I'm somewhat qualified to talk about AI and to call it hype is itself hype. As in, it's looking at outliers and trying to understand the market based on them alone. It's deciding that because there's no glamorous reality shifting changes there must be no impact at all. For example, IBM failed but every pharma company has a decent bunch of PhDs building machine learning models for a variety of reasons. Those models aren't as headline catching but rather they improve certain unglamorous business processes by X%. Taken as a whole that adds up to a lot of value for those companies. Facebook probably makes tens of billions per year due to AI. In a way AI has become mundane and doesn't require specialized centralized companies to be implemented which makes fewer headlines.
edit: I also suspect it's a bias due to people being used to traditional industries. To make a new drug you need a lab, infrastructure, equipment, well trained experts and so on. Lot's of investment so it's centralized and visible. To make an AI model requires some data, a laptop and an internet connection.
edit: I also suspect it's a bias due to people being used to traditional industries. To make a new drug you need a lab, infrastructure, equipment, well trained experts and so on. Lot's of investment so it's centralized and visible. To make an AI model requires some data, a laptop and an internet connection.