GEAB 193
The return to reality of our systems, analysed and anticipated by the GEAB for several years now, is now preparing to conquer the innovation sector.
With artificial intelligence occupying everyone’s minds and dominating the media since the publication of ChatGPT by OpenAI at the end of 2022, you’d think we were in for another round of technological progress worthy of a science fiction film. But that was just an aside. Yes, AI will play a decisive role in our societies in the future, but its progress will slow down soon[1], and above all, it will have to become a reality, which will be less impressive than your first conversation with ChatGPT but will have a more significant impact on your daily life[2].
And it will be a first reality check that will have a major impact on the companies that benefited from the financial bubble, first and foremost Nvidia[3].
The second aspect of this reality check concerns innovations that are much more down-to-earth, and which will enable progress to be made in more ‘traditional’ sectors of industry, with equally spectacular gains in productivity.
Innovation at the service of harsh reality
China is the perfect embodiment of both aspects of innovation’s return to reality. It has demonstrated this in recent months by mastering a new steelmaking method[4]. This method involves injecting finely ground iron ore powder into an extremely hot furnace, triggering an “explosive chemical reaction”, according to the engineers involved in the project[5].
The revolutionary aspect is the time and material saved. In fact, it is said to be capable of carrying out the steelmaking process in 3 to 6 seconds, compared with 5 to 6 hours for the conventional method, which is 3,600 times more productive[6].
What’s more, it works exceptionally well for low- and medium-yield ores, which are abundant in China, whereas current iron production methods rely heavily on high-yield ores, which China imports massively from Australia, Brazil and Africa. Finally, it would completely eliminate the use of coal in steel production, reducing the industry’s environmental impact and carbon footprint.
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