As Generative AI Enthusiasm Fades, The Focus Shifts To Practical Applications And Sustainable Growth Less than two years ago, the launch of ChatGPT sparked a frenzy around generative AI, with many predicting it would reshape industries and trigger a fourth industrial revolution. Projections, such as Goldman Sachs’ prediction that AI could lead to the loss or degradation of 300 million jobs, fueled the hype. However, as of mid-2024, it is becoming clear that the initial expectations were vastly inflated. Many high-profile projects have been canceled, including McDonald's attempt to automate drive-through orders, which failed spectacularly and became a viral sensation for all the wrong reasons. The Gartner Hype Cycle and Generative AI Generative AI’s journey can be understood through the lens of the Gartner hype cycle, a model that describes the trajectory of new technologies from initial excitement to disillusionment, and eventually, to a productive phase. According to a Ga...
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