Barely a day goes by without excitement about artificial intelligence (AI) sending another company’s market value through the roof. Earlier this month the share price of Dell, a hardware manufacturer, jumped by over 30% in a day because of hopes that the technology will boost sales. Days later Together AI, a cloud-computing startup, raised new funding at a valuation of $1.3bn, up from $500m in November. One of its investors is Nvidia, a maker of AI chips that is itself on an extended bull run. Before the launch of ChatGPT, a “generative” AI that responds to queries in uncannily humanlike ways, in November 2022 its
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