Tech Industry's $1 Trillion AI Spending

This is a AI news story, published by MSN, that relates primarily to Tim Stanley news.

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AI market

Vox

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Is there an AI bubble — and is it about to pop?

Summary

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Tim Stanley says the tech industry as a whole is set to spend $1 trillion on building out artificial intelligence industry.

Stanley: The alternative would be an economic meltdown of the sort we haven’t experienced for years .

He says tech giants have plenty of cash on hand, and are actively racing against each other to be first past the post when it comes to AI .

Stanley says there are real concerns that despite the hundreds of billions that have been spent so far to build up the AI industry, AI companies themselves aren't yet producing much economic value.

OpenAI could lose as much as $5 billion this year , close to 10 times what it lost in 2022 .

Tech analyst Benedict Evans wrote recently that while many people and companies try out AI services like ChatGPT, far fewer stick with it.

The industry as a whole seems to suffer from a classic Silicon Valley problem: It lacks product-market fit. Chatbots aren’t yet a true product, and it’s not clear yet how big the market is.

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