Part of me feels the fact that EVERYONE is saying that there’s a huge AI bubble makes me wonder if there’s actually a possibility there isn’t an AI bubble. Because I was around for the dot com and GFC bubbles and no one (not really) saw those coming. Also, China is pretty much doing everything right these days, and they seem to believe in AI too.
And I’m not against AI in any and all forms. Like, I think there’s huge potential in translating foreign languages. I think it would be cool if people could talk in their native languages but have AI translate things perfectly - which I understand is something AI can do. There are some simple functions in my job (like searching through and summarizing things from our very massive list of policies). But even thinking about the absolute best case scenarios for AI, I can see how the current expectations are even close to what the reality can be.
So what is the argument that we’re not in a bubble, even if we don’t actually believe it?
I think the whole thing is a bubble, but it is a bubble of the whole US economy that is manifesting as a bubble in AI because that’s the hype new industry.
Also, the bubble won’t “pop” in exactly the way that people think it will. It’s a complex system with many powerful vested interests involved. Even the GFC from 2007-2009 involved many interlinked crises that played out over years.
We might already be living in what future historians will call “the fuckening of 2025” or something.