Ten tech companies that will shape the future in 2024

• OpenAI and X dominated tech headlines in 2023 – but will they do so in 2024? 
• There could be an interesting battle for dominance among chipmakers in 2024. 
• 2024 could also see Chinese tech companies being more self-reliant in their developments. 

In 2023, tech companies experienced a topsy-turvy situation. While some tech companies achieved record profits, many also experienced losses, drops in market share, and significant layoffs. Investments in generative AI seemed to be the focus of every tech company in 2023, but it is yet to be seen if those investments are enough to keep them profitable in 2024.

Layoffs dominated the tech industry in the first half of 2023. And while layoffs still continued throughout the year, it won’t be surprising if more job cuts are announced in the first quarter of 2024. While many blame overhiring during the pandemic for the layoffs, some roles are also being replaced by technology.

Despite a brief and tempestuous boardroom drama, OpenAI seems most likely to remain a key player in the tech industry. However, with regulations coming into effect in some parts of the world, it will be interesting to see how OpenAI and other tech companies working on generative AI adapt to the changes. It could be that 2023 was the year in which such companies could make massive progress simply by virtually of being relatively unregulated, due to the new nature of the technology they developed.

Google, Meta and X will also be keeping a close eye on regulations. All three companies continue to squirm under the microscope of the EU, especially on how they manage user data. Regulators are also not slowing down in imposing huge fines on big tech companies whenever they seem to break the rules.

One company that has remained optimistic in 2023 despite all the hurdles and challenges imposed on it is TikTok. The debate on the security features and privacy of TikTok will most likely continue in 2024. Despite more countries banning the app on government devices, TikTok users are not dropping, and the company’s revenue is also seemingly positive.

In the US, the ban on TikTok in the state of Montana has been blocked by a judge, who said the ban had violated the free speech rights of users. It remains to see if this ruling impacts decisions made in other states.

TikTok is also likely to build on its e-commerce growth in Southeast Asia. After being made to end its e-commerce services in Indonesia due to regulatory issues, TikTok invested in the country’s largest e-commerce provider, Tokopedia. This would let the company carry on its e-commerce business in the country.

According to a report by Bloomberg, ByteDance Ltd, the parent company of TikTok, recorded a sales surge of more than US$110 billion in 2023. The company has even overtaken its rival Tencent Holdings.

Ten tech companies to make an impact in 2024

While TikTok, OpenAI and other big tech companies will most likely continue to dominate the headlines in 2024, Tech Wire Asia believes that the industry could see a few other companies making an impact as well.

As such, here are the ten tech companies we’d tip for watching in 2024. The companies were selected based on their performance in 2023 and plans for 2024.

Anthropic

Considered the closest rival to OpenAI, Anthropic has has increased investments from both Google and AWS as the company looks to develop AI systems that are reliable, interpretable and steerable. Anthropic recently released Claude, its version of a large language model chatbot, that supposedly gives better responses to OpenAI’s ChatGPT. Anthropic says the chatbot can handle larger context windows than ChatGPT, which means it can retain more information in longer chats.

AMD

The semiconductor industry shows no sign of slowing down and chip manufacturers are doing all they can to meet the growing demand, especially for AI chips. While Nvidia has set the bar for AI chips, AMD is making sure it remains a key player in the industry. Lisa Su, CEO of AMD, claims the company’s recently unveiled the MI300X chip is the most advanced AI accelerator in the industry. AMD expects the MI300 chip to be its fastest product to hit US$ 1 billion in sales by mid-2024.

Boston Dynamics

AI and robotics go hand in hand. Boston Dynamics is making sure it’s able to develop robots that can not only improve productivity and efficiency but also operate with minimal human intervention. Two of its robots, Spot and Stretch, are already seeing increased adoption in various industries around the world. Spot is changing how organizations monitor and operate their sites, ensure the safety of their teams, and make data-driven decisions. Stretch offers predictability for warehouse operations, working continuously and keeping the flow of goods moving. In 2024, the company is expected to unveil another robot in partnership with Kia.

Grab

A dominant player in Southeast Asia, Grab can be considered a survivor in the tech industry. Despite some layoffs, the company remains optimistic about its performance and continues to diversify its offerings. Today, the Grab superapp is one of the most popular apps in the region, despite the competition faced by other superapps. The company’s venture into digital banking also seems to be moving positively, with favorable responses coming from Singapore and Malaysia. 2024 might just be the year Grab fully lives up to its potential as it looks to consolidate some of the business decisions it has made throughout 2023.

Huawei

Chinese companies continue to face all manner of challenges in 2023. For Huawei, the sanctions imposed on it by the US are not a hindrance any more though – at least, it doesn’t seem so. In fact, the company continues to innovate and has found ways to develop new products without the need for key components from the US.

The release of its first 5G phone sent shockwaves through the US, with agencies breaking down the device to see how exactly the Chinese company could develop a mobile device without key components. Once again, Huawei has proven to the world that there is no stopping it or its innovation. As it continues its focus on 5.5G and 6G, 2024 looks like another promising year for the Chinese company.

Intel

Just as AMD wants to challenge Nvidia, Intel is also hoping to make a comeback in the industry in 2024. Intel has been a pioneer in many areas but lately has always found itself playing catchup to its rivals. But that seems liek a trend that could be about to collapse, especially when we look at Intel’s plans to take on the semiconductor industry.

Intel’s answer to Nvidia and AMD’s new AI chips is the Gaudi 3, which it plans to launch in 2024 as a direct competitor to the two current market leaders. Pat Gelsinger, CEO of Intel, recently said that Nvidia had been lucky as it slowly focused on throughput computing in the industry – as Intel had done nothing for 15 years. However, he is optimistic that the company will be a challenger to Nvidia in 2024.

Snowflake

Probably an odd company to include on the list, Snowflake has been quietly making progress behind the scenes and the industry is taking notice. Focusing primarily on data management, Snowflake is a key component for businesses wanting to understand their data best and leverage it for AI.

Indeed, one of the biggest concerns of AI is ensuring data is not compromised. And Snowflake’s Data Cloud opens up a wide range of possibilities, from breaking down silos within an organization to collaborating over content with partners and customers and even integrating external data and applications for fresh insights. The stabilizing macro-environment has also helped the company post better-than-expected profits and sales.

Tesla

While there have been debates about the durability of the Tesla Cybertruck, there is no doubt that it is a game changer for off-road and 4WD vehicles. But that’s not all that has been happening in Tesla. Given the competition in the EV industry, Tesla may soon find itself having to not only lower prices but also perhaps innovate its vehicles a lot more – even once it has reached the other side of its mass vehicle recall in the US. Chinese and Vietnamese EV makers are slowly gaining popularity around the world. And with Tesla’s track record of recalls, it will be interesting to see what Elon Musk has planned for the carmaker in 2024.

Xiaomi

Xiaomi has officially rolled out the HyperOS. HyperOS is an operating system that can not only power mobile devices but also homes and smart cars. Aside from a slight visual restyling, the OS has a faster kernel, is lighter than MIUI, and is faster to install. Xiaomi recently unveiled its version of a smart car, which could make its debut in 2024. According to reports, the Xiaomi SU7 could be the first electric vehicle that will support the HyperOS from the company.

X

It has been an interesting year for X. Apart from the name change in 2023, Musk also announced plans to make X a superapp, with a key focus on payments. Beyond that, the developers at X have also introduced several features to the app this year. They include the possibility of longer tweets and editing functions as well as video and audio call capabilities. But it remains to be seen how the social media app will perform in 2024.

Despite improving revenue for content creators, Musk has locked horns with some advertisers over the Musk brand of “free speech” and the content against which they advertisements were placed. With major advertisers pulling out from the platform, there is no denying that the company’s revenue will be affected as well. Does Musk have it all figured out for 2024, or is he winging it, hoping to steer the site to its superapp moment? Maybe 2024 will tell.

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