Kevin Mayer, co-CEO of Candle Media and a former CEO of TikTok, claims that the excitement around artificial intelligence has reached a fever pitch and that firm valuations are “astronomical.”

As demonstrated by earlier inventions like the metaverse and Blockchain, he said that AI had inherent worth. However, he issued a warning about an impending “stabilisation” of values.

“AI offers extremely useful capabilities that are yet unseen. However, Mayer said, “the hype cycle has been dramatic.”

“I think we’ll see a peak of that, of the hype within AI, the valuations, and everyone talking about how it’s gonna disrupt every single corner of our economic universe and personal lives.”

Concerns about the vulnerabilities associated with sophisticated AI systems have grown among policymakers and tech executives ever after OpenAI’s ChatGPT was initially made public in November 2022. Investor interest in the industry has increased values in certain instances and created buzz in the meantime. Businesses like Anthropic, Mistral, Cohere, OpenAI, and Anthropic have garnered billions of dollars from venture capitalists and received interest and funding from major tech companies like Microsoft and Amazon.

A few well-known voices have supported the technology and the recent spike in interest. Among them is Jamie Dimon, the CEO of JPMorgan Chase, who stated in February that artificial intelligence (AI) is more than just massive language models like the ones that power ChatGPT.

He also made a positive comparison between the present and the tech bubble that burst at the turn of the twenty-first century.

However, Mayer said on Friday that it has already been “vastly overhyped.”

“Too many companies [are] bringing in too much capital at valuations that are way too astronomical. So there will be a stabilization. There’ll be a realization of the benefits of AI in many, many industries, but I think the hype is at an all-time fever pitch right now.”

(Adapted from EmeaTribune.com)