Image Credit - John DaSilva @ Action Items Lab
Introduction
In today's fast-paced digital world, the promise of easy or quick success seem tantalizingly within reach, especially with the advent of advanced technologies like ChatGPT using generative AI and Large Language Models (LLMs). However, it's crucial to take a hard look at the promises of AI tools and productivity software with a healthy dose of skepticism. In this article, I will show the reality behind the hype of AI, helping you to identify what's genuine and what's too good to be true.
Table of Contents (click to expand)
First, I am writing this article in January 2024. AI and AI products like ChatGPT are evolving, and, in most cases, improving daily. As such, some of my statements in this article may not age well. Make sure you keep up to date with the latest improvements in AI.
Second, while a lot of AI hype is harmless or may cost you a few dollars while failing to deliver on promises (I’m looking at you AI resume writing tools), some is truly dangerous. At the same time, AI is helping take the scamming game to new levels with more realistic phishing and other scams. Before diving into the specifics of AI, let’s arm ourselves with a fundamental skill: scam detection.
The Four Steps to Spot a Scam (AI or otherwise)
There are four key signs to look out for:
· Unrealistic Promises: If it sounds too good to be true, it probably is.
· Pressure Tactics: Scams often push you to act quickly.
· Lack of Transparency: Vague details about the process and earnings.
· Exorbitant Guarantees: High returns with little or no risk.
The Misconceptions of ChatGPT's Capabilities
While ChatGPT is a powerful tool, it has its limitations. Let's debunk three common misconceptions (there are many more):
1. Predicting the Stock Market: ChatGPT isn't a financial oracle. It cannot analyze or predict market trends with the accuracy needed for investment decisions. Plus, as of writing, the model was trained on data that ended in April 2023. Please don’t hand your portfolio over to ChatGPT, or risk money you cannot afford to lose.
2. Conducting SEO: I see a lot of advice these days that ChatGPT and other generative AIs can handle search engine optimization (SEO). While ChatGPT can make SEO suggestions, it lacks the nuanced understanding of ever-evolving search engine algorithms. And again, the data set ends in April 2023. Use Ahrefs or Semrush if you want to do proper SEO.
3. Creating People-less Videos: Because I do a lot of work with AI software and productivity tools, my YouTube is now awash in content suggestions for AI tools to create faceless, AI-generated videos, promising they can do everything from write scripts to autogenerating videos. This simply does not work as promised. Content that ranks on YouTube must be highly engaging. Look at almost all of the top channels and you will see charismatic influencers and creators. AI cannot replace the authenticity and connection human-driven content offers.
The Real Costs of Falling for AI Hype
The allure of these over-hyped AI promises can lead to serious setbacks:
Reputation Damage: Using subpar AI content can hurt your brand's credibility.
Financial Loss: Investing in ads or promotions based on ineffective AI strategies can be costly.
Risky Ventures: Relying on AI for critical decisions like stock trading can lead to significant financial losses.
The Strengths of AI Like ChatGPT
For me, I believe AI to be a highly competent assistant, that can help me with a range of tasks. It is yet, however, able to replicate my communication nuances, my thinking and decision-making processes, or my understanding of clients.
I use AI every day, from my website creation platform with built in AI to assist with some level of copy writing suggestions, to Canva, which has many AI features like magic erase and magic grab, to help with image editing. However, when many of us think of AI now, we're more likely thinking of tools like Bard, Copilot, or, most likely, ChatGPT.
For ChatGPT and other generative AI tools, here are my four top daily uses where AI lives up to the hype:
Brainstorming and Idea Generation: Great for sparking new ideas and perspectives.
Editing and Proofreading: Enhances writing clarity and correctness.
Research Assistance: Efficient at gathering and summarizing information.
Document Analysis: Effective in extracting and organizing key information from large texts.
Conclusion
While AI, particularly generative AI like ChatGPT, offers exciting possibilities, it’s crucial to approach them with a solid understanding of their capabilities and limitations. By doing so, we can leverage their strengths and steer clear of the pitfalls of overhyped promises. Remember, the path to success, especially financial, rarely has legal shortcuts.
Reach out to me on LinkedIn and let me know your view on ChatGPT and AI in general. Is it overhyped? Where have you, and have you not, found success with it?
BONUS AI USE
As a part of my editing process, I always ask ChatGPT to review my article for errors, omissions, and inconsistencies. Here is what ChatGPT had to say about this article:
“Your article, "Don’t fall for it: A Realistic Look at AI Hype and Promises," is well-structured and informative. Here are some observations regarding potential errors, inconsistencies, or inaccuracies:
Date Reference:
You mention writing this article in January 2024, which helps set the context for the current state of AI. This is accurate and relevant.
AI Evolution Disclaimer:
The statement about the evolution of AI and the possible outdatedness of the article in the future is prudent and accurate. It's important for readers to understand the dynamic nature of AI.
Scam Detection Steps: The steps provided for scam detection are clear and relevant. They effectively set the stage for discussing AI-related scams.
Misconceptions of ChatGPT's Capabilities:
Stock Market Prediction: Correct in stating that ChatGPT cannot accurately predict stock market trends.
SEO:
Your advice on using tools like Ahrefs or Semrush for SEO over relying solely on ChatGPT is practical and well-founded.
Creating People-less Videos:
The point about AI's inability to replace human-driven content in videos is valid. However, it's worth noting that AI is increasingly being used to assist in video creation, though it cannot yet replicate human charisma and engagement.
Real Costs of Falling for AI Hype:
The points made here are valid and well-explained.
Strengths of AI Like ChatGPT:
Personal Use Case: The mention of your personal use of AI tools adds a relatable touch. However, it's important to note that AI's capability to replicate communication nuances and decision-making processes is rapidly evolving.
Daily Uses of AI:
The list of daily uses is accurate and reflects the current strengths of AI tools like ChatGPT.
Conclusion:
The conclusion is well-written, emphasizing the importance of understanding AI's capabilities and limitations. The call for reader opinions is a good touch for engagement.
Overall, the article is accurate and aligns well with the current capabilities and limitations of AI and ChatGPT. It's informative and provides a balanced view of the potential and pitfalls of AI in the context of get-rich-quick schemes.”
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