It’s a safe bet that more people have used the generative AI tools in Canva’s products than those from any other Australian company. But the company’s co-founder, Cliff Obrecht, has a warning: “The AI honeymoon is over.”Last week, image generation company Stability AI lost its chief executive amid reports of chaotic management and insufficient revenue. The week before, chatbot company Inflection AI was essentiallyin what looked a lot like a bailout of its investors including Bill Gates.
But in the same period, Amazon has put another $US2.75 billion into AI start-up Anthropic, Microsoft and OpenAI are spending $US100 billion on a supercomputer to train new AI models, and Nvidia is on a. Even shares in Reddit, the chronically loss-making social network, soared on debut because of hopes it could sell its data to AI companies.It’s helpful to think of the AI industry in layers. At the bottom is Nvidia and other chipmakers responsible for creating the hardware that runs AI tools.
And then the final layer. These companies require the least capital and technical skill to build. Or they could be an existing firm that wants to cloak itself in AI gauze. “I think they’re still valued very highly and should be and will continue to do incredibly well,” he says. We agree. On wrappers, Obrecht’s argument looks more compelling than Scevak’s. The reason is that incumbents can apply the same AI tools as newcomers, but with greater scale and abutting tech that makes the AI more useful.
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