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"The collapse of the #AI bubble is going to be ugly. Seven AI companies currently account for more than a third of the #StockMarket, and they endlessly pass around the same $100bn IOU.

AI is the asbestos in the walls of our technological society, stuffed there with wild abandon by a #finance sector and #tech monopolists run amok. We will be excavating it for a generation or more."
- @pluralistic

theguardian.com/us-news/ng-int…

#Technology #ArtificialIntelligence #Business #Economy #News #World

Text from article: When the AI-investment mania halts, most of those models are going to disappear, because it just won’t be economical to keep the datacenters running. As Stein’s law has it: “Anything that can’t go on forever eventually stops.” The collapse of the AI bubble is going to be ugly. Seven AI companies currently account for more than a third of the stock market, and they endlessly pass around the same $100bn IOU. AI is the asbestos in the walls of our technological society, stuffed there with wild abandon by a finance sector and tech monopolists run amok. We will be excavating it for a generation or more. To pop the bubble, we have to hammer on the forces that created the bubble: the myth that AI can do your job, especially if you get high wages that your boss can claw back; the understanding that growth companies need a succession of ever more outlandish bubbles to stay alive; the fact that workers and the public they serve are on one side of this fight, and bosses and their investors are on the other side. Because the AI bubble really is very bad news, it’s worth fighting seriously, and a serious fight against AI strikes at its roots: the material factors fueling the hundreds of billions in wasted capital that are being spent to put us all on the breadline and fill all our walls with hi-tech asbestos.

AI companies will fail. We can salvage something from the wreckage

AI is asbestos in the walls of our tech society, stuffed there by monopolists run amok. A serious fight against it must strike at its roots
Cory Doctorow (The Guardian)
#business #economy #News #ai #technology #world #tech #finance #artificialintelligence #stockmarket @Cory Doctorow

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