Now granted, I'm no tech genius, but I don't see a cost/benefit payoff for AI. From what I read, the industry costs so much to maintain itself, it will never make an actual profit. Which means an inevitable bubble, right? Bubbles pop! But tech bros are so convinced of their own genius, they believe their pitches.
They're not completely dazzled, though. Sarah Friar, OpenAI’s finance chief, says the company would support "federal measures" to make it easier to finance sizable investments in AI chips. We remember this same philosophy when Big Shitpile crashed in 2008. Capitalism means they keep all the profits and we pay for their losses!
They can't afford the high costs of the AI data farms, AND NEITHER CAN WE. All that power. All that water! All that pollution!
I see potential uses for text-based AI, and medical applications, but on the whole, it's got to be too expensive for something that's so buggy. The only way to fix it? They're hiring hundreds of writers and editors to... teach AI how to write, by inputting information that's already available by hiring said writers and editors!
No, I don't want AI mass surveillance, or AI making battlefield decisions. (Israel admits to a 10% error rate in their bombings, which certainly sucks for all those dead Gazans who got killed by these little tech oopsies).
AI is a classic example of the motto, "Ready, fire, aim!"
Billionaire Peter Thiel’s latest 13F didn’t show off a mere trim, but a full-blown exit from AI bellwether Nvidia (NVDA).
It comes at a surprising point when Wall Street’s been busy declaring the chipmaker as virtually untouchable.
Although Nvidia recently surpassed a $5 trillion valuation, Thiel walked away completely, shrinking his fund’s equity book by roughly two-thirds while building it around three megacap names.
That’s far from being a rebalance and more of an emphatic statement.
Thiel had previously warned about AI’s hype cycle running far ahead of its real economics, and his Q3 portfolio shakeup aligns with that view.
UPDATE: Bernie puts it all so eloquently.
