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The AI bubble is so big it's propping up the US economy (for now) (www.bloodinthemachine.com)
submitted 1 year ago by to c/technology@lemmy.world
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[–] 51 points 1 year ago (4 children)

I feel like literally everybody knew it was a bubble when it started expanding and everyone just kept pumping into it.

How many tech bubbles do we have to go through before we leave our lesson?

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  • [–] 43 points 1 year ago (3 children)

    what lesson? it's a ponzi scheme and whoever is the last holding the bag is the only one losing.

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  • [–] 9 points 1 year ago

    Plus everyone else that pays taxes as they will have to continue to pay for unemployment insurance, food stamps, rent assistance, etc (not the CEOs and execs that caused it that's for sure).

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  • [–] 5 points 1 year ago

    And that's why it's being done. Everyone hopes that they make it out at just the right time to make millions while the greater fools who join too late are left holding the bag.

    Bubbles are great. For those who make it out in time. They suck fo everyone else including the taxpayer who might have to bail out companies and investors.

    Always following the doctrine of privatizing profits and socializing losses.

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  • [–] 18 points 1 year ago* (1 child)

    I get that people who sell AI-services wants to promote it. That part is obvious.

    What I don't get is how gullible the rest of society at large is. Take the norwegian digitalization minister, who says that 80% of the public sector shall use AI. Whatever that means.

    Or building a gigantic fuckoff openai data centre, instead of new industry https://openai.com/nb-NO/index/introducing-stargate-norway/

    Jared Diamond had a great take on this in "Collapse". That there a countless examples of societies making awful decisions - because the decisionmakers are insulated from the consequences. On the contrary, they get short term gains.

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  • [–] 3 points 1 year ago

    We know that our current way of economic growth and consistent new "inventions" is destroying the basis of our life. We know that the only way to stop is to fundamentally redesign the social system, moving away from capitalism, growth economics and ever new gadgets.

    But facing this is difficult. Facing this and winning elections with it is even more difficult. Instead claiming there is some wonder technology that will safe us all and putting the eggs in that basket is much easier. It will fail inevitably, but until then it is easier.

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  • [–] 1 point 1 year ago (1 child)

    the ceos, C-SUITES and some people trying to get into CS field are the one that believe in it. i know a person who already has a degree, and sitll think its wise to pursue a GRAD degree in the field adjacent or directly with AI or close to it.

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  • [–] 1 point 1 year ago

    A grad course in AI/LLM/ML might actually be useful. Its where my old roommates learned about Googles Transformers and got into LLMs before the hype bubble in 2018.

    Home might get ahead of the curve for the next over inflated hype bubble and then proceed to make unearned garbage loads of money and have learned something other than how to put ChatGPT in a new wrapper.

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