Comment by toephu2
Comment by toephu2 2 days ago
The media always says AI is the biggest technological change of our lifetime.. I think it was the internet actually.
Comment by toephu2 2 days ago
The media always says AI is the biggest technological change of our lifetime.. I think it was the internet actually.
Can I ask why you would be looking forward to the stock market crashing? Vindication?
Who benefits from high stock prices?
Certainly not people regularly buying stocks or stock ETFs/Funds.
I suppose if you’re operating on the assumption that tech stocks are vastly overinflated then this makes sense. Otherwise I would expect the people that are regularly buying these securities would be happy that they’re increasing in value, no?
With stock prices divorced from reality, the ones who benefit are the having the funds to buy in volume, the gamblers, and the ones hyping the stocks and creating the illusion of profitability and growth. Years ago it would have been unthinkable to have so many unprofitable companies with unclear path to profitablility having such a high valuation, but we have normalized frenzied gambling as a society.
The current absolute balloon of a market is about to pop, and sadly, the people who hyped the stocks are also the ones knowing when to jump ship, while the hapless schmucks who believed the hype will most likely lose their money, along with a lot of folks whose retirement investment funds either didn't due their diligence or were outright greedy.
In a way, as a society we deserve this upcoming crash, because we allow charlatans and con people like Musk, Zuck and Sam to sell us snake oil.
I’d say that the social media revolution had a bigger effect than AI has at this point.
I guess we will know when we are in the Facebook era when my parents start using it.
That is a genuinely fair take. I agree
Social media was a quality of life upgrade where it wasn't promising too much, and it delivered on what it promised. (maybe a little too much)
AI on the other hand just like blockchain feels like hype.
Social Media is basically what enabled me to actually be social during the Friendster/Early Myspace era. It helped me get to know people I'd met in real life, and meet other people within the city I lived in.
Now if you're not on linkedIn, people question whether you are a real person or not.
I hope AI ends up like blockchain. It's there if you have a use-case for it, but it's not absolutely embedded in everything you do. Both are insanely cool technologies.
The media was saying nfts are a reasonable investment and web3 is the future, so I am not sure if they have any remaining credibility.
We are at the awesome moment in history when the AI bubble is popping so I am looking forward to a lot of journalists eating their words (not that anybody is keeping track but they are wrong most of the time) and a lot of LLM companies going under and the domino crash of the stocks of Meta, OpenAI to AWS, Google and Microsoft to Softbank (the same guys giving money to Adam Neumann from WeWork).