{"id":14248,"date":"2024-01-18T14:46:28","date_gmt":"2024-01-18T14:46:28","guid":{"rendered":"https:\/\/shareperformanceinsight.com\/index.php\/2024\/01\/18\/where-is-the-ai-boom-experts-caution-new-tech-will-take-time\/"},"modified":"2024-01-18T14:46:28","modified_gmt":"2024-01-18T14:46:28","slug":"where-is-the-ai-boom-experts-caution-new-tech-will-take-time","status":"publish","type":"post","link":"https:\/\/shareperformanceinsight.com\/index.php\/2024\/01\/18\/where-is-the-ai-boom-experts-caution-new-tech-will-take-time\/","title":{"rendered":"Where is the AI boom? Experts caution new tech will take time"},"content":{"rendered":"
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Last year saw new artificial intelligence products released at the most rapid pace yet, though predictions of an AI boom on the scale of last decade\u2019s tech explosion have yet to come to fruition.<\/p>\n

\u2018I think 2023 was the year that AI astonished people and 2024 will be the year of retrenchment as people learn the limitations of AI and where various AI systems have the greatest utility,\u2019 Christopher Alexander, chief analytics officer for Pioneer Development Group, told Fox News Digital. \u2018I think that the race for AI utility has just begun and AI will become a permanent fixture in people\u2019s lives.\u00a0I think that the grand predictions for AI in this past year confused the current state of AI and the future state, which has led to some confusion in the market.\u2019<\/p>\n

Alexander\u2019s comments come after what was in many ways a landmark year for AI technology in 2023, with new platforms and developments making headlines throughout the year. Yet expectations of a boom that dominated headlines in the five years before it have so far failed to come to fruition, making many wonder where the new tech goes from here.<\/p>\n

Phil Siegel, founder of the Center for Advanced Preparedness and Threat Response Simulation, told Fox News Digital that it is still \u2018very early\u2019 in the development phase of AI tools but noted there are signs that a takeoff is still on the way.<\/p>\n

\u2018What is blowing up now is the infrastructure pieces like chips and supplies to make sure the true application of the technology can blow up,\u2019 Siegel said.<\/p>\n

But Siegel also cautioned that a true boom of AI will continue to take time, noting that newer products hitting the market are often priced too high to see widespread use.<\/p>\n

\u2018It takes a reasonable amount of time for real products to hit the market in a big way,\u2019 Siegel said. \u2018Those are just starting to emerge but are probably being priced way too high for broad adoption, even in business. What will be a big step forward is when the data management companies figure out their product set so companies can use their own data for custom AI applications to merge with the generic applications.\u2019<\/p>\n

Other experts argue that the AI boom has already arrived in some ways, something that an average consumer may be missing.<\/p>\n

\u2018AI has far exceeded expectations in that it\u2019s widespread utility has become abundantly apparent. AI\u2019s capabilities have also continued moving at a breakneck pace as developers continue to inch closer and closer towards artificial general intelligence,\u2019 Samuel Mangold-Lenett, a staff editor at The Federalist, told Fox News Digital. \u2018We probably aren\u2019t seeing a bigger boom because the average person still doesn\u2019t consciously interact with AI on a daily basis.\u2019<\/p>\n

Mangold-Lenett pointed to language learning models (LLM) such as ChatGPT, noting that the technology for such platforms is still very new but increased significantly in popularity in 2023.<\/p>\n

\u2018Whether or not we\u2019re aware of it, the AI moment is here,\u2019 Mangold-Lenett said. \u2018Development will continue at a rapid pace, and we will continue to see AI play an increasing role in our daily lives.\u2019\u00a0<\/p>\n

Jake Denton, a research associate at the Heritage Foundation\u2019s Tech Policy Center, also pointed to the rise in chatbots in 2023, but he noted the average consumer is still unlikely to interact with such platforms thanks to their unclear utility.<\/p>\n

\u2018Their capabilities are often still unclear and their user interfaces remain rather clunky,\u2019 Denton told Fox News Digital. \u2018This reflects the chasm between vision and reality in AI. The long-term potential is staggering, but short-term applications remain narrow.\u2019<\/p>\n

Nevertheless, Denton noted that developers are well on their way to improving the tech, arguing that slow adaptation of new technology is normal at first.<\/p>\n

\u2018Truly revolutionary technologies often appear useless at first. Their capabilities seem toy-like, with no clear purpose. However, with improved functionality and enhanced product design, these systems have the potential to fit seamlessly into our lives, enabling feats previously unimaginable,\u2019 Denton said. \u2018While we are still in the early stages of this Al revolution, much of the hard infrastructure and foundations have been built; it\u2019s now up to developers to construct products of lasting value upon it.\u2019<\/p>\n

Siegel believes that 2024 will be a telling year for the new tech, crystallizing whether a full-fledged boom is on the horizon.<\/p>\n

\u2018On the consumer side, the products are still at the \u2018toy\u2019 or simple productivity uses like drawings or stories or just fun conversations. That, however, is not a sustainable base for a business model to make money. Companies with real uses are starting to emerge in personal finance, health care and so forth, but they either aren\u2019t fully functional, aren\u2019t totally safe or have no way to make money,\u2019 Siegel said. \u20182024 will tell us if this is a full-fledged revolution or the next good productivity tool for the white-collar and consumer worlds.\u2019<\/p>\n<\/div>\n

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