Google DeepMind CEO has warned that the surge in investment in AI is bringing “a whole attendant bunch of hype and maybe some grifting.” He also claimed that this hype is shadowing scientific progress in the field.
“In a way, AI is not hyped enough but in some senses it’s too hyped. We’re talking about all sorts of things that are just not real,” Hassabis told the Financial Times. He drew comparisons with crypto, saying that the fervour amongst investors for AI reminded him of “other hyped-up areas” like crypto.
“Some of that has now spilled over into AI, which I think is a bit unfortunate. And it clouds the science and the research, which is phenomenal,” he added.
Hassabis’ comments came a few weeks after a report by The Information claimed that AI heavyweights like Google, Microsoft and Amazon are practising caution when pitching AI to businesses.
The report said that representatives from these companies have internally cautioned their sales teams that the excitement surrounding generative AI has outpaced its actual capabilities and current affordability for most businesses.
Amazon recently announced its plans to invest $4 billion in the AI startup Anthropic. Microsoft is also said to have invested around $13 billion in OpenAI, the company that developed ChatGPT. Meanwhile, financial data provider PitchBook claimed in a January report that there has been a an investment of $29.1 billion across 691 generative AI deals in 2023.
A report by CNBC quoted Fred Havemeyer, Macquarie’s head of US AI and software research, as saying that investors are spending so much because they “definitely don’t want to miss out on being part of the AI ecosystem.”
Moreover, Hassabis’ comments on possible cases of grifting in AI aren’t unfounded as well. Last month, the Securities and Exchange Commission (SEC) settled charges against two investment advisers who made false and misleading statements about their use of AI.
“We’ve seen time and again that when new technologies come along, they can create buzz from investors as well as false claims by those purporting to use those new technologies. Investment advisers should not mislead the public by saying they are using an AI model when they are not. Such AI washing hurts investors,” said SEC Chair Gary Gensler.
