By: Dr. Atif Farid Mohammad, CAIO & CISO, with Jess Vigorito
The Dot Com Bubble: A Period of Unrestrained Optimism
In the late 1990s, the world was abuzz with the promise of the internet.
The Dot Com Bubble, as they called it, was a period of unrestrained optimism and speculation in internet-based companies, e-commerce, and more. At the time, I was programming in BASIC & COBOL, which is part of why I remember it so well. The other part of it was that we had companies with little more than a web address raking in millions of dollars in investment, and everyone seemed to be caught up in the frenzy.
This era wasn't just about dramatic speculation; it was about a fundamental shift in how we interacted with technology using modems, handshakes, and so on. The internet was transitioning from being a tool primarily for academics and governments to a ubiquitous presence in our daily lives.
Drawing Parallels: Are We in an AI Bubble?
When the "bubble burst" in 2000, it was a reality check for many. However, it wasn't the end of the internet; it was a course correction, much like the fluctuations we witness time and again in the NASDAQ or DOW. The shakeout led to a more robust and sustainable digital landscape.
From the ashes of the bubble, technology giants like Amazon and Google rose up and have undoubtedly shaped the digital landscape we use every day today. The so-called "burst" didn't signify the failure of the internet; it marked its growing pains and a new beginning.
Real-World Applications of AI: Beyond the Hype
Now, let's talk about Artificial Intelligence (AI).
Some are speculating that we're in an AI bubble, similar to the Dot Com Bubble. But just as the Dot Com Bubble paved the way for the growth of e-commerce, social media, and online services, the current hype around Generative AI is laying the groundwork for a future where AI will be seamlessly integrated into our lives. A substantial example is the healthcare industry, where AI is already transforming it in ways reminiscent of how the internet changed commerce.
Companies like IDx are using AI to detect diabetic retinopathy, a leading cause of blindness, earlier and more accurately than human experts. In 2018, the FDA cleared IDx-DR as the first AI algorithm to detect early DR signs in eye photos. This isn't speculation—it's a real-world application of AI that's saving people's sight today.
The Importance of Perspective: Moving Beyond Skepticism
We can also consider the transportation sector (Tesla, anyone?) as an example, where companies like Waymo, a subsidiary of Alphabet Inc., are developing self-driving cars that could revolutionize how we get from point A to point B.
These aren't pie-in-the-sky ideas; they're technologies being tested on public roads right now.
With all the hype, a fair share of skepticism has also come to be. Some self-proclaimed AI subject matter experts (SMEs) predict the imminent burst of the AI "bubble." To them, I say: Take a step back and look at the bigger picture. The AI industry should not be taken at face value as being flashy startups and inflated valuations. The industry is about fundamentally changing how we interact with technology, much like the internet did in the late 1990s.
Before claiming the imminent demise of AI, I'd encourage these so-called SMEs to do their homework. As a professor of AI at three universities, I am quite comfortable with assigning homework: Read the book on AI co-authored by Stuart Russell and Peter Norvig in 1995, still used at many universities.
The Future of AI: A Transformative Journey
Try to dry-run a few of the algorithms, even on a whiteboard. Try to understand the history of AI, its current capabilities, and its potential. AI is not a passing fad; it's a transformative technology that is here to stay. Just as the Dot Com Bubble
(a course correction) led to a more mature and sustainable internet industry, the current Generative AI "hype" will almost certainly lead to the consolidation and maturation of the AI industry. We'll see a shakeout, for sure. Some companies will fold while others will thrive. The technology itself will only become more integrated into our lives.
We shouldn't get caught up in only the hype, or the doom and gloom. We should be focused on the real-world applications of AI and the tangible benefits it is bringing to society. Let's learn from the past and embrace the future. If the initial Dot Com era taught us anything, it's that transformative technologies don't fade away—they grow up. In the coming years, AI will continue to evolve. It will become more accessible, more user-friendly, and more integral to our day-to-day. It is and will carry on transforming industries, creating new jobs, and solving complex problems. AI will not have a burst bubble—it will have a robust and sustainable industry.
So, my take on AI and where it's heading?
It's heading towards a future where technology augments human capabilities, where data drives decision-making, and where AI is as ubiquitous as the internet is today. And I, for one, am excited to be a part of that journey. A common adage says it best: It's not the destination, it's the journey. I say that the AI journey is one filled with innovation, discovery, and endless possibilities. Let's embrace it, learn from it, and grow with it.
At GTS, we don't just embrace AI; we ensure it’s integrated responsibly with customer experience (CX) at the forefront. We’re proud to be part of a team dedicated to harnessing AI to enhance human potential while keeping ethics and transparency in mind.
If you're ready to explore how AI can elevate your CX strategy, reach out to us today at hello@globo-tek.com. Get in touch with us today.
Let’s shape the future together.
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