John Ruffolo: AI hype is calming down for now

One of Canada’s top venture capitalists believes the hype surrounding artificial intelligence is calming down, but a few factors could have it ramping back up soon.

John Ruffolo, founder and managing partner of Maverix Private Equity, told BNN Bloomberg the investment in AI infrastructure – OpenAI for example – are less exciting because only a few companies will succeed.

But firms using that are actually using the AI infrastructure have investors interested, he said, despite their infancy.

“The interesting area for me is at the application layer, this is the layer where they’re actually doing things for companies and making their businesses more effective,” he said in the television interview.