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“Stability AI CEO: Artificial Intelligence is the Biggest Bubble in History”

According to the CEO of Stability AI, Emand Mostak, artificial intelligence (AI) will prove to be the biggest “bubble” in history. Speaking to analysts at UBS, Mostak argued that “I believe that artificial intelligence is the biggest bubble in history. It is too early and not ready to be widely adopted in sectors like banking. I call it the dot.AI bubble and it has not started yet.”

Stability AI is the company behind Stable Diffusion, a popular creative AI program similar to OpenAI’s ChatGPT. Stable Diffusion allows users to generate photorealistic images through predefined commands and has attracted over a million users and $100 million in investments from companies like Coatue and Lightspeed Venture Partners.

Mostak, however, has faced accusations of lying about his experience, background, achievements, and collaborations, although he has addressed all these allegations in a lengthy blog post, according to CNBC.

While AI has been around for many years and is used in various industries, the new wave of creative AI has excited many academics, business executives, and even students due to its ability to generate human-like responses and visual content using vast datasets.

Mostak emphasized that the total investments required for the AI sector will reach $1 trillion, stating that it is more significant than 5G in terms of infrastructure for enhancing humanity’s broader knowledge. He also claimed that banks like UBS will have to adopt the technology as it represents a “huge market.”

However, Mostak acknowledged that the technology is still in its early stages and not ready to be widely used in sectors such as finance. Nevertheless, he believes that the sector will eventually benefit from this innovation.

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Mostak mentioned the example of Google, which lost $100 billion in just one day due to the misinformation provided by its AI chatbot, Bard, during an advertising video on the day of its launch.

It’s worth noting that the competition between Google and Microsoft for the advancement and launch of innovative AI tools remains fierce.