But it's also way worse than cryptocurrencies, because all the big actors are pushing it relentlessly, with every marketing trick they know. They have to, because they invested insane amounts of money into snake oil and now they have to sell it in order to recover at least a fraction of their investments. And the amounts of energy wasted on this ultimately pointless performance are beyond staggering.
It depends on how they're marketed and what's the prevailing opinion. If we believe LLMs are true, genuine intelligence then yes, I'd say that's snake oil.
But it's also way worse than cryptocurrencies, because all the big actors are pushing it relentlessly, with every marketing trick they know. They have to, because they invested insane amounts of money into snake oil and now they have to sell it in order to recover at least a fraction of their investments. And the amounts of energy wasted on this ultimately pointless performance are beyond staggering.