According to U.Today, Ethereum founder, Vitalik Buterin, recently discussed a significant issue impeding the progress of artificial intelligence (AI) technology. Buterin, a prominent figure in the crypto industry, addressed the question of whether the pursuit of dominance in the AI market is primarily motivated by financial gain. He acknowledged the role of money in the field but pointed out a key difference: the motivations of venture capitalists who fund AI projects often significantly differ from those of the project founders.
Buterin suggests that many creators and scientists are genuinely passionate about AI development and are satisfied with substantial, though not necessarily astronomical, returns. He identifies a major obstacle - the lack of investors willing to accept lower potential returns. Venture capitalists, who typically manage large investment funds on behalf of others, often prioritize projects with the potential for exponential growth, aiming to turn millions into billions. This focus on high returns can create a funding gap for promising AI projects with founders who prioritize progress over exorbitant profits.
The AI sector is currently a hotly contested battleground. Tech giants like Google and Microsoft are investing billions in research, developing innovative models for natural language processing and computer vision. AI start-up funding rebounded in Q1, 2024, with $12.2 billion invested in 1,166 deals, a quarter-on-quarter increase. However, OpenAI's massive $10 billion-plus funding round from Microsoft in Q1 last year remains the largest investment to date.