--- title: "CEO of Google DeepMind Says AI Industry Full of Hype and Grifters" description: "Swiper, No Swiping Talk about the call coming from inside the house! In an interview with The Financial Times, Google DeepMind CEO Demis Hassibis likened the frothiness shrouding the AI gold rush to that of the crypto industry's high-dollar funding race, saying that the many billions being funneled into AI companies and projects brings a […]" date: "2024-04-01" modified: "2024-04-01" authors: - name: "Maggie Harrison Dupré" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/mharrison" url: "https://futurism.com/the-byte/google-deepmind-ai-hype-grifters" categories: - "Artificial Intelligence" - "Google" tags: - "ai" - "DeepMind" - "google ai" - "the digest" --- # CEO of Google DeepMind Says AI Industry Full of Hype and Grifters ![Google DeepMind CEO Demis Hassibis likened the hype shrouding the AI gold rush to that of the crypto industry's high-dollar funding race.]() *\Image: Samuel de Roman via Getty / Futurism\* ## Swiper, No Swiping Talk about the call coming from inside the house! In [an interview with *The Financial Times*](), Google DeepMind CEO Demis Hassibis likened the frothiness shrouding the AI gold rush to that of the crypto industry's high-dollar funding race, saying that the [many billions]() being funneled into AI companies and projects brings a "bunch of hype and maybe some grifting and some other things that you see in other hyped-up areas, crypto or whatever." "Some of that has now spilled over into AI," the CEO added, "which I think is a bit unfortunate." Hassibis also argued that in addition to creating ideal grifter conditions, the hype around AI may be distracting from the real innovations happening throughout the industry. "It clouds the science and the research, which is phenomenal," Hassibis told the *FT*. "In a way, AI's not hyped enough," he added, "but in some senses it's too hyped." ## Overeager Given the financial devastation wrought by heavy-handed crypto funding and the industry's [subsequent crash](), it's fascinating to see one of the AI world's biggest executives make the comparison. But according to other experts, [an AI bubble could indeed be looming](). And as that bubble swells, it seems that Hassibis is positioning himself as one of the adults in a Hype Bro-packed room. The CEO's grifter analysis is likely informed by DeepMind's already significant legacy in the AI realm. Founded in 2010, DeepMind sent major waves through the AI industry in 2016 with the [success of AlphaGo](), making history once again in 2021 when it [unveiled AlphaFold]() — a game-changing AI that [solved]() the longtime biochemical mystery known as the [protein-folding problem](). Google acquired the London-based company in [April 2023](). To Hassibis' point, although text and image-creating generative AI tools like OpenAI's ChatGPT are certainly dominating the public conversation, AI is a diverse field. While many startups are essentially just infusing an OpenAI API into a [half-baked product]() and calling it a company, others are doing incredibly cool things, like using machine learning to help quadriplegic patients [move their arms again]() or aid in [scientific]() and [medical]() discovery. But the spaghetti-at-the-wall style with which cash is being poured into startups [without clear monetization paths]() certainly opens the door to scams and crashes — and it would be a shame to see real innovation suffer because of overeager venture capitalists. "I think we're only scratching the surface," Hassibis told the *FT* of AI's scientific potential, "of what I believe is going to be possible over the next decade-plus." **More on AI hype:** [*Experts Concerned by Signs of AI Bubble*]() ## Author At Futurism, I've reported extensively on the rise of AI as a cultural and business force shaping the media industry, and more broadly how those dynamics are changing how we all consume and share information and relate to one another. I'm also fascinated by public health policy and ethics, the role of emerging tech in politics and governance — and the powerful people and forces at those intersections — climate change, and the environment. My investigation on Sports Illustrated's use of AI-generated authors with fictional biographies won a 2024 Mirror Award for "Best Story on Media Coverage of Artificial Intelligence in Journalism and the Media" from Syracuse University's SI Newhouse School, I contributed to Niemen Lab's 2025 Predictions for Journalism series, and I've discussed my work for Futurism during appearances on NPR, CNN, the BBC, the CBC, and more. I grew up in rural Pennsylvania and attended the University of Massachusetts Amherst, where I played Division I field hockey for the Minutewomen as a midfielder. Since then, I've lived in New Orleans, Louisiana and Manhattan, New York. I spend my free time running, reading, perusing archival fashion, and searching for the world’s best negroni. I also have a debonair tuxedo cat, Westley, who's named after "The Princess Bride." ### Author social links [Bluesky]()