One of the co-founders of DeepMind, a leading artificial intelligence (AI) company, has cautioned that the current hype surrounding AI is overshadowing the profound technological transformation underway. In an interview with the Financial Times, Demis Hassabis, one of the co-founders of DeepMind, expressed concern that the influx of money into generative AI companies and products resembles the previous cryptocurrency craze.
“Some of that has now spilled over into AI, which I think is a bit unfortunate,” Hassabis stated. “And it clouds the science and the research, which is phenomenal.” He added, “In a way, AI’s not hyped enough, but in some senses it’s too hyped. We’re talking about all sorts of things that are just not real.”
The release of OpenAI’s ChatGPT last year triggered a wave of investment in AI projects. Notably, investors poured $42.5 billion into 2,500 AI startup equity rounds in 2023, according to market analysts CB Insights. However, regulators are scrutinizing companies for making false or exaggerated claims about their AI products.
Last year, the Securities and Exchange Commission (SEC) warned against “AI-washing” — a reference to “greenwashing,” when companies inflate their environmental record. Furthermore, earlier this month, the SEC charged two investment advisers with misstating their AI capabilities. SEC Chairman Gary Gensler emphasized, “Investment advisers should not mislead the public by saying they are using an AI model when they are not. Such AI washing hurts investors.”
Additionally, the U.S. Treasury released a study on the cybersecurity risks posed by the growing use of AI in the financial services sector. The study revealed a “troubling lack of data sharing on fraud prevention,” disadvantaging smaller financial institutions in developing effective AI fraud defenses.
Conclusion
Despite these concerns, Hassabis remains confident that AI is one of humankind’s most transformative creations. “I think we’re only scratching the surface of what I believe is going to be possible over the next decade-plus,” he stated. “We’re at the beginning, maybe, of a new golden era of scientific discovery, a new Renaissance.”
