Well the stock market is certainly going to take a gigantic shit, so the public will lose a lot of retirement funds.
That said, the article is partially predicated on AI being as essential to the world economy as banking. In truth it is not essential to anything at all right now. Let’s hope that we’re wise enough to continue that trend.
sundler on
As a sector, AI may have become too big to fail. And just as they did after the financial crisis of 2008, taxpayers could be picking up the tab if it collapses. That cost American tax payers an estimated $498 billion.
Today, the big AI firms are worth way more than banks, with a combined value exceeding £2 trillion. Many of these companies are interconnected (or entangled) with each other through a complex web of deals and investments worth hundreds of billions of dollars.
Despite a recent study which reports that 95% of generative AI pilots at companies are failing, the public sector is not shy about getting involved. The UK government, for example, has said it is going „all in“ on AI.
The more AI is integrated and entangled into every aspect of our lives, the more essential it becomes to everyone, like a banking system.
One tech billionaire’s act of faith could also be described as a gamble. And it’s a gamble they want everyone to join, with taxpayers‘ money on the table.
One thing is certain. The future being offered by AI firms is not guaranteed. Yet governments and businesses are worried they will miss out if they don’t get on board—and there are no safeguards in place to protect taxpayers from the fallout if things go wrong.
river_tree_nut on
Private profits, socialized losses. If we’re going to have socialism, I’d just as soon have it for everyone rather than just corporations.
wkavinsky on
Could?
Modern society gives companies all the rights that citizens **used** to have – and companies can’t possibly be allowed to fail, leading to them taking a whole bunch of risks that they otherwise would never countenance.
TehMephs on
World goes all in on souped up chatbot. Gets runner runner’d. News at 11
pintord on
What else is new in a world of corporate socialism.
smack54az on
The entire economy feels like a scam right now. It’s all fake money backed up by conmen. And now all these big „AI“ firms are just passing the sane $100billion around to inflate their stock prices. All the while the average person doesn’t want LLM integration on products. And generative models are not the future, thier resource intensive and getting worse. Slop learning from slop as the internet becomes a graveyard of generated images, articles, and video.
No one has figured out how to make money off of these products other than Nvidia who’s also now fucked the second the market collapses. Everyone knows it’s coming but no one eant to be responsible for it.
Which is why scam artists like Elon are getting ridiculous pay packages to lie to investors and make the stock price go up. Its great work if you can get it.
Unlike the 08 collapse theres zero incentive to save these firms from investing in a dead end technology. The sooner we take the hit and move on the better for everyone but the billionaires and they’ll be fine too.
GOB8484 on
„If“ „could“
sure… why try to give us the hope of that not happening?
va_wanderer on
Try „When the AI bubble does burst, taxpayers will end up with the bill.“
KneeDragr on
Who’s going to pay this bill? Every day tens of thousands lose their job’s that are not coming back.
iamcozmoss on
We’ve been waiting for the real estate bubble to burst for ages. I think they just keep re-inflating these things in the face of massive collapse.
It’ll probably all come crashing down together.
Aubrey_D_Graham on
AI isn’t essential, and it should be allowed to fail. I’m an American, and it’s high time that the American people and American corporations get their big FAFO moment so when all the pieces are down, the people have the stomach for real progressive and social change. Fk your gains Sam Altman: You made your bed, now sleep in it.
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Well the stock market is certainly going to take a gigantic shit, so the public will lose a lot of retirement funds.
That said, the article is partially predicated on AI being as essential to the world economy as banking. In truth it is not essential to anything at all right now. Let’s hope that we’re wise enough to continue that trend.
As a sector, AI may have become too big to fail. And just as they did after the financial crisis of 2008, taxpayers could be picking up the tab if it collapses. That cost American tax payers an estimated $498 billion.
Today, the big AI firms are worth way more than banks, with a combined value exceeding £2 trillion. Many of these companies are interconnected (or entangled) with each other through a complex web of deals and investments worth hundreds of billions of dollars.
Despite a recent study which reports that 95% of generative AI pilots at companies are failing, the public sector is not shy about getting involved. The UK government, for example, has said it is going „all in“ on AI.
The more AI is integrated and entangled into every aspect of our lives, the more essential it becomes to everyone, like a banking system.
One tech billionaire’s act of faith could also be described as a gamble. And it’s a gamble they want everyone to join, with taxpayers‘ money on the table.
One thing is certain. The future being offered by AI firms is not guaranteed. Yet governments and businesses are worried they will miss out if they don’t get on board—and there are no safeguards in place to protect taxpayers from the fallout if things go wrong.
Private profits, socialized losses. If we’re going to have socialism, I’d just as soon have it for everyone rather than just corporations.
Could?
Modern society gives companies all the rights that citizens **used** to have – and companies can’t possibly be allowed to fail, leading to them taking a whole bunch of risks that they otherwise would never countenance.
World goes all in on souped up chatbot. Gets runner runner’d. News at 11
What else is new in a world of corporate socialism.
The entire economy feels like a scam right now. It’s all fake money backed up by conmen. And now all these big „AI“ firms are just passing the sane $100billion around to inflate their stock prices. All the while the average person doesn’t want LLM integration on products. And generative models are not the future, thier resource intensive and getting worse. Slop learning from slop as the internet becomes a graveyard of generated images, articles, and video.
No one has figured out how to make money off of these products other than Nvidia who’s also now fucked the second the market collapses. Everyone knows it’s coming but no one eant to be responsible for it.
Which is why scam artists like Elon are getting ridiculous pay packages to lie to investors and make the stock price go up. Its great work if you can get it.
Unlike the 08 collapse theres zero incentive to save these firms from investing in a dead end technology. The sooner we take the hit and move on the better for everyone but the billionaires and they’ll be fine too.
„If“ „could“
sure… why try to give us the hope of that not happening?
Try „When the AI bubble does burst, taxpayers will end up with the bill.“
Who’s going to pay this bill? Every day tens of thousands lose their job’s that are not coming back.
We’ve been waiting for the real estate bubble to burst for ages. I think they just keep re-inflating these things in the face of massive collapse.
It’ll probably all come crashing down together.
AI isn’t essential, and it should be allowed to fail. I’m an American, and it’s high time that the American people and American corporations get their big FAFO moment so when all the pieces are down, the people have the stomach for real progressive and social change. Fk your gains Sam Altman: You made your bed, now sleep in it.