Demand for artificial intelligence is growing rapidly, and expectations are growing along with it. We see major technology players promising a revolution in all spheres of life – from medicine to culture. But what’s behind these promises? Is this really a breakthrough, or just another example of an overheated market? Financial expert Chaslau Koniukh separates real shifts from marketing noise.
Artificial intelligence (AI) is one of the loudest topics of recent years in the world of technology and finance. Shares of AI-related companies are skyrocketing, and investors are pouring billions of dollars into AI-based development, infrastructure and products. But along with the euphoria comes the question: are we repeating the mistakes of the dot-com era, when expectations far exceeded actual results?
Optimists vs. pessimists
Proponents of the optimistic approach believe we are only at the beginning of a massive transformation. AI is already changing medicine, education, financial services, as well as manufacturing and logistics. For example, in medicine, AI helps diagnose diseases at early stages, speeds up the development of new drugs, and even optimizes hospital management. In the banking sector, AI can quickly analyze large amounts of data, detect fraud, predict risk and automate customer service.
“Digitalization has become one of the main drivers of change in Ukraine in 2020-2021. Against the backdrop of global digital transformation, the Ukrainian IT sector has not only survived, but has become one of the most dynamic sectors of the economy,” notes financial expert Chaslau Koniukh.
In industry, AI is used to automate processes, improve production efficiency, and reduce costs. In logistics, it helps in forecasting supply chains, reducing delays and risks. So we are not just talking about theoretical possibilities, but about real changes that are already taking place.
At the same time, AI is not without serious challenges. First of all, we are talking about the enormous resources that this technology requires: energy, computational and human resources. Powerful graphics processors, huge data centers, complex infrastructure for data storage and processing – all this requires huge investments. Training the large language models that underpin today’s chatbots and analytics tools requires millions of dollars and thousands of megawatts of electricity.
“Cybersecurity must become a priority for government and business. It requires a comprehensive approach, including investments in security technologies, personnel training and international cooperation in cyber defense,” notes Chaslau Koniukh.
In other words, if AI is the future, it is a very expensive future. Not every country or company will be able to sustain this level of spending, potentially limiting access to the technology.
Should we be worried?
Amid the rapid growth of AI companies’ capitalization, some analysts are starting to draw parallels to the early 2000s – the time of the dotcom bubble. Back then, investors massively invested in Internet companies that had beautiful presentations, but did not bring profits. As a result, many of them went bankrupt and the market collapsed.
However, in the case of AI, the situation looks different so far. Many companies are already demonstrating practical results. ChatGPT, Copilot, Midjourney, Google Gemini, automated customer service systems, generative design – these products are used by millions of people and have commercial potential.
“The real bubble is when a technology has no practical application. In the case of AI, we see demand not only from business, but also from government agencies, education, healthcare,” notes Chaslau Koniukh.
Another important aspect is the geopolitical and economic competition around AI. The development of artificial intelligence is increasingly perceived not only as a business competition, but as a strategic battle between countries. The United States, China, the European Union, India and other countries are investing huge funds in the creation of national models, data centers, supercomputers, as well as in the development of microelectronics.
Ukraine also has an opportunity to become a part of this market. Already today, Ukrainian IT specialists are working on AI projects of global scale, and the government is demonstrating readiness for digital transformation.
“We have a unique human resources potential and technological base that needs to be developed. If we invest in educational programs and local infrastructure – Ukraine can become a regional hub in the field of AI,” Chaslau Koniukh is convinced.
Yes, there is speculation, inflated expectations, inflation of companies’ valuations in the AI market. But the technologies themselves are not a bubble. They are already changing approaches to work, education, healthcare, security, and economic planning.
AI is a complex and expensive tool that takes time to mature. But in the long term, it’s not a fad, it’s the new reality.
“Technology never develops in a linear fashion. First there’s hype, then disappointment, and then steady growth. AI is going down this very path. The only question is who will be able to stay afloat and make the most of this wave,” summarizes Chaslau Koniukh.
For investors, this means one thing: it is time to carefully analyze what exactly you are investing in. It is worth distinguishing between companies that really create value on the basis of AI and those that simply adapt to the trend. For businesses, it’s a once-in-a-decade chance to adopt new approaches, save resources and enter new markets.
“AI is not magic, but a tool. And like any tool, it requires the right application and strategic vision,” reminds Chaslau Koniukh.
Artificial intelligence is already influencing global economies, transforming business and opening new horizons. Is another “bubble” being inflated in this market? Perhaps – at the level of individual assessments. But the fundamental changes that AI is bringing about indicate one thing: it is no longer even a trend, but a point of no return.
