Watching the Generative AI Hype Bubble Deflate

Abstract

Only a few short months ago, Generative AI was sold to us as inevitable by the leadership of AI companies, those who partnered with them, and venture capitalists. As certain elements of the media promoted and amplified these claims, public discourse online buzzed with what each new beta release could be made to do with a few simple prompts. As AI became a viral sensation, every business tried to become an AI business. Some businesses added "AI" to their names to juice their stock prices, and companies talking about "AI" on their earnings calls saw similar increases. While the Generative AI hype bubble is now slowly deflating, its harmful effects will last.