this post was submitted on 13 Aug 2023
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This kind of feels like a common sense observation to anyone that's been mildly paying attention.
Tech investors do this to themselves every few years. In literally the last 6-7 years, this happened with crypto, then again but more specifically with NFTs, and now AI. Hell, we even had some crazes going on in parallel, with self driving cars also being a huge dead end in the short term (Tesla's will have flawless, fully self-driving any day now! /S).
AI will definitely transform the world, but not yet and not for awhile. Same with self driving cars. But that being said, most investors don't even care. They're part of the reason this gets so hyped up, because they'll get in first, pump value, then dump and leave a bunch of other suckers holding the bags. Rinse and repeat.
I also don’t know why this is a surprise. Investors are always looking for the next small thing that will make them big money. That’s basically what investing is …
Great write-up, thanks.
I want a shirt that just says "Not yet, and not for awhile." to wear to me next tech conference.
Bingo. We're very far from the point where it'll do as much as the general public expects when it hears AI. Honestly this is an informative lesson in just how easy it is to get big investors to part with their money.