This one encapsulates it all!
There’s too much VC money trying to track the junk AI. I call it junk AI (after junk bonds), where someone is left behind holding a piece of paper literally worth nothing after they have been swindled. This is yet another “innovation”. Yawn!
Investors seek to profit from groundbreaking ‘generative AI’ start-ups | Financial Times
Venture capitalists are rushing to invest in artificial intelligence start-ups as growing hype around “generative AI” fills the void left by failing cryptocurrency and blockchain ventures.
As Silicon Valley investors’ social media feeds fill up with examples of AI-generated imagery and text, pivoting to AI comes as interest in so-called “Web3”, a vision of decentralised virtual worlds built on blockchains, wanes amid the recent cryptocurrency crash.
The existing “blockchain” and the “crypto” depend on the “web 2.0” infrastructure, isn’t it? You can’t buy crypto without a credit card (or specific currency). I find it hard to imagine that people are rushing to buy some mined “coin” with zero guarantee of landing in your wallet or being useful to anyone in particular, but there’s a rush to grab it.
My issue with the craze around web 3.0 is the rush to push “technology” in the “mainstream” without understanding the specifics. I have seen conceptual papers around putting EMR’s in blockchains. Let’s assume there is an erroneous entry, or there are issues with identity classifications or requirements for replication and duplication, and associated costs of maintaining the “blockchains”-who will have the decisive say? There are issues with data integrity too.
I am not ignoring the onslaught of GPT-3 or the new “generative AI” but the research “estimates” for this content are way off the mark.
Something for the context:
On average, the cost of running ChatGPT is estimated to be a few cents per chat, according to Sam Altman, the chief executive of OpenAI. Asked on Twitter if the tool would be free forever, he replied: “We will have to monetise it somehow at some point; the compute costs are eye-watering.”
The cost of integration with “NLP” bots (Natural Language Processing) is astronomical. I experimented with these before Open AI became the buzz word (around 2017-18 and definitely pre-pandemic). It’s limitations became apparent.
“There are a lot of questions around how commercially viable these models and capabilities are,” said Lisa Weaver-Lambert, private equity, data, and AI lead at Microsoft, who said generative AI was in an “experimentation phase”.
She added: “If I were looking to invest in this space, I’d be thinking through, what are the concrete business problems that actually exist that people have been working through [and can AI] come up with a faster, cheaper method for accomplishing the same thing?”