Real AI: AI Wasteland, the Song, Headlines and Five Fast Facts

Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate.

AI Wasteland

Is AI a lie?

My greatest fear, fueled by the rabid hyperbole created by AI and ignited by its unmatched trajectory, is that we make the same mistake with this tech that we have with so many others.

The great overpromise and underdeliver.

It won't derail AI, but it could certainly arm its resistors.

Right now, we are in that chasm: a place where posers and snake oil sales folks are profiteering.

It is a time when companies who consume AI, not create it, clamor to rebrand by adding AI to their name.

Others take credit for the AI they deploy, but are not transparent about the fact they did not invent the AI – or power it.

AI product launches of incomplete offerings yet focus their demos on the major AI features coming "soon" – and we know how that has turned out before.

Portals are jumping into the fray, offering AI solutions that are (mostly) a piecemeal embarrassment or, worse, a money grab.

Strategies to jump on the AI bandwagon, even giving it away, knowing their customers hunger to check the box that they are providing their members/subscribers/clients AI.

New AI events and webinars feature speakers and experts who are nothing but AI imposters.

Startups in the US are emblazing their pitch decks with AI as AI funding already surpassed $23 billion this year, while nearly all other capital categories declined.

You know you are in trouble when the federal government announces it has already spent $3.3 billion on AI in 2022.

I attended a key housing industry conference this week where the AI speaker wasn't just terrible, they were utterly uninformed and spewed a significant AI falsehood.

I attended another conference last week (virtually), and a well-known industry tech speaker has magically become an AI expert. Yet, the speaker does not have that expertise. The talk was a mile wide and an inch deep.

What I worry about most is the impact of all this AI nonsense: how we are ruining the initial customer experience with AI.

I fear that many people who consume stuff labeled as ready-for-prime-time AI, but it is an incomplete version of AI, will think that AI is a lie.

I guess things always get worse before they get better.

Let's hope this AI Wasteland fills up fast, and we move on with responsible and legitimate AI driving our industry and not a bunch of posers and imposters.

The "AI Wasteland" Song

We asked ChatGPT to rewrite the lyrics of "Baba O'Reilly," often referred to as "Teenage Wasteland" by The Who, to capture the AI sentiment detailed above:

"AI Wasteland"

Out here in the fields
I see firms that pretend,
Put AI in their titles,
But it's just a trend.

They label and rebrand,
All for the marketplace.
But under the surface,
It's just a wild chase.

AI Wasteland,
It's an AI Wasteland.
Oh, oh.

Self-proclaimed geniuses
On stages they stand,
Talking of AI wonders,
But with no product in hand.

They sell to the masses,
Dreams that aren't quite real
The government buys in,
Caught in the appeal.

AI Wasteland,
It's an AI Wasteland.
Oh, oh.

The firms rush to market,
With tech half-complete.
Customers left wondering,
"Is this all just deceit?"

Mistakes they are making,
It's as clear as the day.
True AI is lost now,
In the disarray.

AI Wasteland,
It's an AI Wasteland.
Oh, oh.

Don't cry, don't raise your eye,
It's only an AI wasteland.
Journey, venture, take your stand,
And reclaim the AI wonderland.

Before the real tech is wasted,
Before dreams are erased,
We'll rise above the frenzy,
For an AI that's embraced.

For now, it's an AI Wasteland,
It's an AI Wasteland.
Oh, oh.

AI Headlines Take 10

20 Mind-blowing AI Tools Helping Real Estate Agents Slay in 2023 | The Close - 10/3/23
Full disclosure: our favorite AI firm (and client) is on this list – Restb.ai.

How AI is changing the valuations process | HousingWire - 10/4/23
Chris McLain of Consolidated Analytics gives his view on the appraisal market and AI innovation in valuations.

The Repressive Power of Artificial Intelligence | Freedom House - 10/4/23
AI's many advances are hiding the crisis of digital repression.

Apple may be quiet on AI, but it's also the biggest buyer of AI companies | QZ - 9/26/23
Google and Microsoft may talk about the AI game, but Apple has bought 21 AI startups since 2017.

Can AI Businesses Save San Francisco From Its Real Estate Slump? | The Messenger - 10/11/23
Footprint of AI firms set to expand despite lack of leasing.

Artificial Intelligence In Talent Acquisition: How Machine Learning Is Influencing Recruitment | Forbes - 10/10/23
AI is taking an increased role in processing applicants' skills and qualifications.

The AI 100 2023: The top people in artificial intelligence | Business Insider - 10/10/23
Learn about the list of people who make AI more Intelligent.

A.I. Could Soon Need as Much Electricity as an Entire Country | The New York Times - 10/10/23
AI's growing demand will increase energy consumption over the years.

Adobe unveils three new generative AI models, including the next generation of Firefly | ZDNet - 10/10/23
Utilizing text, these models will be able to create high-quality images, vector graphics, and design templates.

National Security Agency is starting an artificial intelligence security center | AP News - 9/28/23
The U.S. hopes to maintain its advantage by integrating AI into its defense and intelligence systems.

AI Five Fast Facts

1. Over 75% of top executives believe AI will expand their company and give them a competitive edge.
2. When interviewed about the technologies they used, 84% of consumers stated they use one or more AI-powered devices or services.
3. Studies show that 96% of Android users and 98% of iPhone users use the AI-based digital assistants OK Google and Siri respectively.
4. The AI-powered voice-search feature on smart devices is growing in popularity. Around 41% of people with a smart device use the voice-search feature at least once a day.
5. Consumers have varied opinions on chatbots. While 51% of those surveyed have a neutral view on chatbots, around 38% have a positive opinion and only 11% have a negative perspective.

Source: Simple Learn

Quote of the week

To view the original article, visit the WAV Group blog.