What The AI Summit New York Taught Me About The Future Of AI In Business
Here are my top four insights from attending last month’s New York AI Summit at the Javits Center in Brooklyn. The conference convened industry executives, thought leaders, innovators, and enthusiasts to explore the potential of AI in business, ranging from robotics to life sciences and further diverse industry uses.
AI for Business in 2025: Unrealized Potential, Incomparable Competition
First, exhibitors were exuberant despite questions about their ability to deliver material value to customers. For example, a large-cap public Information Technology company presented an analysis suggesting that hosting AI applications on-premises is more cost-effective than using the cloud. However, conversations with other attendees revealed skepticism about these claims, suggesting that the company's revenue could be disrupted by emerging solutions backed by venture capital, including one backed by the public company’s own Founder.
Another example was a large-cap private consulting company’s focus on AI chatbots for business. They highlighted the value of deploying chatbots for enterprise clients, and I suspect that Enterprises investing in chatbots for business communications may not be fully capitalizing upon the broader potential of AI.
A third example highlighted the challenges faced by legacy software companies. One large-cap Software company, known for its high switching costs, promoted the capabilities of its AI business tools. It remains to be seen how long it will take for startups or enterprise software development teams to use AI to minimize these switching costs and displace this company's equity value. A final example included an exhibitor who described a value proposition around quantum computing that differed from their advertised AI product.
Second, two robotics companies showcased AI integration, one facilitating human training of industrial robots and another developing a robotic human head for customer service applications in healthcare and hospitality. During the fourth quarter of 2024, I heard from multiple reputable venture capital firms that these firms were actively seeking to deploy capital into robotics companies. I suspect robotics will represent another vector of AI innovation, which is tangent to quantum computing.
Third, the event featured a proclamation from the New York State Governor, emphasizing the state's commitment to becoming a central hub for AI development, particularly in life sciences. With major tech companies like META and Alphabet having offices in New York City, the city's AI ecosystem is poised for growth. Walking through the streets of New York City, especially Hudson Yards, raised questions about whether other cities lagging in AI adoption will be left behind. Cities like Boston and Philadelphia come to mind with their strong presence in life sciences.
AI for Business: Slow, Steady, and Scaling
Finally, few investors from private or public markets attended the event, suggesting that the AI investment cycle is still in its early stages. In parallel to the tech boom of the 1990s, Microsoft's 2023 Copilot Release may be equivalent to Netscape's 1994 Mosaic release, indicating that we are still in the early innings.
The New York AI Summit provided insights into the future of AI in business. The event showcased some innovations driving the AI industry while highlighting some challenges. As the business world continues to explore the transformative potential of artificial intelligence, New York City appears to be at the forefront of this journey.
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