Neural nets have been around for quite some time. They have become popular only in the last few years. How come?

Neural nets have been around for quite some time. Why are they working now?

Geoffrey Hinton quickly addresses the question in his 'talk':https://www.youtube.com/watch?v=IcOMKXAw5VA&feature=youtu.be&t=21m29s

Here's a slide from Geoffrey Hinton's talk that addresses this question:

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Watch the entire talk!
 

I recommend the whole talk
https://www.youtube.com/watch?v=IcOMKXAw5VA&feature=youtu.be&t=21m29s

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