SAS Institute is planning to invest another $1 billion in artificial intelligence over the next three years.
The analytics company in Cary wants to further develop advanced solutions targeted at the unique needs of specific industries such as banking, insurance and health care. The news comes as the race to lead the tech world in AI accelerates with global companies such as Microsoft (Nasdaq: MSFT) and Google (Nasdaq: GOOG) ready to spend enormous sums to get ahead of the pack following the release of ChatGPT.
SAS Chief Technology Officer Bryan Harris said Tuesday the pledge could include acquisitions, though much of the spending will be around research and development and marketing expenditures as the firm works to match its technologies with market needs.
“We just think this is where the second leg of growth of SAS over the next 50 years is going to be,” he told reporters at the company's SAS Innovate event in Orlando.
The announcement comes about four years after SAS said it would funnel $1 billion into AI, a commitment that included a Global Education Center in Cary.
Reggie Townsend, vice president of data ethics at SAS, said the company, one of the largest employers in the Triangle, plans to leverage its experience to “meet the moment” and also compete on values.
“This notion of responsible AI also has to include responsible rhetoric about AI,” he said, adding that SAS plans to expand its data ethics practice as it addresses the AI opportunity.
SAS is not alone in zeroing in on the potential of AI.
At its own industry event Tuesday, IBM (NYSE: IBM) unveiled WatsonX, an artificial intelligence platform for the enterprise.
IBM CEO Arvind Krishna said Tuesday that the industry is approaching a “Netscape moment.”
“It brought the internet alive for more people, and that is what I think this current moment is doing in terms of artificial intelligence,” he said.
