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AI companies will fail. We can salvage something from the wreckage | Cory Doctorow (www.theguardian.com)
submitted 9 months ago by to c/technology@lemmy.world
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[–] 20 points 9 months ago (5 children)

I admire Cory’s perennial optimism, but the more billions the governments pump into this scheme, the less likely it’s going to be. “Too big to fail” and whatnot.

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  • [–] 9 points 9 months ago (4 children)

    I suspect that the house of cards will come tumbling down as soon as one of the companies in this massive Ponzi scheme fails to pay their bill.

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  • [–] 9 points 9 months ago (1 child)

    That’s what I’m saying tho. If the government is all-in on this, and basically the only reason the stock market is growing is because of AI related things, they will get a backstop or a bailout. At which point we’ll probably be forced to use it even more to justify that action.

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  • [–] 2 points 9 months ago

    The last bailout was required because the banking system was the artery of the economy.

    As irresponsible as they were, they needed to be functional to allow the economy to function.

    It is hard to see how the government can afford to bailout the "AI" sector.

    It is also not critical to the economy. In fact, you could argue the bubble is costing the economy in terms of opportunity costs, increased energy prices, consumer prices for laptops, hard drives, etc.

    My view is while they may want to bailout their tech bros friends, I'm not sure it is possible.

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