Technologies like ChatGPT are helping companies realize the capabilities of their own data, R "Ray" Wang, principal analyst and founder at Constellation Research, tells Yahoo! Finance Live. The data can help inform strategies, give companies insight into the consumer, and can be used to gain huge competitive advantages.
"We often joke that Topgolf was bought by Callaway -- and Callaway now has the biggest collection of really bad swing data," says Wang. "Now, what could you do with bad swing data? You can make better golf balls and golf clubs," he says.
The importance of such data sets will create what he calls an "exponential advantage" compared to other companies -- but will also increase demand for computing capacity and ultimately, for more chips. "Companies will start hoarding data sets or create unique data sets," says Wang.
00:00:14 - "In the next chip boom cycle, you'll see that as AI consumption goes up."
00:00:58 - "We often joke Topgolf was bought by Callaway"
00:01:59 - "Ethics where we can actually see the algorithms"