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AI bubble could burst and take global economy with it, IMF warns
(www.theregister.com)
"We did it, Patrick! We made a technological breakthrough!"
A place for all those who loathe AI to discuss things, post articles, and ridicule the AI hype. Proud supporter of working people. And proud booer of SXSW 2024.
AI, in this case, refers to LLMs, GPT technology, and anything listed as "AI" meant to increase market valuations.
Rules:
If so, the technobros did this. The technobros should receive most of the consequences. There should be dire consequences but we all know who will receive most of that. The system is broken.
in a sane world. in this world, where the system is working as intended, tech bros will reap rewards at our expense. hopefully the working class response will be of a scale commensurate with the scale of the injustice.
I'll stand with you! ✊
Sorry. The techbros will get bailouts. Its the pensioners that will starve.
It's the pensioners who made most of the money from NVDA and MU price graphs going vertical anyway. Friendly reminder that people over 55 own 73% of the US, much of it via index fund based retirement funds and such. Isolating just the boomers, they own 8x more wealth than billionaires (though there's a fair bit of overlap of course, with a lot of billionaires themselves being boomers). Total over 50% of the US (including everything from cash to real estate to stocks) is owned JUST by the boomer generation.
Which is not to say the techbros aren't the problem, but in absolute dollar amounts, they're not actually the biggest beneficiaries - only per person did they make more money off this. Not as a class.
That's why the techbros made sure to buy the politicians.
This will be like 208-2012 but this time around it's the techbros businesses which will be deemed "Too big to fail" and get saved with public money and the central bank printing money to buy their bonds, whilst everybody else pays for it with Austerity.
*Techbros
Remembet that they don't have the money to do it. It's also investors to blame.
Oh absolutely, investors doing no due diligence on their part is complicity.
you will have to dish out those consequences otherwise it won't happen.