Technology
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It's already happened in legal spaces...
They all individually turned to AI instead of fresh lawyers, fresh lawyers couldn't get any experience...
And now firms are realizing there's no new "middle" lawyers to hire to do the things AI can't.
As an added bonus, AI prices keep going up. Just like with Uber, they intentionally lost money at first and planned to jack up rates when there was no competition to make profits.
The problem is AI still isn't profitable and still can't really fully replace the most junior personnel anywhere.
They fell for snake oil, they just haven't fully realized it yet
They're intentionally still losing money because of the heavy investments to rush ahead in capabilities.
Nvidia wouldn't be funding them if AI wasn't the biggest buyer of Nvidia chips...
It's an Ouroboros, if they charged enough to be profitable that would kill demand which would kill data center rollout, which would kill Nvidia's business model and then they wouldn't fund AI companies and kill the AI company stock.price causing a sell off.
Becoming profitable would erase their business model, and all their personal wealth tied up in their own stocks.
We'd all be better off if we just paid them to hand briefcases full of money to each other instead.
The tech hit a plateau but they were in too deep already so they're doubling down until they crash