Tech Companies Invest Billions in AI, But the Hype Seems to Be Fading

Noëlle Cicilia, managing partner at Brush AI, suggests that while the excitement around generative AI as a catch-all solution is waning, the technology remains valuable when applied appropriately. "It’s like using the right tool for the job," she notes. This sentiment is echoed by PwC's Mona de Boer and professors Emiel Krahmer and Virginia Dignum, who observe a growing awareness of the limitations and challenges associated with generative AI.

 

Yet, not everyone agrees that the hype is over. Professor Evangelos Kanoulas points out that while Europe may be cautious, the rest of the world is still pushing forward at full speed. Meanwhile, the initial breakthrough of ChatGPT triggered a rush of activity in AI, with startups like Anthropic and Mistral gaining traction. However, some AI innovations, such as OpenAI's video generator Sora, have faced hurdles, including public concerns and controversies.

 

Established tech giants like Google, Microsoft, Meta, and Apple have also felt the pressure to keep up. Google’s attempts to integrate AI into its search engine have faced challenges, with some notable missteps, while Meta’s ambitious plans for AI integration have yet to pay off as hoped. Apple’s slow but steady approach with Siri is similarly met with mixed expectations.

 

Professor Dignum criticizes the concept of an "AI race," arguing that AI development is more complex and ongoing than a simple competition. She likens the current state of AI to a mixed mass of Play-Doh—blurring lines and creating a challenge to fully grasp its potential and direction.

 

 

Published by the NOS.