Sunday 11 June 2023

“Pop Goes the Bubble: Examining the Artificial Intelligence Hype through the Lens of ChatGPT, Elon Musk, and Bitcoin”

Have you ever felt that the hype around artificial intelligence (AI) is just that – hype? Well, Alex Sheremet from Automachination agrees that we’re in an AI bubble. It’s easy to see when you examine the self-serving media narratives surrounding AI and the way that AI doom is paradoxically boosting equity prices. Even the competing views from big names like Elon Musk, Bill Gates and Sam Altman show the disparity in opinions on AI acceleration. But it’s not just the media hype; AI tools themselves are also problematic. While ChatGPT and similar technologies are causing some job displacement, they are also creating a need for additional work at companies. Plus, the AI arms race is likely to be between corporations battling it out to show the best possible AI outcomes. This rush to replace human workers with AI is creating dissatisfaction for consumers, particularly since AI-generated images and art lack the ingenuity that humans can bring. Ultimately, AI will have to prove itself beyond interviews and media narratives. It’s now reminiscent of bitcoin and cryptocurrency in 2017, where valuations were high but with little real value creation to back it up.

Keywords: AI, ChatGPT

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