AI Revolution Keeps Thriving Despite Decreased Hype, Economist Says
The AI revolution may be going through a lull in terms of excitement and engagement, but according to an economist, the transformative power of AI continues to grow. While initial hype around AI has dwindled, the advancements in generative AI and large-language models (LLMs) have not slowed down. OpenAI, for example, is introducing new commercial services that allow companies and institutions to fine-tune generative AI with their own data. Google has also announced Gemini, a more powerful model than OpenAI’s GPT-4, expected to be available in December.
Although interest from casual users and commentators may have waned, universities continue to discuss LLMs, especially because some students use them to cheat effectively. However, there is still a lack of clear policy responses from academia, indicating that we are not fully prepared for what lies ahead in terms of education and assessment methods. While progress on the retail front may not be as evident, open-source AI models are rapidly advancing, offering resources for innovation and development.
The economist highlights historical precedents to illustrate that initial skepticism or underwhelming adoption rates should not undermine the long-term potential of revolutionary technologies. Just like the dot-com boom and the gradual impact of electricity and the printing press, the AI revolution requires time for society to understand and fully harness its capabilities. The recent decrease in AI hype serves as an opportunity for users and developers to process the advancements already made and recognize the high levels of performance that large-language models can achieve.
To support the argument, the economist mentions how stock market valuations for companies like Nvidia have increased, indicating investors’ confidence in AI’s potential. Moreover, a panel of superforecasters rates the existential risk of AI as low, further dispelling the fears of critics who once believed that AI could lead to doomsday scenarios. The resilience of the AI revolution is evident in the continuous progress of generative AI and LLMs, alongside the introduction of new commercial services and models in different languages, such as the newly released Arabic LLM.
In conclusion, while the AI revolution may currently lack the same level of excitement and attention as before, its transformative power and growth prevail. Despite the decrease in hype, AI continues to revolutionize various industries and domains. It is important for society to acknowledge the advancements being made and fully embrace the potential of AI in order to leverage its benefits effectively. As the economist suggests, the AI revolution may just be in a stage of consolidation and development, where its true impact and reach are yet to be fully realized.
