Artificial intelligence is losing hype
For some, that is proof the tech will in time succeed. Are they right?
Add BT as a preferred source
SILICON Valley’s tech bros are having a difficult few weeks. A growing number of investors worry that artificial intelligence (AI) will not deliver the vast profits they seek.
Since peaking last month, the share prices of Western firms driving the AI revolution have dropped by 15 per cent. A growing number of observers now question the limitations of large language models, which power services such as ChatGPT.
Big Tech firms have spent tens of billions of dollars on AI models, with even more extravagant promises of future outlays. Yet according to the latest data from the Census Bureau, only 4.8 per cent of American companies use AI to produce goods and services, down from a high of 5.4 per cent early this year. Roughly the same share intend to do so within the next year.
TRENDING NOW
DBS, OCBC and UOB shares hit all-time highs as sentiment improves
Targeted credit relief: Vietnam steers funding to Vingroup, Sun Group, Masterise megaprojects
E-commerce job cuts signal S-E Asia’s shift from scaling to deeper user engagement
Employers want AI-fluent employees. Hiring them is the challenge
