In an article by CREtech’s Head of Content, Emily Wright, the current state of AI in the business world is assessed, particularly in light of inflated expectations. Despite the initial excitement surrounding AI's transformative potential, such as the surge in use after the launch of ChatGPT in 2022, the urgency has diminished. Nvidia's recent stock dip, despite strong earnings, serves as a symbol of this shift.

However, Wright emphasizes that the failure to find widespread successful applications isn’t due to the technology itself but rather a slow learning curve and overhyped expectations. Current AI usage remains low, with only 5.4% of businesses having adopted AI by early 2024, and the real estate sector seeing a 75% failure rate in AI initiatives.

Nevertheless, examples like JLL's success in using AI to analyze transactional data show that AI's potential is far from exhausted. Wright argues that AI and machine learning are here to stay, with sectors like data centers poised for growth as businesses refine their understanding of how to leverage AI more effectively. The hype may have cooled, but AI’s long-term impact is inevitable.

Original article posted on August 30, 2024