Stability AI founder and CEO Emad Mostaque speaks at the Bloomberg Technology Summit in San Francisco, California, U.S., Thursday, June 22, 2023.
David Paul Morris | David Paul Morris Bloomberg | Getty Images
AI will be the biggest bubble ever, says the CEO of open-source artificial intelligence company Stability AI.
“I think it’s going to be the biggest bubble ever,” Stability AI CEO Emad Mostaque said of AI on a conference call with UBS analysts last week, adding that it’s still in the very early stages , not yet ready for mass adoption in industries such as banking.
“I call it the ‘dot AI’ bubble, and it hasn’t even started yet,” he said.
Stability AI is the company behind Stable Diffusion, one of the more popular generative AI tools besides OpenAI.
Steady Diffusion allows users to generate realistic images by inputting text. It has more than 1 million users and has raised more than $100 million in funding from investors including Coatue and Lightspeed Venture Partners.
Its co-founder and CEO Mostak was accused of making misleading statements about his background, achievements and partnerships.He refuted these claims one by one detailed reply on his personal blog.
Generative AI has captured the imagination of many academics, boardroom executives, and even students because of its ability to harness vast amounts of data to generate human-like language and visual content from scratch based on user prompts.
Artificial intelligence has been around for a long time, and the technology is now a common feature of online browsing, social media platforms and home assistants. In addition to consumer applications, the technology is used in medicine, transportation, robotics, science, education, finance, defense and other industries.
However, a more novel form of artificial intelligence that has emerged recently is generative artificial intelligence, which is used in tools such as ChatGPT, the popular artificial intelligence chatbot from the US technology company OpenAI, Google Bard and Microsoft Bing Chat, and image generators . Dall-E, Stable Diffusion and Midway.
Mostak said the total investment required for AI could be $1 trillion “because it is more important than 5G as a knowledge infrastructure,” and suggested that banks such as UBS must adopt the technology because it is a “huge market”.
But, he added, it’s in the “early stages” of development.
“It’s not ready” for large-scale deployment in large industries like financial services, “but we can see the value in it,” Mostak said.
Mostak said companies that do not use artificial intelligence appropriately in their business will be “punished” by the stock market.
he gave an example GoogleIts Bard AI chatbot provided inaccurate information in a post-launch promotional video, costing the company $100 billion in a single day.Google is aggressively competing Microsoft Win the race to build superior AI tools.
“I think that’s true. I don’t think there’s a lot of investable opportunity here, and you’re going to see people move from the best chipmakers to companies that leverage that to impact their bottom line and their top line appropriately. And you You’re going to see the market punish those who don’t use it,” Mostak said.
“This will be one of the biggest investment themes in the next few years,” he added.
watch: Inflection AI’s Reid Hoffman: AI is the new industrial revolution, the “cognitive revolution”