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Comment by chuckadams | Hacker News Reader

The argument seems to be that Metaverse was a flop and FB did bad stuff, therefore AI will be a flop.

That's certainly ... words.

The more charitable take is that Big Tech has a track record of branding the 'future' primarily to manufacture FOMO, only for the reality to fall significantly short of the hype.

The author could have made that argument, if she had wanted to, but the actual piece as written does not make it. There’s very little discussion of AI being overhyped in some concrete way, and quite a lot of discussion of various bad deeds committed by “tech” and “tech billionaires”.

Some articles are concern trolling. Otherwise would have touched on circular investments.

The argument is that Metaverse, as presented by its billionaire promoters as a paradigm shift, even though the public hated that vision, was a flop, therefore AI as presented by its billionaire promoters as a paradigm shift will be a flop, because the public hates that vision.

That’s fine but it’s about perception, argument and sentiment. It’s not about the actual technology, which has the final say.

Market has the final say, not tech. If no one uses/buys the tech, as investor or customer... it won't feed anyone.

Sure, but the market is often bamboozled in the short term. Hence crypto stocks and Super Bowl ads about nfts. The “market” was 100% wrong about the long term value of the tech.

My point was that what a bunch of people say about tech is forgotten over time and the actual value of the tech emerges. You want to describe that in market valuation terms, fine.

She says something more structural than that: there's a pattern, sold by the same people, with the same contempt to social consequences and democratic rules: GenAI, multiverse, NFTs, cryptos; what else next?

Incidentally, each "wave" justifies massive investment in the same technology: GPUs, for transformations that do not materialise _at scale_.

That raises the questions: why? Who captures the value? Who bears the cost? Why are we always skipping the audit? What happens when the "GPU bubble" bursts?

Anti-tech critics love to cherry-pick overhyped tech from the past and then pretend like it was the only technology investments occurring. It's always the same story about crypto, NFTs, multiverse, then they draw a line to the new thing.

Rewind the clock further and the contrarian play was to talk about how WebVan and Pets.com failed, proving that internet commerce was a fad that was going away. There were so many identical stories about how dumb investors were to be spending money on e-commerce after Pets.com and WebVan proved that nobody wanted to shop online and that delivery was unworkable.

More recently I remember the endless stories about how ride sharing was going to fail and Uber and Lyft were going to disappear after the VC money ran out. There were blogs just like this one predicting that those dumb investors were going to lose all their money on such a stupid idea.

This type of contrarian reporting always operates on a sliding window of recent failures, trying to convince you that the current thing they're on about is identical to past failures

These articles get traction on HN, but when I read them there isn't a coherent argument inside. It's just a collection of different headlines and stories meant to imply that AI is bad across the board and nobody wants it, but there isn't an argument being formed. It's appealing to those who already have the conclusion in mind, but there is no convincing argument in this post

Uber is a very bad argument. In many parts of the world, the only reason they're profitable is because they're breaking the law. There has been much debate about it here in France and quite a few scandals, including how Macron when he was ministry of economy (before he became president) counseled and favored Uber to break labor law [1].

The government and courts are currently arguing whether Uber is legally the employer of the drivers [2], but that's not very debatable to be honest given the very clear subordination of drivers to Uber (one of the many criteria for a contractor to be legally reclassified as an employee).

They have taken all the power and benefits, and discarded all of the responsibilities and risks associated with employment. That's a strategy that only pays off through political corruption, and not a clear example that their profits are somehow unavoidable and that investing in Uber 10 years ago was wise.

Otherwise, investing in the mafia's drug trades might also be a lucrative opportunity. Which does not make it moral, nor a safe bet.

[1] https://www.bbc.com/news/business-62057321

[2] https://www.lemonde.fr/en/france/article/2026/02/02/france-d...

While I agree with you I feel your comment is moving the goalpost. The question was whether an new "disrupting" tech solution was going to be a flop or not. I think the question of whether the new thing is or should be legally constrained is yet another (interesting!) question.

Correct! My whole point was that whether that's a flip or a flop also depends on the legal environment and whether the law is actually enforced. Which is also applicable to AI and its massive copyright/copyleft violations at scale (whether or not that's legitimate or useful is yet another interesting question).

You could subtract out the French market and Uber would still be profitable.

Rebutting anti-tech arguments is hard because there's always another round of whataboutism to move the goalposts a little further.

My argument is that "tech is perfect and completely without fault". I was rebutting the arguments (more accurately, lack of a real argument) in this anti-tech blog post.

That blog post was definitely not anti-tech. Maybe you're not familiar with this term. The post was critical of technology from a social/political perspective (with arguments), as were the luddites, but that's not anti-tech.

Anti-tech primitivists [1] exist, though a minority on the political spectrum. I don't agree with your argument, but it may be more convincing without making a strawman of the original blogpost.

[1] https://en.wikipedia.org/wiki/Anarcho-primitivism

That's kind of proving my point here.

E-commerce succeeded, but not in the form Pets and WebVan proposed, and not in the timeline their investors needed.

The question is not: is it useful, but (as any investor asks): does this bet, at this valuation, deliver what it promises, in time? That's the audit we need.

When the bet distorts global semiconductor supply chains, displaces workers, and rides on mass IP infringement... skepticism looks more like due diligence than contrarianism.

A few early companies failing to find product-market fit before the money runs out doesn't prove anything, other than that early stage startup investing is hard.

Webvan and Pets.com were held up as proof that e-commerce couldn't work at all because nobody wanted it. What really happened is that we now have e-commerce at a scale that WebVan and Pets.com couldn't even dream of.

Pets.com now goes to PetSmart.com which does basically what Pets.com was trying to do and has a successful business out of it.

If your point is "some early investors will lose their money" then I agree wholeheartedly. That's not a novel claim, though. It's also not what the blog post is arguing.

Right, but PetSmart was an existing retailer that added e-commerce, not a startup burning VC money on an unproven model: the tech worked, the hype-driven bet didn't.

GenAI has its uses. That it will transform everything for everyone, and that this justifies to dump laws and people, that's the part that deserves hard-earned scrutiny.

Calling the catastrophic dotcom bust that imploded ~50% of internet companies and caused a ~90% drop in combined market valuation for the remainder and nearly wiped out market leaders like Sun Microsystems and Cisco merely as side effects "A few early companies failing to find product-market fit before the money runs out..." is a very peculiar take.

Nothing peculiar about it. You’re making the same category error as the blog: Trying to equate the failure of a few companies with the failure of a technology.

You’re also trying to include companies which did not fail in your argument about the dot com bubble. Cisco is a very large and thriving company today and networking equipment is everywhere. Why would you use that as an example?

I don’t think the “GPU bubble” will burst, because linear algebra is widely applicable. It’s no particular mystery that GPUs have found universal applications. I feel sympathetic towards your first paragraph, but there is no conspiracy behind the success of GPUs.

I don't mean burst like that (neither a conspiracy), rather a striking coincidence: there are huge applications for GPUs, true.

But the inflation of expectations and investments in them because of GenAI, when this inflation bursts may impact everything and everyone.

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