Generative AI has created a buzz for AI-powered tools that can create content such as text, images and computer code. Since the launch of ChatGPT in November 2022, generative AI occupies the center stage.

This narrative has taken a dent on account of two issues — the realization that the technology is overhyped and absurdly expensive.

We know that chatbots still struggle to answer fundamental questions and hallucinate with flawed information. In addition, the models are hungry for humongous data and compute power. To remain afloat, the companies in this space must have massive funding. Many business enterprises still have to put the technology to use. Initial expectations reached sky high. There is trough of disillusionment now.

However, soon there will be realization that generative AI is not the entire spectrum of AI. There are components of AI called ML and predictive AI. In fact, these have preceded the arrival of generative AI. The whole AI is a broad toolkit. It is an issue of the use of right technology for an appropriate case.

Generative AI is not going anywhere. It has already become a part of our lives. It can give us productivity as well as efficiency. As we have become used to Google searches, so we will also get used to easy-to-read summaries of work meetings, composing of e-mails and office memos and creating images and presentations by uttering a few words.

Generative AI has attracted massive investment — say up to $1 trillion. It has to pay off. Its use must give us healthy bottom lines. Early adopters have passed on the technology to mainstream users, who find that their expectations are not being met. The process of resetting the expectations begins. There could be incremental benefits in applications. Industry has to work for monetization of AI technology. The sector as a whole has still to prove.

There is a history of AI Tecnologies being stimulating for other newer technologies, say computer vision has become a great contributor to multimodal generative AI. Similary generative AI can receive a push by technologies such as agentic AI — AI systems designed to act like autonomous agents to pursue complex goals and workflows. Such symbiotic relationship can help the technology to reach its full potential.

Please do not think that this is an AI winter. It is time to do the right tinkering of generative AI so as to get the work done.