The AI hype is just like the blockchain frenzy – here’s what happens when the hype dies
- Written by: Gediminas Lipnickas, Lecturer in Marketing, University of South Australia
In recent years, artificial intelligence (AI) has taken centre stage across various industries. From AI-generated art to chatbots in customer service, every sector is seemingly poised for disruption.
It’s not just in your news feed every day – venture capital is pouring in, while CEOs are eager to declare their companies “AI-first”. But for those who remember the lofty promises of other technologies that have since faded from memory, there’s an uncanny sense of déjà vu.
In 2017, it was blockchain that promised to transform every industry. Companies added “blockchain” to their name and watched stock prices skyrocket, regardless of whether the technology was actually used, or how.
Now, a similar trend is emerging with AI. What’s unfolding is not just a wave of innovation, but a textbook example of a tech hype cycle. We’ve been here many times before.
Understanding the hype cycle
The tech hype cycle, first defined by the research firm Gartner, describes how emerging technologies rise on a wave of inflated promises and expectations, crash into disillusionment and, eventually, find a more realistic and useful application.
Authors: Gediminas Lipnickas, Lecturer in Marketing, University of South Australia
Daily Bulletin
