The buzz around Artificial Intelligence (AI) is reminiscent of the dotcom boom era. Startups are boasting high valuations based on AI-infused visions, and established companies like Amazon, Google, Meta, and Microsoft are competing for dominance in the AI space.

This AI frenzy is not new. In a 1995 memo, Microsoft co-founder Bill Gates described the internet as a “tidal wave” with profound implications for their business. Today, Microsoft CEO Satya Nadella draws a parallel between Gates’ memo and the current AI craze, stating that AI is just as big.

The birth of OpenAI, a leading AI company, and Microsoft’s involvement in AI were partly goaded by Google’s dominance in the field. However, OpenAI is treading cautiously to avoid potential litigious backlash and is seeking regulation for the new technology.

While the parallels with the past are evident, Nadella points out one key difference – the true impact of AI is still unknown. While the internet in the 1990s and 2000s unlocked wonders like Neopets and Runescape, the potential wonders of AI are yet to be fully realized.

In other tech news, Spotify considered removing white noise and ambient podcasts from its platform, but these types of content account for 3 million daily consumption hours. SpaceX reported a profit of $55 million in the first quarter of 2023, driven by its satellite launches. And enterprise software firm Databricks is discussing a new funding round to capitalize on the AI boom.

The AI frenzy is just beginning, and companies across various sectors are racing to embrace this transformative technology.

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