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.
This is why we could, and should, replace most CEOs with AI. If someone is going to make bad decisions, we could at least avoid paying them hundreds of millions of dollars to do it.
Obviously because their own personal line goes up even if the companies they run go down. They just leave and go somewhere else. That class doesn’t seem to actually care if someone’s good at shit all that matters is they have lots of money which to them means they must be smart.
However it is also fomo but that’s a big dick measuring contest for them anyways.
Text book example of “I know what I am doing is stupid, but everyone else is doing it and I’m smarter, so when consequences arrive, they’ll affect everyone except me”.
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.
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 🤣
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.
“Everyone deludes themselves into thinking it could work for them, and it never does. But maybe it’ll work for us.”
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.
So the forerunners in innovation just do whatever everybody else is doing.
Yes. Monkey see monkey do.
Those NFT apes come to mind
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.
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.
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.
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
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?
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.
