We're in the AOL phase of artificial intelligence, tech CEO says, as industry raves about A.I.

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Sachin Dev Duggal, CEO of Builder.ai, said we've only just begun to see what's possible with AI and that the space is in need of a reality check.

"AOL made the internet easily understandable for folks. BlackBerry made messaging understandable," said Duggal. "At one point it was the most popular device, and people were queuing up to get the phone. It was the Apple of its era."

But, he added that the technology is surrounded by hype. "It's got people freaked out for no reason." However, it has also proven ineffective at some tasks, such as solving math problems. The chatbot also has a limited understanding of context — especially sarcasm and humor.

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