Visa has launched a $100 million venture fund to support start-ups in the field of generative artificial intelligence, following major technology players like Microsoft and Google, who have also invested in the AI sector.
The popularity of OpenAI’s ChatGPT has contributed to the growing interest in AI, and has spawned an AI model race, where giant tech corporations try to outdo each other by developing their own AI models.
Visa’s chief product and strategy officer, Jack Forestell, in a statement revealed that he believes that generative AI has the potential to revolutionize commerce and therefore it is important to understand its implications.
“While much of generative AI so far has been focused on tasks and content creation, this technology… will also meaningfully change commerce in ways we need to understand.” He said.
Generative AI is a technology that uses past data to create new content.
