posted in Technology
AI Bubble Teetering on the Brink as OpenAI Admits to Massive Financial Failure: A $20 billion setback.
futurism.com/future-society/ai-financial-bubble-openai-billions-failure
Replying to @eicker@lemmy.world
After the initial dot com boom and bust (remenber pets.com?) I remember being told laptops and desktops were dead and we’d all be using tablets. Metaverse, google glass, self driving vehicles real soon, theranos will transform health care, NFTs, crypto. And now AI. Its all just a repeating toilet bowl swirl of empty speculation, exactly like a casino. And not a single one of those things came to much. I wonder if AI will leave much progress behind when it implodes. Maybe this time itll be different?
Replying to @kreskin@lemmy.world
Technology investment bubbles have existed since at least the industrial revolution kicked off. Tons of airlines went bankrupt in the early days of air travel, for example. I don’t know anything about it but I assume the same thing happened with trains and a gazillion other technologies that actually are pretty cool.
Marx pointed out that capitalism needs periodic cycles of capital destruction, and here we are…
Replying to @NotEasyBeingGreen@slrpnk.net
en.wikipedia.org/wiki/Railway_Mania
Railway Mania was a stock market bubble in the railway industry of the United Kingdom of Great Britain and Ireland in the 1840s. It followed a common pattern: as the price of railway shares increased, speculators invested more money, which further increased the price of railway shares, until the share price collapsed. The mania reached its zenith in 1846, when 263 Acts of Parliament for setting up new railway companies were passed, with the proposed routes totalling 9,500 miles (15,300 km). About a third of the railways authorised were never built—the companies either collapsed because of poor financial planning, were bought out by larger competitors before they could build their line, or turned out to be fraudulent enterprises to channel investors’ money into other businesses.[