Ex-Google CEO Eric Schmidt says AI isn't overhyped — the biggest gains from automating corporate work are still ahead (www.businessinsider.com)

Former Google CEO Eric Schmidt recently asserted that the potential of AI technology remains largely unrecognized, claiming it is "under-hyped" rather than overhyped. In a discussion at Harvard University, he emphasized that significant advances in AI are still forthcoming, particularly in automating routine corporate tasks such as billing, accounting, and supply chain management. Schmidt pointed out that these "boring" processes consume substantial resources and are ripe for transformation through automation, indicating that sectors like medicine, climate solutions, and logistics have immense, untapped potential for breakthroughs using AI. While some economists express concerns about an AI bubble, Schmidt contends that the real disruptions brought on by AI have yet to unfold. He noted the rapid progression of AI capabilities, including the ability to generate entire software programs, and stressed that this transformation is poised to extend well beyond coding. According to Schmidt, the economic impact of AI will likely exceed current market expectations, as businesses seek to streamline their operations by automating foundational tasks. This perspective serves as a call to action for the AI/ML community, suggesting that the most profound changes are just on the horizon.