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Artificial investment
If we haven’t reached the peak of AI hype yet, we will soon — and we’re headed for a trough of disappointment.
The PwC report warns of a “moment of truth” for trust in AI, where mistakes can have big blast radiuses; this quarter’s earnings suggest that not delivering the promised productivity gains might be the most incendiary of all. During the era of zero interest rates, big tech could pour money endlessly into its pet projects — CEO Mark Zuckerberg’s little adventure in the metaverse burned through at least $46.5 billion since 2019, Fortune reported last October. In December, OpenAI chief operating officer Brad Lightcap told CNBC that he keeps having to explain to people that AI can’t dramatically cut costs or bring back growth for struggling companies.
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