"Among the headline announcements this year: ChatGPT parent company Open AI, Softbank and Oracle pledged to invest $500 billion (433 billion) in AI supercomputers, Open AI and chip giant Nvidia announced a $100 billion fund to maintain the United States' dominance in advanced chips, while Chinese tech giants Alibaba and Tencent hiked investments to help speed up China's ambition to lead AI by 2030."
"Corporations are hesitant over AI adoption But signs of a hangover are getting harder to ignore. AI usage by corporations is slipping, spending is tightening and the machine learning hype has massively outpaced the profits. Many economists think usage concerns, barely three years into AI going mainstream, dropkicks the prevailing narrative that AI would revolutionize how businesses operate by streamlining repetitive tasks and improving forecasting."
Tens of billions of dollars are flowing into AI infrastructure, startups and talent globally, with major pledges including $500 billion for AI supercomputers and a $100 billion fund for advanced chips. Chinese firms are increasing investments to pursue leadership in AI by 2030. Since late 2022, AI-related stocks added roughly $17.5 trillion in market value, accounting for about 75% of the S&P 500's gains and boosting firms like Nvidia and Microsoft to record valuations. Corporate AI usage and spending are cooling, machine learning profits lag expectations, and surveyed adoption has declined, prompting warnings that a bubble could burst without durable new use cases.
Read at www.dw.com
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