cross-posted from: https://lemmy.world/post/44116850
The insane AI push is purely driven by fear of being left behind.
No one is actually stopping to ask whether it is all worth it.
25% of CEOs know they’re throwing money away, but can’t stop because 100% of CEOs are throwing money away.
Are you really a rockstar CEO if you’re not throwing money away like all the other CEOs are throwing money away? In fact, you better throw it away harder.
And in larger quantities 🤣
As long as it bursts after the bonus clears
It’s not driven by fear, it’s arrogance. They think they won’t be caught holding the bag. They continue investing because the stock will continue going up because people keep investing. It’s purely speculative gambling. No one in this entire industry cares if it ever turns a profit. Pichai just got a $692M payday, despite not gaining a single dollar of profit from AI.
This is mostly true for CEOs of for-profit corporations. But there are plenty of government orgs and non-profits also going hard on AI. They are afraid of falling behind and are trying to “make fetch happen” even though they don’t really have an answer for what AI will do for them.
This tells me that each of them believes he alone is the stable genius master of the universe who will get out with exactly the right timing. Which is actually just another way of stating something I already knew: that they are psychopaths.
No one is stopping to ask whether it’s all worth it? … Actually, I think millions of us make comments to that extent every day. We’re kind of upset that these scam artists are dominating the stock market enough to fuck with our retirement plans. If the rich people were gambling with their own money, that would be stellar. But they aren’t. And… I sure wish we could stop them.
And… I sure wish we could stop them.
Most 401k plans have some options that can reduce or eliminate stock owned in the biggest tech companies, at least.
Selling any “Large Cap” or “Full Index” stocks, and buying into a Mid-Cap Index should drastically reduce ones 401k’s risk from and participation in the current tech bubble.
The problem with betting against it is that “the market can remain irrational longer than you can remain solvent”
So ignore it. Invest in companies that do actual material things that make money, and ignore the scams and bubbles. Am I missing something?
Am I missing something?
Just fear of missing out on the bubble rising higher before popping, assuming magical luck to get off the ride at the perfect moment.
In other words, idiocy. Idiocy is what you’re missing.
Wise to keep missing it, if you can.
Yeah, the people in charge are gobsmackingly stupid.
You would fire any employee for this level of incompetence. For some strange reason meritocracy doesn’t exist at the leadership level anymore when that is the most important place for it.
Every company still investing in AI knowing their is no return should be broken up and disbanded at this point for gross financial negligence.
one in five CEOs said they expect to make job cuts this year, though only 9% of those said they expect the layoffs to be the result of AI adoption.
An actual number. Nice to see a little honesty.
That figure seems optimistically low, given the role the technology has played in job cuts at…
Here we go.
Block
A company owned by a cryptocurrency and “current thing” enthusiast Jack Dorsey
Meta
Literally an AI company
Amazon
Pinterest,Autodesk, and many others.
Yeah sure
The dot-com bubble burst, but…well, it got better.
Of course there were some casualties (famously pets.com), but Microsoft, Cisco, Intel, Amazon…yeah they got their clock cleaned at the time, but long term they were pretty successful.
It’s more because of imbecilic investors. You can’t get 5 euros to do something useful, but you can easily get 10 if you commit to throwing 5 down the AI drain.
Oh they’re finally admitting it? Ok, so we’re at least seeing progress that it is in fact a bubble. So we’re along the bubble highway. How much longer before the rich get tired of throwing that money away?
From the low/high IQ bell curve meme… “I’m smart enough to sell before the bubble bursts”
So the MOFOs have FOMO?
Just YOLO until FAFO.
You never know at what stage of the bubble you are. Will it burst in one year or five?
