Deflating The Artificial Intelligence Bubble (ChatGPT, Elon Musk, & Bitcoin)

Although artificial intelligence has obvious fundamental value, poet and critic Alex Sheremet of Automachination argues that AI is in a bubble. This is obvious when one examines self-serving media narratives, the way that AI doom is paradoxically jacking up AI equity prices, the state of the economy, the competing statements from Sam Altman, Elon Musk, and Bill Gates on questions of AI acceleration, as well as the tools themselves.

For example, while ChatGPT and similar tools have already displaced some jobs, they are creating additional work for companies wishing to cut costs. The AI arms race will not simply be between nation-states, but between companies themselves, which understand that subpar AI, such as ChatGPT hallucinations, are flooding search engine results with useless and often wrong information. The rush to replace service employees with chatbots will have a similar effect on consumer dissatisfaction as previous forms of outsourced labor. The sameness and lack of real “art” in AI art / generated images will wear on consumers, which is an issue native to how artificial intelligence models get trained by human beings, rather than a technological problem corrected with time.

This is now reminiscent of bitcoin and cryptocurrency in 2017, when high valuations – even according to Ethereum founder Vitalik Buterin – were unjustified given how little tangible value had been created. Just like in crypto, AI will have to actually prove itself beyond TV interviews and media narratives.

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Tags: #chatgpt #ai #bitcoin #crypto