Financial TimesFinancial Times

The sceptical case on generative AI

By John Thornhill

17 Aug 2023 · 3 min read

Even by the breathless standards of previous technology hype cycles, the generative artificial intelligence enthusiasts have been hyperventilating hard. 

Trillion-dollar companies, including Alphabet and Microsoft, declare that AI is the new electricity or fire and are re-engineering their entire businesses around it. Never knowingly outhyped, venture capital investors have been pumping money into the sector, too. Fifty of the most promising generative AI start-ups, identified by CB Insights, have raised more than $19bn in funding since 2019. Of these, 11 now count as unicorns with valuations above $1bn.

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