I don't want to be all "did you read the article?" since that's against guidelines, but the text of the article (the stuff in between the graphics and ads) is kind of about exactly that.
Adoption was widespread at first but seems to have hit a ceiling and stayed there for a while now. Meanwhile, there's been little evidence of major changes to net productivity or profitability where AI has been piloted. Nobody is pulling away with radical growth/efficiency for having adopted AI, and in fact the entire market of actual goods and services is mostly still just stagnating outside of the speculative investment being poured into AI itself.
Investment isn't just about making a bet on whether an company/industry will go up or down, but about making the right bet about how much it will do so over what period of time. The scale of AI investment over the last few years was making the bet that AI adoption would keep growing very very fast and would revolutionize the productivity and profitability of the firms that integrated it. That's not happening yet, which suggests the bet may have been too big or too fast, leaving a lot of investors in an increasingly uncomfortable position.
I get confused about the word "adoption". By adoption is it meant that a company tried to use AI, determined it useful and continues to use it. Just trying something out is not adoption in my mind. Companies try and abandon things all the time.
It has been my experience that technology has to perform significantly better than people do before it gets massively adopted. Self driving cars come to mind. Tesla has self driving that almost works everywhere but Waymo has self driving that really works in certain areas. Adoption rates for consumers has been much higher with Waymo (I was surrounded by 4 yesterday) and they are expanding rather rapidly. I have yet to see a self driving Tesla.
Adoption was widespread at first but seems to have hit a ceiling and stayed there for a while now. Meanwhile, there's been little evidence of major changes to net productivity or profitability where AI has been piloted. Nobody is pulling away with radical growth/efficiency for having adopted AI, and in fact the entire market of actual goods and services is mostly still just stagnating outside of the speculative investment being poured into AI itself.
Investment isn't just about making a bet on whether an company/industry will go up or down, but about making the right bet about how much it will do so over what period of time. The scale of AI investment over the last few years was making the bet that AI adoption would keep growing very very fast and would revolutionize the productivity and profitability of the firms that integrated it. That's not happening yet, which suggests the bet may have been too big or too fast, leaving a lot of investors in an increasingly uncomfortable position.