The (economic) AI apocalypse is nigh
5 hours ago
- #tech criticism
- #economic collapse
- #AI bubble
- The AI economic bubble is driven by monopolists with no growth potential, pivoting to AI to attract investors.
- AI companies have unsustainable 'dogshit unit-economics,' with each generation being more expensive and less profitable.
- The Wall Street Journal reports that the AI bubble is larger than historic economic bubbles, with catastrophic finances.
- AI companies engage in funny accounting, like Microsoft and OpenAI's circular 'investments' and revenue bookings.
- AI's profitability hinges on unrealistic revenue targets, like $800 billion in services or $2 trillion by 2030.
- Most companies using AI see no benefits or losses, and AI has no significant impact on workers' earnings or hours.
- The AI bubble will burst, leading to economic collapse, with no viable government intervention likely under current leadership.
- Post-bubble, there will be opportunities to buy cheap GPUs and hire skilled statisticians for open-source AI models.
- AI is a normal technology, not a path to superintelligence, but its investor mania will cause widespread economic harm.
- The most critical issue with AI is the investor-driven mania, not its technical capabilities, which will impoverish millions.