Wall Street skeptic throws cold water on the rise of artificial intelligence: is it pure hype?
As Jim Covello, head of equity research at Goldman Sachs, drove down Highway 101 this month, billboards screaming about artificial intelligence only reinforced his suspicions. From “Writer Enterprise AI” to “Speech AI,” these signs looked eerily similar to the pre-crisis cryptocurrency craze. Covello has become a leading voice of caution on Wall Street about AI. His research paper, which questions the return on investment for the projected $1 trillion in AI spending, has sent shockwaves through the market. He argues that current generative AI, which can summarize text and write code, is prone to errors, raising questions about its ability…
