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Joined 3 years ago
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Cake day: June 19th, 2023

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  • There’s a financial bubble and a mental bubble. They are related and feed each other but they are not the same and might not blow up at the same time.

    The Market, according to the article, isn’t losing its faith in AI as the Ultimate Technology (the mental bubble or “AI psychosis”). It’s just questioning its belief that one or two companies might be able to squeeze massive profits out of it (the financial bubble).

    Investors thought one AI winner would emerge relatively quickly, a new SuperGoogle or HyperAmazon that would make all the money in the world by providing access to AI to every other company. The AI winner would then gleefully enshittify their product while making it more expensive over time, eventually turning huge profits (even including the Trillions of investment spent to get there).

    Now, with multiple companies that are offering an almost equivalent product and are forced to compete on price while already bleeding billions every quarter, everyone might just run out of money before the winner is declared. Not a scenario many are willing to invest in.

    But the idea that AI can do everyone’s job or give anyone 100x superpowers will still be out there. And all the CEOs and CTOs who thought they would look like thought leaders if they bet everything on AI will not easily change their minds all at once. They will still be easy marks for the next snake oil salesman, selling them a product based on cheap, less powerful models or whatever they can insist can still perform the 100x miracle at an actually bearable cost.

    Some might actually be useful products, it’s just that if the mental bubble, overinflating what AI can do doesn’t blow, they can still be sold way above their actual worth.














  • I don’t get it. Ok, so you are willing to do away with safety, legality and basic human decency to attract capitals to your country. Fair enough.

    But then why not drugs? Drugs are almost as addictive as AI and create less damage to the environment. But above all, unlike AI, drugs are very profitable, even if they face a harsh regulatory environment.

    Give it some thought, Milei. True, you like theatrics and the Sinaloa cartel are not as cartoonishly evil as Thiel (they are probably more standard business-like evil) but I’m sure you can work out some effective PR stunt with them too.