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They already work. AlphaFold is just transforming an industry. And runway will be a game changer for Hollywood. Udio and Suno are disrupting the music industry. And this are only some of the innovations that came up in the last 2 years. We live in interesting times.

btw. yesterday I came across withpretzel.com, this is a revolution for working interactively with supercomputers and jupyer.

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Something can be significant and overhyped at the same time. I don't have a strong opinion about any of the companies you listed but if you look at the markets they are targeting they aren't very big. Runway, for example, seems to be targeting a similar market as Industrial Light and Magic. Its parent company (Lucasfilm) was purchased in 2012 for ~$4 billion. You need a lot of billion dollar companies to justify the current AI hype, and if AI is used incrementally to serve existing markets (as all those examples are), then most of its success stories will be smallish.

Maybe in aggregate all those moderate successes justify the valuations of Nvidia and the cloud providers but so far there is no massive AI use case, just a lot of little improvements.

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