this post was submitted on 11 Oct 2023
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Silicon like usual thinking these things are as big as the invention as the internet, and trying to get their money in there the first place. AI was and still is a massive game changer, but nothing can live up to the hype of which they throw a stupid amount of money at these things. They didn't learn their lesson after crypto or the "metaverse" either lol. I see AI being a tool, an incredibly useful one. That also means it has a lot of jobs it simply can't do. It can't replace artists, but artists can use it as a tool to help them work off of things.
So far I've only seen AI being used to fire employees that a company totally absolutely still needs but just doesn't want to pay wages to. Companies are dumb as fuck, that's my conclusion, but what else can you expect by organizations run by ladder-climbing CEO figures?
There's utility in keeping workers desperate, it depresses wages.
Think about the coordinated tech layoffs that happened and now the tech industry has a labor surplus.
Saves them money.
Things will live up to the hype and easily surpass it. That's not the issue. The issue is that people take the world of today and imagine how much better/faster/richer they could become if they had AI. The crux is by the time they have AI, everybody else has it too. Thus it loses its competitive advantage. It just raises the baseline.
If I had to create the thousands of images I have generated with AI three years ago it would have costs thousands if not millions of dollar, a gigantic almost insurmountable task. But that doesn't mean they have any value today. Everybody can produce similar images with a few clicks.
The whole point of AI is after all that it makes work that used to be difficult and expensive, cheap and easy, and nobody is going to pay huge amounts of money for a task that has become trivial.
What I'm curious is what's going to happen to all these companies that went all-in on building data centers when they weren't doing it previously. Places like Meta and Amazon are huge enough that it's always been a sound investment but with this hype there are other companies trying to set up server farms with no real prize in sight.
I mean A100s don't exactly break that quickly and they're specialised enough hardware so that they will continue to be able to rent them out. They're also overpriced AF though which might cut into the bottom line but they're probably not going to end up with a giant loss, I don't really doubt they will break even. Opportunity costs are stellar, but OTOH there's so much billionaire capital floating around screaming for opportunities to park itself in that macro-economically it's negligible. Also I'm not exactly in the habit of crying about billionaires having a low ROI.
Ever since the Internet Bubble crashed around 2000 that the business community in the Valley has been repeatedly trying to pump up a new bubble, starting with what they called Web 2.0 which started being hyped maybe even before the dust settled on tha crash after the first Tech bubble.
And if you think about it, it makes sense: the biggest fortunes ever made in Tech are still from companies which had their initial growth back then, such as Google, Amazon and even Paypal (Microsoft and Apple being maybe the most notable exceptions, both predating it).