The Pace of the A.I. Revolution: Debunking Hype and Predictions

While generative AI, such as OpenAI's ChatGPT, holds the potential to boost productivity and add trillions of dollars to the global economy, widespread adoption across industries is still years away. Companies like JPMorgan Chase are cautious about the risks of leaking confidential data and the accuracy of AI-generated answers, leading them to block access to such tools. However, the investment frenzy in generative AI start-ups is well underway, with funding reaching $15.3 billion in the first half of 2023. The timeline for mainstream adoption of generative AI applications is uncertain, ranging from eight to 27 years, depending on various factors such as economic cycles, government regulation, and corporate cultures. In the meantime, companies are exploring the use of generative AI for automating and improving tech support and software development.