of gas turbine electricity generators and water pipes carrying few million gallons a day to cool everything. And that’s the old setup for XAI, by the time you upgrade your bedroom they will be much bigger
What? Lmao no you have no idea what you’re talking about.
That’s what was needed to do the one off training of the model, not use it.
You need a massive factory to make a truck, but you don’t need a factory to DRIVE the truck, just a lil bit of gas.
“With its ability to drive innovation, increase productivity, and foster cross-industry collaboration, the technology offers Cayman the chance to evolve its traditional business models and drive economic growth,” he said.
Which means what exactly??
Security reports and bug fixes that often took me a day to a week are now generated and fixed in minutes with my ai copilot alongside me.
It’s like using a machete all your life, then discovering how to use a chainsaw. Can a chainsaw be used for malicious and harmful reasons? Sure, but that doesn’t mean we should only give PWD machetes instead.
Great question, but let’s stick a pin and circle back to that so we can synergize at a later date; we’ve got other buzzwords to bring to the table at the end of the day. If we think outside the box, and get all our ducks in a row, we’ll likely find that there’s no need to reinvent the wheel. Going forward if we leverage our bandwidth correctly, we can have a paradigm shift that is a win-win, and it will definitely move the needle.
…*vomits*
Well, based on some of the voting in 8 districts, artificial Intelligence could be really helpful as natural intelligence was sadly missing.
Especially in CBE, RED, BTE, BTW, GTE, GTW, GTC, GTN
Little island of Anguilla 🇦🇮 got $32 Mil last year for AI domains. https://www.nytimes.com/2024/03/22/business/artificial-intelligence-anguilla.html
I mean, that’s sheer luck. Like when Tuvalu back in the day used to sell .tv during the “cut the cord” anti-cable-TV movement.
How do you propose that Anguilla’s situation is relevant to us?
especially considering the clowns sold .ky to the clown who then sold it off to the google clowns.
Yyyyyup. That bell-end got wealthy off of our domains, and now they cost us $70/year to rent from Godaddy.
“Progress!”