ChatGPT is the latest product of artificial intelligence to take away Silicon Valley’s breath (and venture-capital investments), but it is also yet another AI advancement that has not proved its ability to live up to a large valuation. ChatGPT debuted about a month ago, offering a chatbot that appears leagues ahead of its predecessors. OpenAI, the company that created ChatGPT, said that it is in a research preview, and that it is collecting data to train its so-called large-language model.
Projects like ChatGPT can be astounding, as they seek to test the limits of technology and push them farther. However, excitement for technological promise does not always lead to big financial returns. As an example, take Watson. IBM Corp.’s
natural-language computer became a household name more than a decade ago by beating two humans on the game show “Jeopardy,” leading Big Blue to make a big bet on the technology. IBM opened a business unit with IBM Watson offices on both the East and West coasts, and focused on healthcare as the biggest business opportunity. That opportunity did not lead to riches for IBM. The healthcare push was disappointing, and when the company streamlined some of its operations earlier this year, it sold the Watson Health assets to a private equity firm for an undisclosed sum. The remainder of …