In February 2020, Kevin Mayer, head of Disney’s streaming business, became the CEO’s successor. But when Iger announced that Bob Chapek would replace Iger immediately, Mayer and colleagues seen here on September 29, 2022 were shocked.
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Kevin Mayer, former CEO of TikTok and co-CEO of Candle Media, said that the hype surrounding artificial intelligence has reached a fever pitch and the company’s valuation looks “astronomical.”
Speaking to CNBC’s Karen Tso at the VivaTech conference in Paris on Friday, he told CNBC that artificial intelligence has potential value, as demonstrated by previous innovations like the Metaverse and blockchain, but warned that valuations are about to “stabilize.” ”.
“Artificial intelligence provides capabilities that haven’t been seen before and are very valuable. But the hype cycle is very compelling,” Mayer said.
“I think we’re going to see the hype and valuations in artificial intelligence reach a peak, with everyone talking about how it’s going to disrupt every corner of our economic world and our personal lives.”
Since OpenAI’s ChatGPT was first launched to the world in November 2022, regulators and technology leaders have become increasingly concerned about the risks of advanced artificial intelligence systems. At the same time, the space has generated buzz among investors and, in some cases, significantly increased valuations. Companies such as OpenAI, Anthropic, Cohere, and Mistral have raised billions of dollars from venture capitalists, while also receiving attention and investment from large tech companies, such as Microsoft and Amazon.
Some high-profile figures support the technology and its surge in interest. JPMorgan Chase CEO Jamie Dimon is one of them, telling CNBC in February that artificial intelligence is more than a passing fad and more important than the large language models behind ChatGPT . He also compared the current moment to the tech bubble that emerged in the early 21st century.
But Mayer told CNBC on Friday that this “has been grossly exaggerated.”
“Too many companies are bringing in too much capital at astronomical valuations. As a result, the market will stabilize. The benefits of artificial intelligence in many industries will be realized, but I don’t think the hype is enough.” Now is unprecedented. of fanaticism.
—CNBC’s Jesse Pond and Arjun Kapoor contributed to this story.
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