A corporate artificial intelligence frenzy is sowing fear for workers on a massive scale. Seventy-one percent of people in the U.S., according to a Reuters poll on A.I., are concerned “too many people will lose jobs.” Wall Street and Big Tech are running a huge hype machine to back up their massive, risky investment in A.I., pledging it will drive a “productivity surge,” meaning fewer workers and more profits. But workers can take heart that, so far, it’s mostly hot air. To date, A.I. is making few profits.
I’m kind of expecting we’ll see a similar scenario to the dotCom bubble which wiped out majority of the existing tech companies, but then once the dust settled, useful tech came out of the whole thing. We’re in the main hype phase of this technology right now, and a lot of companies are making idiotic bets that are obviously going to be ruinous.
Also worth noting that the spike in energy prices resulting from the war on Iran could be a catalyst for the bubble popping since data centers need massive amounts of energy to operate.