This is a most excellent place for technology news and articles.
and take the economy with it...
Yeah like the last umpteen times this has happened in my lifetime. We live in a society of greed, who knew it would be so unstable?
If that's the thing that kills the economy, the economy deserves to be killed
Which economy? The billionaire economy of the normies economy?
We will follow the billionaires into it economic hell. In solidarity of course.
Fuck, I wish we had a choice in this.
Yeah, like we haven't been through multiple "generational" recessions.
At this point I feel like I've spent more time alive during recessions than not, so what's one more for the pile - especially if it means getting to watch the AI bros go bankrupt.
Saddle up, sea biscuit
It has always been either the economy crashing because the AI bubble pops, or the economy crashes because the bubble didn't pop due to AI successfully replacing enormous numbers of workers.
Or the economy crashes by AI replacing everyone and doing an absolute terrible job, causing stuff like supply chain collapse and communication/power outages.
I have yet to see someone explain how this whole thing actually works out. Just a dozen different scenarios that turn out terrible for almost everyone. The only scenario that works out is if a handful of people like Altman absolutely rule the world, become de facto dictators as they are the ones that control the few AI companies that run everything. And by work out, I mean it works out for that handful of people. For the rest of the world it's probably just about the worst case scenario. But you just know it's the scenario scammy Altman is hoping for.
Let the dominoes fall.
The stability of our economy depends on them quickly changing course.
Oh. Well.
Not could. It's a mathematical certainty that it will. Barring a breakthrough miracle -- fat chance.
That’s the point. AI was never meant to succeed. It’s a ransom. They are willing to kill the hostages so to speak.
I think that's kind of their idea. Be unsustainable and unprofitable, yet push to be on everything so the Goverment will bail them out.
The current everything bubble is too big to be bailed out. It will take down with it everything. Including the value of currency.
If this one bursting ends the USD status as Reserve Currency, that would be great.
Painful, but in the mid and long term great.
Yeah wow hey maybe you should have fucking listened to everyone who’s been saying that for goddamn YEARS.
I wonder if we will be able to get GPUs and RAM for reasonable prices afterwards.
I wonder if we'll be able to get food at reasonable prices afterwards
I don't have any money. Crash away. Fuck it.
Same with the GFC, 2007. I was broke, and did not even notice.
I’ve put all my money in pogs so I should be ok.
World War 3 will keep it going!
I've heard World War 3 sucks. Can't wait for World War 4, hope they finally get all the bugs sorted out.
The economy has not been good since the 70's and I wish economists would collectively pull their heads out of their asses and stop towing the line of the ones in charge.
What you or I experience is completely decoupled from the stock market, or the GDP, and has been forever.
I can burst it quick if I invest in Nvidia and AMD.
AMD is an industry leader with a huge economic moat and I think they will be okay when the bubble pops. I'm not sure about Nvidia though, despite having superb chips, because the problem is they loaned to companies to buy their chips. So, Nvidia's finances will be strained because Jensen Huang created a ponzi scheme that could not repay or be profitable to itself.
Not really a ponzi, more like circular financing. Nvidia exposed itself to the AI bust for no reason other than to keep the money flowing to buy their chips for a little longer. They were selling shovels in a gold rush and screwed it up by letting people finance the shovels. They're not in the finance business, they're in the chip business.
Sigh. Guess I'm gonna go read Ed Zitron's latest rant.
Haven't read it yet, no idea what he's on about today, but here's the link.
https://www.wheresyoured.at/the-more-you-buy-the-more-you-lose/
Two years ago, NVIDIA CEO Jensen Huang said that “the more you buy, the more you save,”
Well, two years ago he was kind of right. But not in the way he meant it. But I should have bought 64gb instead of 32gb RAM when I built my gaming system
The scumbags are getting better at making sure they end up rich when it happens. The only important thing from their point of view.
I am entirely disconnected from "the economy". Fuck AI and fuck the market. Tech cunts have it coming.
When the economy crashes, and it will, rich peoole won't suffer, they will enrich themselves even more. Its always the poor that suffer
So you don't go grocery shopping?
Did you know the economy has doubled every 20 years, with productivity alongside it, but the benefits don't show up for us down here?
We should have a 3/4 day workweek with cheap good food, early retirement etc etc but we don't.
And I'm saying this living in the EU.
LFG
So the top 7 companies hedged their entire futures on something unsustainable? In the last 12 months Oracle already laid off over 50,000 employees to bottom-line their AI goals (30,000 ish and 21,000ish a couple weeks ago).
Are we at the point of stocking up on materials and pulling $$ from banks for the inevitable collapse?
Well, ehm... Worldwide or "just" the US economy who build up on this shit the last year or so?
Not sure how the follow up impact will be on other countries, but first of, the US will be fucked
Listen, I work IT at a managed service provider, which means I see a dozen + small to medium business environments daily.
The number of users that I know of, out of the hundreds or thousands that I support, who are actively using "AI" continually to do their jobs... Well, I can likely count them on one hand
There's a bunch that use whatever free tool they are allowed to access. Which kind of flies under the radar for me, but I still don't think you're dealing with double-digit percentages of people using "AI" that actually spend any money on it.
And these are business users, who work at businesses with rather deep pockets at times....
People are not buying the product. "AI" in the business world, isn't making any money. So from what I've seen, this is less a matter of if, and more a matter of when and how bad.
As a tech person, I am not threatened by AI. It can't do my job. Also, I'm the one who fixes it when things go wrong. And the only thing I'm looking forward to is being able to pick up cheap RAM, and storage when this all comes crashing down as AI companies cash out and liquidate their inventory. Maybe I can pick up a cheap AI server and repurpose it to be a 3D/gaming virtual desktop, so when my friends come over with their cheap laptops and on board graphics for a LAN party, I can just provision them a virtual gaming computer and we can go ham.....
I'm going to save my sheckles until then...
I have limited experience with the market but I see it this way: anyone with AI holdings should liquidate at their earliest convenience. I don't think they'll be keeping up this charade for a lot longer. Anyone who has tech holdings, either cash out, or be prepared to have that money held up for a while because it will take a long time for the prices to recover, and unless you want to cash out at a loss, you're going to be holding for a long time. Everyone else, hold onto your butts. Probably everything will probably dip when the fecal matter hits the rotary air movement device. Non tech areas of the market should recover pretty quickly, so meh?
This is obvious to me that the whole thing has failed. That realization hasn't hit execs yet.
