Dunno about other companies, but we're peeing money away having devs work on implementing ai functionality which is utter garbage. Hard to see how that's positive for stock price.
It's very early days and the garbage provides experience which then leads to much better things. Use cases for AI are endless and will allow other future technologies to progress, such as robotics. See is as a gold rush. Nvidia is providing the tools (very expensive shovels) for those wishing to implement AI (dig for gold).
AI will likely go through the bubble stage and then the industry will mature and grow out of it.
I carried out an experiment the other day as I hadn't really used ChatGPT much. As someone who trades I was looking at a financial tool that a company was selling for £100. It's nothing complicated hence only £100 but I wondered how ChatGPT would do. In 30 mins together we had generated the main functionality the tool offered. This involved asking for code, ChatGPT generating it, refining the code by asking for stuff to be parameterised etc, me asking ChatGPT to fix a few errors which it then did, and then me testing it. It came apart a little later when I tried to add more functionality to make it feature complete but that might have been partly my fault.
As someone who can code, of course I could have done it myself, albeit taking much longer. ChatGPT is definitely a tool I'll now add to my tool belt.
And people have been doom talking Nvidia for years but look at where it's at today. Chances are 10,20 whatever years from now it's going to be a much more valuable company than it is today.
