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Has the AI bubble burst? Wall Street wonders if artificial intelligence will ever make money
There’s been one big question on the minds of Wall Streeters this tech earnings season: When will anyone start making actual money from artificial intelligence?
Compared to that vision, the products they’ve rolled out so far feel somewhat trivial — chatbots with no clear path to monetization, cost saving measures like AI coding and customer service, and AI-enabled search that sometimes makes things up. Intel’s ( INTC) stock plunged 25% on Friday after the company said Thursday night that after big spending to adapt to the AI wave, it’s now trying to rein things in by cutting$10 billion in costs and laying off tens of thousands of workers. UBS analyst Steven Ju asked Google CEO Sundar Pichai how long it would take for AI to “help revenue generation … (and) create greater value over time, versus just cutting costs?”
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