James Ferguson, founding partner of research firm MacroStrategy Partnership, which is based in Britain, fears that investors could get badly burnt by the current wave of enthusiasm for artificial intelligence, according to a report by Fortune, which quotes him as saying the current fad has created a market bubble that is reminiscent of the dot-com era.
Ferguson argued that the tendency of AI bots or large language models to ‘hallucinate’ or invent facts, sources, and other details may prove a more serious problem than initially anticipated and cause AI to have far fewer viable outcomes, the report said, adding: “AI still remains, I would argue, completely unproven. And fake it till you make it may work in Silicon Valley, but for the rest of us, I think once bitten twice shy may be more appropriate for AI. If AI cannot be trusted… then AI is effectively, in my mind, useless.”
AI may also be too “energy hungry” to be a cost-effective tool for many businesses, and with Nvidia charging more and more for its chips, AI may end up being very expensive and “yet to prove anywhere really, outside of some narrow applications, that it’s paying for this,” Ferguson said.
Read the full report: Fortune.
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