Stock prices are a bubble, but I think AL itself not a bubble. AI is really doing a good job at coding and has really caused millions of people to lose their jobs
Almost every bubble has a solid core of value in there, it just doesn’t match the level of financial investment associated with it.
2007 bubble featured housing as a pillar, and of course housing is highly valued. The internet tech bust of 2000, and clearly the internet had a role to play, even a transformative one, but still a financial bubble.
Here we have a blend of bubble factors:
A shiny new tech with some utility, but unclear precisely how it will shake out and who will endure, like the .com
Dubious institutional lending, similar to the 2007 situation, but with these datacenter operators instead of homeowners
Meme stocks being a sign of a bunch of folks going all in on 1920s style irresponsible investment, going big on margin debt especially
With all those factors in play simultaneously with the impossible magnitude even in relative terms compared to bubbles past… When it pops it’s going to be nasty. We have more understanding and techniques to manage such a case, but they will be strained in unprecedented ways.
I’d be totally happy if that level of retreat from the technology happen. But I’ll at least settle for people to get over the novelty and stop being so obnoxious about it, and for it to stop pushing datacenters to people that don’t want them by corrupting the local governments.
A bunch of companies are panicking and rehiring people because the LLMs are worse, slower, and/or more expensive than people, though. Causing people to lose their jobs doesn’t require it to actually do the jobs better, it just requires CEOs to think that it can replace people, which turned out to be far easier.
Stock prices are a bubble, but I think AL itself not a bubble. AI is really doing a good job at coding and has really caused millions of people to lose their jobs
Some utility does not preclude a bubble.
Almost every bubble has a solid core of value in there, it just doesn’t match the level of financial investment associated with it.
2007 bubble featured housing as a pillar, and of course housing is highly valued. The internet tech bust of 2000, and clearly the internet had a role to play, even a transformative one, but still a financial bubble.
Here we have a blend of bubble factors:
With all those factors in play simultaneously with the impossible magnitude even in relative terms compared to bubbles past… When it pops it’s going to be nasty. We have more understanding and techniques to manage such a case, but they will be strained in unprecedented ways.
Let’s hope for the collapse of AI 😅 , Humanity can live without AI!
I’d be totally happy if that level of retreat from the technology happen. But I’ll at least settle for people to get over the novelty and stop being so obnoxious about it, and for it to stop pushing datacenters to people that don’t want them by corrupting the local governments.
A bunch of companies are panicking and rehiring people because the LLMs are worse, slower, and/or more expensive than people, though. Causing people to lose their jobs doesn’t require it to actually do the jobs better, it just requires CEOs to think that it can replace people, which turned out to be far easier.
Could you please list these companies and compare them by the number of employees laid off because of AI?