What you hear at conferences is: Yes AI might not be delivering too much value right now, but it takes year to embed this stuff, and if you don't start implementing it now then you'll fall behind your competitors... The thing is, it's impossible to know whether this is true or not, so companies will usually rationalise the need to spend just in case...
Worth noting that while GS Research wrote this report, the GS CIO office continues to invest and experiment with the technology. GS has its own GenAI platform with a variety of models for different use cases
Thanks for covering this Alex. Before 404 and others covered it, nobody hardly noticed but my article on it did make it to the front page of Futurology subreddit (surprise to me, considering my main Reddit account is banned there).
I wrote an article pointing out how the Microsoft "AI PCs" are essentially a flop with no actual AI features anybody needs. Apple's AI will be similar in that the uses will be minimal. Even the basic virtual assistants for writing emails don't really save you any time. By the time you write your prompt and edit the response, you didn't save any time. The only real use cases on the horizon are in audio and video manipulation. That's likely the closest use cases that can be monetized in a significant way.
Isn't this typical of Hype Curve technology? The trough of disillusionment is upon us.
MIT had a great article a few months ago that demonstrated how long it takes to get value from AI in marketing. I doubt it's all that different in other industries. This period should be seen as an investment and education period. ROI will come but for most organizations, it will require taking the long view.
Artificial intelligence will create immense economic value. Builders of companies focused on delivering value to end users will reap substantial rewards. We are experiencing a technological wave that has the potential to define a generation. Companies like NVIDIA play a commendable role in facilitating this transition and are likely to remain key players in the ecosystem for a long time.
Speculative frenzies are part of technology, so they aren’t to be feared. Those who remain calm at this moment have the opportunity to build extremely important companies. However, we must ensure not to fall for the delusions that have spread from Silicon Valley to other parts of the U.S. and the world. This illusion suggests that we will all become wealthy soon because AGI is just around the corner, and we need to hoard the only valuable resource: GPUs.
In reality, the road ahead will be long, with its ups and downs. But it is almost certain that it will be worth it.
What you hear at conferences is: Yes AI might not be delivering too much value right now, but it takes year to embed this stuff, and if you don't start implementing it now then you'll fall behind your competitors... The thing is, it's impossible to know whether this is true or not, so companies will usually rationalise the need to spend just in case...
Worth noting that while GS Research wrote this report, the GS CIO office continues to invest and experiment with the technology. GS has its own GenAI platform with a variety of models for different use cases
Thanks for covering this Alex. Before 404 and others covered it, nobody hardly noticed but my article on it did make it to the front page of Futurology subreddit (surprise to me, considering my main Reddit account is banned there).
https://www.ai-supremacy.com/p/goldman-sachs-and-economists-are
On Reddit here: https://www.reddit.com/r/Futurology/comments/1dwrq75/goldman_sachs_and_economists_are_backtracking_on/
I wrote an article pointing out how the Microsoft "AI PCs" are essentially a flop with no actual AI features anybody needs. Apple's AI will be similar in that the uses will be minimal. Even the basic virtual assistants for writing emails don't really save you any time. By the time you write your prompt and edit the response, you didn't save any time. The only real use cases on the horizon are in audio and video manipulation. That's likely the closest use cases that can be monetized in a significant way.
Isn't this typical of Hype Curve technology? The trough of disillusionment is upon us.
MIT had a great article a few months ago that demonstrated how long it takes to get value from AI in marketing. I doubt it's all that different in other industries. This period should be seen as an investment and education period. ROI will come but for most organizations, it will require taking the long view.
The Sloan article is worth a read - https://sloanreview.mit.edu/article/when-ai-investments-pay-off-in-marketing/
Artificial intelligence will create immense economic value. Builders of companies focused on delivering value to end users will reap substantial rewards. We are experiencing a technological wave that has the potential to define a generation. Companies like NVIDIA play a commendable role in facilitating this transition and are likely to remain key players in the ecosystem for a long time.
Speculative frenzies are part of technology, so they aren’t to be feared. Those who remain calm at this moment have the opportunity to build extremely important companies. However, we must ensure not to fall for the delusions that have spread from Silicon Valley to other parts of the U.S. and the world. This illusion suggests that we will all become wealthy soon because AGI is just around the corner, and we need to hoard the only valuable resource: GPUs.
In reality, the road ahead will be long, with its ups and downs. But it is almost certain that it will be worth it.
why is it "almost certain" that it will be worth it?