Introduction
Controversy! Did AI Flop? It took me a while to weigh in on the topic, but here we go with some controversy. Since the launch of ChatGPT by OpenAI, the world has been in a frenzy! Does this mean I can ask anything and get a response crafted based on content trained from the internet and countless sources? And why not mention the famous “prompt-to-image,” “prompt-to-video,” and so on? AI became an intimidating novelty, and the market responded quickly! If you don’t know me yet please visit here if you wish.
Nvidia’s Rise
In June, Nvidia, known for its GPUs (Graphics Processing Units) crucial for AI model training, became the most valuable company globally, with its valuation soaring by over 177%.
Tech Devaluation and AI
In July, big tech companies saw $367 billion wiped out. While some blame the Fed’s interest rates and recession risks, others, including myself, believe that investors “hyped” AI, expecting rapid, massive returns. Many thought AI could replace human labor to drastically cut production costs.
The AI Hype, Layoffs, and the flop
In my humble opinion, the AI hype led many to think that we would soon have doctors tirelessly diagnosing and performing surgeries, a network of lawyers drafting cases to be addressed in court, and entire complex systems being developed with simple prompts. But the reality is far from this vision, leading some to wonder, Controversy! Did AI Flop?
Conclusion
Yes, the AI hype, again in my humble opinion, led to many layoffs! For example, Dropbox laid off 500 people (16% of its workforce), citing replacement by AI as the cause.
The talk of “AI will facilitate human work” sounds great and socially appealing, but what governs the corporate world are revenues and expenses, and in this, I believe that the investment made in AI did not meet expectations, and the amount invested by investors.
And honestly, between Skynet and humanity, I’m all for humanity!
Share your thoughts on all this!
