A Reality Check Amid Market Shifts
Having followed—and invested in—technology cycles for decades, I’ve rarely seen a wave as intense as the one artificial intelligence has unleashed over the past two years. Since the rise of ChatGPT in late 2022, AI hasn’t just dominated headlines; it’s gripped stock markets, filled conference stages, and redefined boardroom strategies almost overnight.
It reminds me of the early internet boom—when optimism and investment capital collided to create entirely new economic landscapes. But with AI, the stakes are even higher. We’re not just talking about faster communication or new digital marketplaces; we’re talking about the economics of intelligence itself—how knowledge is created, distributed, and monetized on a global scale. The speculative frenzy is giving way to enduring transformation. As the hype settles, the true heat of AI’s core capabilities—its ability to **augment human intelligence, automate complexity, and expand the frontiers of science—