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Have we reached the (Generative AI) peak?

I've seen a lot of people asking "Where are we on the S-curve?" about generative AI. Manager types like using (usually bad) maths analogies, but basically new technology is often adopted very slowly (most people haven't heard about it yet), then very quickly (it goes viral), and then slowly again (as it finds its niche).

If we assume the same for generative AI, then the question everyone is asking is where are we one this curve? If we're at point 1, a lot more change is coming. If we're at point 2, then we've seen most of the change already.

I've had the feeling over the last few weeks that the hype is dying a bit.

If we look at some Google Trends graphs (not very scientific, but often directionally correct as a measure of global interest in a topic), they support this notion.

Of course, it's impossible to know if this is just a temporary small blip before this stuff really takes off, but it's looking like at least on some scale a honeymoon phase is ending.

What do you think?