Has the importance and impact of artificial intelligence (AI) been overhyped? What is meant by an AI winter? The benefits and reach of developing technologies are often oversold. The same can be said for AI, which has had many cycles of boom and bust. Huge promises are made, and we are told AI is going to impact every part of our lives. This leads to a surge in investments and many new companies with AI in their name. Almost inevitably, when it is realised that promises can’t be delivered and things take longer than expected, the investment and enthusiasm reduce significantly, leading to an AI winter. There have been three major AI winters previously, 1966, 1974 and 1987.