Brillante Gedanken aus Perspektiven, die ich so noch nie gedacht habe. Und sehr treffend sind.
Cross post von [email protected] https://reddthat.com/post/58429512
It’s wonderful to run a company that has a growth stock. Your shares are as good as money. If you want to buy another company or hire a key worker, you can offer stock instead of cash. And stock is very easy for companies to get, because shares are manufactured right there on the premises, all you have to do is type some zeros into a spreadsheet, while dollars are much harder to come by. A company can only get dollars from customers or creditors.
This is the paradox of the growth stock. While you are growing to domination, the market loves you, but once you achieve dominance, the market lops 75% or more off your value in a single stroke if they do not trust your pricing power.
Which is why growth-stock companies are always desperately pumping up one bubble or another, spending billions to hype the pivot to video or cryptocurrency or NFTs or the metaverse or AI.
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.
…. ….
They want to fire a lot of tech workers – 500,000 over the past three years – and make the rest pick up their work with coding, which is only possible if you let the AI do all the gnarly, creative problem solving, and then you do the most boring, soul-crushing part of the job: reviewing the AI’s code.
And because AI is just a word-guessing program, because all it does is calculate the most probable word to go next, the errors it makes are especially subtle and hard to spot, because these bugs are nearly indistinguishable from working code.
For AI to be valuable, it has to replace high-wage workers, and those are precisely the workers who might spot some of those statistically camouflaged AI errors.