I continue to marvel how the current AI bubble makes the cheerleaders of the IT bubble in 2001 blanche with envy.
PE ratios of 100? That’s for peasants! Let’s take a glorified car company and try 250+ instead! Seven intertwined company’s eating each others tails driving the entirety of the stock market? Etc.
From a supply chain point of view, the Chinese are well-positioned to take advantage of a lead in AI. However, from the point of view of technology and human values, no society has yet come to terms with how automation will integrate with the fate of humans. This will probably require a new vision of planetary consciousness far beyond the conduct we are seeing in economics and morality.
These readings capture the zeitgeist perfectly! The tension between AI's transformative potential and the bubble dynamics is fascinating. I'm particularly curious about how we assess genuine vs. hype-driven value creation in AI. What metrics would you use to distinguish between companies building real AI capabilities versus those just riding the wave? The supply chain advantage angle for China is intriguing too!
The WWW protocol was invented in 1993. The local travel agency was gone by 2000. Clay Shirky wrote “Newspapers and Thinking the Unthinkable” in 2008 and by 2015 the newspaper apocalypse was well underway. So some changes happen pretty quickly.
There was a more subtle Mad Men reference than the clearly labelled one!? (If so I did not really expect to catch it)* I am not sure who is paying the money that is supposed to say "Thank you" but it may be the innovators to the policymakers in taxes and economic growth. This would be a good book to pair with Dan Wang's but I am currently in despair because yesterday I paid Amazon for 4 books I couldn't afford and Brandon Taylor's new one should properly come from a store.
*Currently two episodes from the end of LAST season of "The Morning Show" and am probably fully committed to this crazy enterprise even if Paul Marks never appears again
I continue to marvel how the current AI bubble makes the cheerleaders of the IT bubble in 2001 blanche with envy.
PE ratios of 100? That’s for peasants! Let’s take a glorified car company and try 250+ instead! Seven intertwined company’s eating each others tails driving the entirety of the stock market? Etc.
This is going to end badly.
100 feels so grounded for what coming though!! 🫠
From a supply chain point of view, the Chinese are well-positioned to take advantage of a lead in AI. However, from the point of view of technology and human values, no society has yet come to terms with how automation will integrate with the fate of humans. This will probably require a new vision of planetary consciousness far beyond the conduct we are seeing in economics and morality.
Thanks for the link to the wonderful Feynman talk.
These readings capture the zeitgeist perfectly! The tension between AI's transformative potential and the bubble dynamics is fascinating. I'm particularly curious about how we assess genuine vs. hype-driven value creation in AI. What metrics would you use to distinguish between companies building real AI capabilities versus those just riding the wave? The supply chain advantage angle for China is intriguing too!
Great post. Insane collective valuations.
Agree with Stefan's comment: https://danieldrezner.substack.com/p/three-readings-about-artificial-intelligence/comment/172473533
Great piece, Daniel
https://open.substack.com/pub/nickcohen/p/the-thug-nerd-pact-will-get-us-in?utm_source=share&utm_medium=android&r=17x3tm
The WWW protocol was invented in 1993. The local travel agency was gone by 2000. Clay Shirky wrote “Newspapers and Thinking the Unthinkable” in 2008 and by 2015 the newspaper apocalypse was well underway. So some changes happen pretty quickly.
There was a more subtle Mad Men reference than the clearly labelled one!? (If so I did not really expect to catch it)* I am not sure who is paying the money that is supposed to say "Thank you" but it may be the innovators to the policymakers in taxes and economic growth. This would be a good book to pair with Dan Wang's but I am currently in despair because yesterday I paid Amazon for 4 books I couldn't afford and Brandon Taylor's new one should properly come from a store.
*Currently two episodes from the end of LAST season of "The Morning Show" and am probably fully committed to this crazy enterprise even if Paul Marks never appears again