JPMorgan warns that an AI bubble is brewing
markets.businessinsider.com
markets.businessinsider.com
https://news.ycombinator.com/item?id=36866885
So who is to say their other financial stories aren't being paid for by someone.
When dumb money (that's an actual term used) starts to FOMO into cryptos, it's always because it got hyped by the media ... and when that happened, smart money cashes out, crashing the price. The FOMO is always caused by media and this must be true, because otherwise these people would have already known to invest.
One can not ever trust a source that doesn't actually write for its audience.
There are enough lemmings out there, who do as some perceived authority tells them to, that it's legitimate to say that mainstream financial media controls the flow of money of millions. This isn't even restricted to financial media. Regular newspapers have the same effect. Sometimes it just takes a simple oneliner:
"Bitcoin crushed its AllTimeHigh!"
Tangentially related: Jim Cramer, a Big Money shill.
For instance, the dot com crash may have happened, but it was just expecting too much too soon. The actual technical developments are worth much more now than they were at the time of that crash. You could say, people got cold feet and invested in the wrong companies (and sold valuable companies).
The problem is investment in random AI things, but we know the technology is valuable.
Concentration in large companies feels much less risky than investment in small companies that don't have established business models.
NFT bubbled up, even if only short-lived. Crypto is still bubbling sometimes I guess. Metaverse...? Crickets from what I've seen.
AI is a bit different in that it already provides tangible value. E.g. automatic translation is now better than most amateur translators, but still can't beat professional translators. However this was enough to kill my friend's technical translation business. Since most foreign companies don't care that much about the nuance of what's written in their user manuals.
I think AI is already disappointing people on other fronts though. So we'll see how much value can be derived from it. But it's not 0.
Any good ai scientist knows that research on ai is not sufficient and spent yield interesting results, so probably very little to no innovation will come out.
Meanwhile, the climate is getting worse and all this brainpower could be used on nuclear power, agriculture, construction, building trains... It's the same problem when people would go work on wall street instead of studying physics, it's a huge waste.
Humans are not fungible. The ways humans are paid are not fungible.
The vast majority of people have no idea what kind of company they'll work for when they get an education. Incidentally, the physicists need engineers to design and build the computers that crunch their numbers, and write the software that orchestrates all that. And those engineers need business folks counting beans so they can get paid and enjoy company benefits.
My dad used to say that it takes all kinds of people to make the world go round. Make no mistake that "all this brainpower" is for the people who have the brains to decide what to do with, and there's enough billions of us that it mostly works out.
If you want to get upset about wasted brainpower, think about all the intelligent folks who are caught in a cycle of poverty, or do not have opportunities because of their disabilities or family obligations, or even social status in some places.