The AI hype in the media obscures the fact that we're clearly in another goddamn venture capital bubble right now.
As the Wall Street Journal said earlier this month (article is paywalled), "... In a presentation earlier this month, the venture-capital firm Sequoia estimated that the AI industry spent $50 billion on the Nvidia chips used to train advanced AI models last year, but brought in only $3 billion in revenue."
On top of that, the industry is running at a loss on power consumption alone, never mind labour costs (which are quite high: those generative LLMs require extensive human curation of the input data they require for training).
So, we've been here before. Most recently with cryptocurrency/blockchain (which is still going on, albeit much less prominently as governments and police go after the most obvious thieves and con men like Sam Bankman Fried).
But there've been other internet-related bubbles before.
