Get Ready for the Great AI Disappointment

In the decades to come, 2023 may be remembered as the year of generative AI hype, where ChatGPT became arguably the fastest-spreading new technology in human history and expectations of AI-powered riches became commonplace. The year 2024 will be the time for recalibrating expectations. Of course, generative AI is an impressive technology, and it provides tremendous opportunities for improving productivity in a number of tasks. But because the hype has gone so far ahead of reality, the setbacks of the technology in 2024 will be more memorable. More and more evidence will emerge that generative AI and large language models provide false information and are prone to hallucination--where an AI simply makes stuff up, and gets it wrong.