Last summer we were reminded of the non-linear nature of markets when valuations for the major US tech corporations contracted briefly but sharply amid concerns over escalating artificial intelligence (AI) infrastructure costs.
Indeed, investment in new large language models (LLMs) has soared in particular since the emergence of ChatGPT in late 2022, and there are few signs that commitments are flagging. Unfortunately, it’s not easy to predict when the general economic pay-off will arrive, or even if we will be able to recognise it when it does.
Despite the August correction, industry leaders remain committed to expanding capabilities in this area, although adoption across a range of industries is being hampered by inadequate data infrastructure. Nonetheless, the latest AI Pulse survey conducted by accounting giant EY shows that of the 500 senior business leaders polled within the survey, a near-unanimous 97 per cent say that their businesses are already generating positive returns from their AI investments.