"It's becoming clearer that we are in a perilous financial situation globally. Fears over an "AI bubble" are being cited by the Bank of England, the International Monetary Fund and the boss of JP Morgan, Jamie Dimon. If you want a sense of how insane the narrative is around AI investments, consider this: Thinking Machines Lab, an AI startup, recently raised $2bn funding on a valuation of $10bn. The company has zero products, zero customers and zero revenues. The only thing it made public to its investors was the resume of its founder, Mira Murati, formerly chief technology officer at OpenAI. If that's not hubris meeting market exuberance, what is?"
"If I were to pick between the views of a politician such as UK prime minister Keir Starmer, and a writer such as Cory Doctorow, I'd put my bet on Doctorow. Contrast these two statements and see which you feel more comfortable with... Starmer: "Today's plan mainlines AI into the veins of this enterprising nation". Doctorow: " AI is the asbestos we are shovelling into the walls of our society and our descendants will be digging it out for generations". Doctorow suggests the AI bubble needs to be punctured as soon as possible to "halt this before it progresses any further and to head off the accumulation of social and economic debt"."
Global financial authorities and leaders warn of a growing AI investment bubble that threatens financial stability. Banks such as the Bank of England, the International Monetary Fund and executives like Jamie Dimon cite excessive enthusiasm around AI valuations. Startups like Thinking Machines Lab raised $2bn at a $10bn valuation despite having no products, customers or revenues, relying on a founder's resume. Competing narratives frame AI as national economic opportunity or as a harmful technological debt. Cory Doctorow calls AI "the asbestos" of society and urges puncturing the bubble to halt social and economic debt and to counter claims that AI will replace jobs.
Read at ComputerWeekly.com
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