It looks like the beginning of a typical hype cycle. So far, we've seen very little evidence of useful applications for ChatGPT in business, besides search integration. It's clear that Microsoft and Google will fight a new search war, but it will be over the same or even shrinking pie of online ad spending.
So far, industry adoption of various forms of ML has been quite slow because there's no clear path to increased profits. Although I don't doubt that we are in the beginning of a tech revolution, it'll take a lot of wandering to discover successful business models. This is a great time to be an entrepreneur (if you can raise money for your idea). Nevertheless, the media portraits the current tech as a done deal.
Everybody is trying to jump on it (people are trying really hard to find business applications, including not only start-ups, but large established houses; how successful they will be is a different question; the costs per unit of work and the latency are going down rapidly; the new ChatGPT API has just been released at 10% of the previous OpenAI LLM pricing due to algorithmic improvements leading to reduced compute costs; functionality is also improving fast; but in terms of making money off all this - who knows, conversion to actually making money is always non-trivial).
> Nevertheless, the media portraits the current tech as a done deal.
Yeah, they are extrapolating a bit too much from the investment boom we are seeing...
Technological story is very impressive so far, but money-wise - who knows...
Overall, I think it's a positive development because VC money has been really scarce over the last 6 months. Now, the greed is back and it's compensating for the general fear of the rising interest rates and layoffs in tech.
Unfortunately, some people will make dumb, spur of the moment investments based on hype. Ah, well...
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timeasmymeasure
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Date: 2023-03-03 06:40 pm (UTC)So far, industry adoption of various forms of ML has been quite slow because there's no clear path to increased profits. Although I don't doubt that we are in the beginning of a tech revolution, it'll take a lot of wandering to discover successful business models. This is a great time to be an entrepreneur (if you can raise money for your idea). Nevertheless, the media portraits the current tech as a done deal.
no subject
Date: 2023-03-03 06:56 pm (UTC)> Nevertheless, the media portraits the current tech as a done deal.
Yeah, they are extrapolating a bit too much from the investment boom we are seeing...
Technological story is very impressive so far, but money-wise - who knows...
no subject
Date: 2023-03-03 09:31 pm (UTC)Unfortunately, some people will make dumb, spur of the moment investments based on hype. Ah, well...