28 August 2024

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

In the first half of 2024, major tech companies collectively poured nearly €100 billion into artificial intelligence (AI) development. The AI race is far from over, with many predicting even greater investments in the near future. However, according to several experts, the initial hype—especially around generative AI technologies like ChatGPT—may have peaked.

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.

Vergelijkbaar >

Similar news items

>View all news items >

6 September 2024

CuspAI Introduces Itself at LAB42 >

On September 5, 2024, Max Welling and Chad Edwards, founders of CuspAI, presented their innovative company during the IvI coffee & cake gathering.

Advanced AI for Surveillance Robots: A Collaborative Project by Dutch Institutions >

A consortium of leading Dutch research institutions and government agencies, including TU Delft, the University of Amsterdam, TNO, and the Royal Netherlands Marechaussee, has launched an ambitious project aimed at developing advanced artificial intelligence (AI) for surveillance robots. Officially initiated on September 4, the OpenBots consortium focuses on creating AI systems designed to assist human security officers in various security settings.

NeuroAI: Charlotte Frenkel explores the future of AI inspired by the human brain >

With the award of an AiNed Fellowship grant, Dr. Charlotte Frenkel from TU Delft delves into neuromorphic computing, pioneering research aimed at creating energy-efficient and powerful AI systems inspired by the human brain. This research bridges AI and neuroscience to develop faster, more energy-efficient, and smarter computing systems.