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B. G., Opalesque Geneva:

Lukasz Tomicki, portfolio manager of the LRT Global Opportunities Fund, doesn't want to buy into the AI frenzy.

In a recent paper, he compares the current AI frenzy to the dot-com bubble, when the first companies involved with the internet were legitimate but the focus shifted to hype, speculation and eventually fraud. The same happened to cryptocurrencies and blockchain technology.

"In my view, artificial intelligence (AI) is currently in a bubble, characterized by overhyped and oversold claims. The sheer number of promises made has led me to believe that most of the purported uses of AI will either fail to deliver as promised or prove too expensive for companies to be cost-effective. This is due to the excessive consumption of computing power, energy, and the inherent unreliability of these technologies. The practical applications of AI and large language models are scarce, with the primary use cases being summarizing meeting notes, generating reports, and assisting with text rephrasing and a bit of computer coding. I am highly skeptical that AI and large language models will provide any significant value that matches the hype surrounding them," he writes in the paper entitled "AI: Fak......................

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