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Google DeepMind CEO says AI is 'too hyped'

Apr 01, 2024 - businessinsider.com
Demis Hassabis, co-founder of AI lab DeepMind, has expressed concerns about the hype surrounding AI, suggesting it could be detrimental to scientific research. He likened the investor enthusiasm for AI to the hype around cryptocurrencies, and warned that the rush to cash in on the AI boom could cloud the science and research, which he described as "phenomenal". He also highlighted the risk of false claims about the use of AI, referencing a recent case where the SEC settled charges against two investment advisers accused of misleading statements about their use of AI.

Investors have poured nearly $30 billion into 691 generative AI deals in 2023, according to financial data provider PitchBook. Amazon announced a $4 billion investment in AI startup Anthropic in September. However, Fred Havemeyer, Macquarie's head of US AI and software research, acknowledged the presence of FOMO (Fear of Missing Out) in the marketplace, with investors eager to be part of the AI ecosystem. The SEC has urged companies raising public funds to be truthful about their use of AI and associated risks.

Key takeaways:

  • Hassabis warns that while AI is not hyped enough in some ways, it is overhyped in others, leading to unrealistic expectations and discussions about non-existent capabilities.
  • Investors are pouring billions of dollars into AI companies, with Amazon planning to invest $4 billion in AI startup, Anthropic, and nearly $30 billion invested across 691 generative AI deals in 2023 according to PitchBook.
  • Fred Havemeyer, Macquarie's head of US AI and software research, acknowledges the presence of FOMO (Fear Of Missing Out) among investors in the AI marketplace.
  • The Securities and Exchange Commission (SEC) has settled charges against two investment advisers for making false claims about their use of AI, highlighting the potential for fraudulent activity in the sector.
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