Months after the spectacular launch of ChatGPT, the AI revolution is well underway but hints of caution are emerging, especially over letting one or two companies reign supreme. The release of the poem-churning app by San Francisco-based OpenAI came at an opportune time for tech, landing just when the US giants were laying off thousands of workers and startups faced a funding winter after the collapse of cryptocurrencies. While generative AI’s powers spooked many, even drawing calls for a freeze in its development, the tech world welcomed the respite from an otherwise miserable 2022 when a pandemic-era tech boom imploded. But the crowds of startups and their backers meeting at the three-day Collision conference in Toronto heard second thoughts about artificial intelligence, even if convictions remained strong that it was here to stay. Adam Selipsky, head of Amazon-owned AWS, highlighted the need for a clear direction in the AI race and cautioned against going all-in with one big company. Other industry experts expressed similar concerns, stressing the importance of choice, security, and tailored models for sensitive uses. While the AI hype has caught the world’s attention, there is a sense of caution in the startup community, as deal activity, fundraising, and the IPO environment continue to face challenges. It remains to be seen whether AI alone can bring back the tech industry to its former glory.
