On August 7, 2023, OpenAI’s much-anticipated release of GPT-5 sparked disappointment, revealing it to be less effective and user-friendly than previous versions. This underwhelming launch highlights the AI industry’s reliance on hype, raising concerns about its viability and potential profitability. Alex Hanna, co-author of “The AI Con,” emphasizes that expectations for exponential growth in AI capabilities are faltering, likening the current situation to the dot-com bubble. Despite heavy investments from major corporations, like Google and Amazon, AI companies have yet to turn a profit. Experts predict a troubling future, suggesting that ongoing reliance on overstated capabilities may mislead the public and investors. The idea that AI could lead to substantial productivity gains remains questionable, as many fear job losses without evidence of increased economic benefits. In essence, the industry’s narrative around AI as an intelligent entity often obscures the reality, making it crucial to shift perceptions and recognize AI’s limitations.
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