Australia

Australia's dodgiest AI lPO - Better Offline

[–] Gorgritch_umie_killa@aussie.zone 3 points 1 month ago

Ed Zitron was scathing of the US media and Journalism in comparison to the Australian on feeding the AI hype

[–] shads@leminal.space 3 points 1 month ago (4 children)

How long before they secure offshore and angel investor funding though? They will fuck us a nation for a percentage, they just see how the wind is blowing. Wouldn't surprise me if they already have investors lined up that have a vested interest in keeping the bubble propped up.

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[–] hitmyspot@aussie.zone 3 points 1 month ago (3 children)

Yes, that may be, although I doubt it. Even if it is, it means the ai companies are left holding the bag rather than average investors.

Its also a signal to both small and big institutional investors that hype alone is not enough. Nvidia is doing well in a good rush where they sell shovels, but this says that the data centres alone are not necessarily profitable either. Well, if the data centres aren't profitable and the ai companies aren't profitable and the hyperscalers are brining cash as their ai divisions aren't profitable, at what point will anyone turn a profit?

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[–] shads@leminal.space 5 points 1 month ago (1 child)

But we know all this all already, it's writ large across the US economy. Otherwise the tech giants wouldn't be passing the same increasingly soggy Sao around the circle. The only thing holding the bubble up is a lack of financial regulatory enforcement, thanks to a corrupt and complicit US federal government.

Everyone knows that when it does come time to pay the piper the US economy will collapse and thanks to their dollar being the primary reserve currency they will wipe out a bunch of other countries right along with them.

So the political game now is how long can we keep the piper waiting and there's a whole mess of old rich dudes hoping they die before the value of they it dragon horde does.

So of course the various state and federal governments and a large chunk of our business sector is looking at that exercise in plate spinning thinking "I'm just as old, every bit as greedy, and largely as capable of wilful ignorance... Time for some onshore AI!"

Meanwhile the intelligence community are thinking "Shit son, when our economy tanks look at all those potential terrorists, better assemble the surveillance apparatus while we can still hire complicit tech workers and farm the data out to foreign powers."

We are into the last 30 seconds of the song in the worlds largest most depressing game of musical chairs. Plot twist though, there's eight and a third billion people circling a few thousand chairs. Jensen, Elon, Satya, Jeff and all the other tech weasels are just hoping that by carrying the chairs around none of the filthy poor's will get one by accident.

On top of that Firmus stinks like week old trout sitting on the parcel shelf of a derelict car abandoned by the side of the road in the tropics.

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[–] hitmyspot@aussie.zone 1 point 1 month ago

I don't disagree with most of what you said. I disagree that there is private finance waiting. There may be, but that's not certain. Rates have gone up. Even before that, these companies were finding it increasingly difficult to raise money.

You said it's like musical chairs. It's more like hot potato. Who's going to be left holding the bag? If they can't raise enough in an IPO, then private investors are left holding the bag. Whereas for alot of private investors, the IPO means they can sell off their investment. Now they might not be able to. Which makes them more cautious about investing more. Which makes raising money harder. Which makes bills hard to pay. Which pops the bubble.

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[–] MalReynolds@slrpnk.net [S] 1 point 1 month ago

Eh, at this point, given how stupid it's gotten (7 Trillion in profit by 2030 say the economist pundits to make the GPU data centres worthwhile (the numbers make little sense and are mostly made up). I just assume it's for processing all the damn cameras everywhere and AI is a scammy excuse.