The Great AI Confidence Trick
The shopping app Nate promised something irresistible: buy anything from any online store with a single tap, powered entirely by artificial intelligence. Neural networks that “understand HTML and transact on websites in the same way consumers do,” founder Albert Saniger told investors. The pitch worked spectacularly. Between 2019 and 2021, Nate raised approximately $42 million from venture capitalists hungry for the next AI breakthrough. There was just one problem. The actual automation rate of...
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