Take Sundar Pichai, the CEO of Google parent company, Alphabet. And every CEO trying to sell investors on the AI future is playing up its supposedly fearsome power. Companies are claiming AI-powered tech can revolutionize everything from travel to dating. To understand the Hail Mary moment, it's important to understand the actual capabilities of technology these tech titans are touting. But, hey, if society suffers a little along the way, well - that's what happens when you move fast and break things. Sure, rushing out an unproven new technology to distract from the problems of the tech industry and global economy may be a bit ill-advised. That is what makes the hype cycle a Hail Mary: Silicon Valley is hoping and praying that AI hype can keep customers and investors distracted until their balance sheets can bounce back. It's just a lot of what can happen in the future." AI-driven products are not bringing in big bucks yet, but the concept is already pumping valuations. But as Daniel Morgan, a senior portfolio manager at Synovus Trust, said in an interview with Bloomberg TV, "This AI hype doesn't really trickle down into any huge profit growth. Wall Street, never one to miss a trend, has also embraced the AI hype.
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"They're going through riffs and tiffs." To get a piece of that sweet AI-craze money, even the most powerful tech moguls are trying to make it seem as if their company is the real leader in AI, embracing the timeless truth passed down by Will Ferrell's fictional race car driver Ricky Bobby: "If you ain't first, you're last." "I hate to frame the story as another gang of bros, but that's what OpenAI is," they said. And in a surefire sign that something has exploded beyond recognition, Elon Musk started claiming the whole thing was his idea all along.Īll of this hype is more of a billionaire ego brawl than a real revolution in technology, one AI startup consultant and a longtime researcher who spoke on the condition of anonymity to speak candidly about products in development told me. Venture capitalists - who've been miserly with their money since the market turned last year - have started writing checks for AI startups. Nearly every other major tech company has followed suit, insisting that their business will be at the forefront of the AI revolution. Google has scrambled to keep up, launching their own AI-inflected search engine, Bard, in March. Hoping to cash in on the craze, Microsoft poured $10 billion into OpenAI in January and launched an AI-powered version of their search engine, Bing, soon after. But that hasn't stopped the tech industry from trying to ride the wave of excitement and fear of this new innovation.Īs soon as it was clear that OpenAI, the creator of ChatGPT, had a cultural hit, it was off to the races. The AI that companies are deploying is not at that world-changing level yet, and candidly, experts will tell you it's unclear if it ever will be. While everyone in Silicon Valley is suddenly, ceaselessly talking about this new tech, it is not the kind of artificial intelligence that can power driverless cars, or Jetson-like robot slaves, or bring about the singularity. Enter generative AI - algorithms like the viral program ChatGPT that seem to mimic human intelligence by spitting out text or images. The biggest players of the last decade are facing an existential crisis as their original products lose steam and seismic shifts in the global economy force them to search for new sources of growth.
Silicon Valley has entered the Hail Mary phase of its business cycle - a desertic part of a tech-industry downturn where desperation can turn into recklessness. Account icon An icon in the shape of a person's head and shoulders.
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