Google CEO: If an AI bubble pops, no one is getting out clean
Google CEO: If an AI bubble pops, no one is getting out clean
arstechnica.com
Google’s Sundar Pichai warns of “irrationality” in trillion-dollar AI investment boom
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Was that a threat?
And I hope he wasn’t threatening everyone who participates in the global economy.
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Lol that’s how I read it, or at least trying to suggest they’re in a Mutually Assured Destruction scenario.
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"No bail-out, no economy" basically.
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Was that a threat?
"Google might break! Please be careful!" - the threat of a good time.
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What part of that article read like a threat to you lol
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If an AI bubble pops, no one is getting out clean.
He means the taxpayers.
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Privatize the profits, socialize the losses
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“We should privatise service X so it’s more efficient” X collapses “We can’t afford to let X fail despite the fact that it ran at massive profits all the way to it’s collapse so we’ll bail it out” THEN WHAT WAS THE POINT OF PRIVATISING IT IN THE FIRST PLACE?!
You can take on the burden of running the thing and therefore the cost of making it public, or you can allow it to be private with the caveat that they must pay a substantial (enough for the government to not be at a net loss) tax as a kind of insurance in the event a bailout is needed, but don’t take on the worst of both worlds where the profits are private and the losses are public.
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Let the taxpayers prop up failing companies. Corpo welfare is the good kind of welfare even though most of the money gets sucked up by the Executives and share buy backs.
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Wall Street didn't learn from past events and is doomed to repeat history?
Shocking... /s
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Oh, they learned. We thought them that no one will be accountable and that the greediest will be bailed out and continue to get richer and richer. We are keeping jackals in our house, and we are giving them a pat on the head and a tasty treat every time they bite our children.
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They learn how to profit the next time.
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they profit from every crisis already. can't let a good one go to waste.
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They've learned they can get away with it.
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until the US regulates it's financial markets for the common good like most of the rest, it will forever remain the country of shortsighted degenerate gamblers
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[he] addressed the “immense” energy needs of AI, acknowledging that the intensive energy requirements of expanding AI ventures have caused slippage on Alphabet’s climate targets. However, Pichai insisted that the company still wants to achieve net zero by 2030 through investments in new energy technologies. “The rate at which we were hoping to make progress will be impacted,” Pichai said, warning that constraining an economy based on energy “will have consequences.”
We need "line go up" so badly, we're willing to bake the planet.
“We will have to work through societal disruptions,” he said, adding that the technology would “create new opportunities” and “evolve and transition certain jobs.”
Someone once described AI as "a way for the wealthy to access the benefits of the skilled, without allowing the skilled to access the benefits of wealth".
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or since there are FOSS AI models that are free as in free beer it allows everyone to access the benefits of the privileged - i.e. those who can specialized in fields like arts that aren't conducive to making enough money out of the gate to survive as a working class person
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Oh the great technology god will help us. We will have so much reduction, you cannot imagine! We have no idea how but surely throwing money at it will get things done. Trust us!
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Any economy or technology that can't work within energy constraints doesn't deserve to exist. For fuck's sake, even Bitcoin adjusts difficulty down during its frequent crashes.
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you're kidding right?
those billionaites that gambled the US economy on an executive borwnosing machine will get a bailout paid by those who lost healthcare and can't afford food. 2008 all over again.
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It makes more sense if you read it as a threat.
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Let's be very clear: Pichai is one of the Very Big Assholes whose name should be uttered in the same breath with Thiel, Altman, Zuckerberg etc.
He drew comparisons to the late 1990s Internet boom, which saw early Internet company valuations surge before collapsing in 2000, leading to bankruptcies and job losses.
“We can look back at the Internet right now. There was clearly a lot of excess investment, but none of us would question whether the Internet was profound,” Pichai said. “I expect AI to be the same. So I think it’s both rational and there are elements of irrationality through a moment like this.”
Equating the dot-com bubble with the internet. Only a $trillion company CEO could spout such bs. And the misinterpretation translates very well to AI.
Frankly, what I'm getting from this article is "Hey, we're not the #1 in the current hype, so would everybody else please slow down a little so we're all at least on equal footing again?"
And the idea that it could all burst, leaving not only Google/Alphabet utterly destroyed - don't threaten me with a good time, Sundai!
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AI winters and history repeating itself. As a concept it's here to stay, but every incarnation leads to a cycle of misconception, hype, and disillusionment
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Make no mistake. Just like the housing bubble of 2007 and 2008 there are people poised and ready to make tons of money off of the deflation of the AI bubble.
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Jacked to the tits....
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This is a threat. They know that they're using the stock market to find their greed and that anyone with saving tied up there (Retirement funds that are invested in the market) will be on the hook. Plus the tax payer money they're going to ask for because they're "too big to fail".
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I was opposed to the bailouts in 08', and I'm severely against any of these fuckers getting more resources to attack me. It's absurd. What's more absurd is that both aisles will support it, but Americans healthcare will be at 5k a month 😂〽️
Cleptocracy much?
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Let me fix that for you: "When an AI bubble pops..."
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"if all you plebs don't do everything in your power to keep pushing this this bubble higher, I'm going to make sure you all feel the pain."
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“I’m gonna take you all down with me!”
Then I’ll ask for a sweet socialist bailout while the rest of you enjoy rugged capitalism.
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Don't worry, I'm sure there will be a huge government bailout that the people have no say in. Remember 2008? I don't remember voting to give away piles of money to the bankers.
You know what Iceland did when there was suspicious investing and they had bank failures? They put the bankers in jail! What did we do? We gave them a bonus!
God bless America, because we'll need it!
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America is really bizarro world compared to other countries and how they handle things like this.
It just seems like in America, you can fail upwards, con people and still get out filthy rich.
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you can fail upwards, con people and still get out filthy rich.
Only if you con the poors. If you con someone who's rich or "powerful", then you get punished.
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It's only bizarre until you realize this isn't a failure of the system. This is a success for the people getting the payout. They have lobbied and deeply infiltrated the government. The US government doesn't serve the citizenry anymore. It serves the rich and powerful. The rest of us are just useful as consumers to funnel money to the corporations.
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Nah, most of Europe did exactly the same thing as America last time around. Hell the EU went out of its way to make sure bankers didn't lose money (how do you think Greek Debt which was entirely in private hands ended up in the hands of the EU, which then turned around and forced Austerity of Greece "to avoid losses of money of EU taxpayers") - the Corruption was just as bad on this side of the pond as it was on the other.
Iceland stands out because they were almost unique in the West in making the bankers pay for their shenanigans.
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Any company not using AI for anything will be pretty unaffected when this bubble pops.
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except their employee benefits package is guaranteed to touch companies impacted by it.
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Even if they don’t use AI, they probably trade with a company that does.
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Good luck finding that in any large or even mid-size company. If you think you found one, good chance you probably just found one with a lot of Shadow IT and poor visibility.
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Due to the sheer number of articles surrounding the AI bubble popping; I'm coming to the conclusion that this has already started.
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Translation: we juiced the bubble so good trying to make a trillion dollars that when it pops, the world economy is coming down with it.
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More like we juiced the bubble so good trying to make a trillion dollars that you (world governments) better not let it pop.
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The sooner the better. Can't wait!
Kaboom! 💣 💥
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Good good. Let it all fall apart.
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The sooner the better. Less LLM infatuation means better customer service, less overall environmental impact, and more water available to cities.
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And lower RAM price.
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That you still won't be able to buy because the economy popped with the bubble.
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I agree, but the doomer in me just figures we'll be on to the next grift. Fuck.
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I’m just hoping whatever comes next isn’t space junk that makes colonization and satellites in general impossible.
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This is code for "Hey government, you better be ready to bail us all out".
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Oh, that's where he's wrong. I think a great many of us will enjoy it.
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The utter lack of self-awareness…
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I'll be fine.
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I've taken shits with more value to the human race than Sundar Prichai
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Big tech has never seen common people as anything but data. It's funny they now are concerned for what will happen to us if their bubble bursts
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What's funny is that you think they are concerned 🤣
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I don't think they believe the concern is real.
"We should Improve society somewhat".
"It's funny you think they would let society improve lol! How naive!"
Please don't be like that. It's peak douche behavior.
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Who is “no one”? Because yeah, there will be splash damage, but some sectors (“AI” companies and the megacorps involved in the massive ongoing self-dealing circlejerk) will collapse, but others will simply see a correction. And I’ve already dumped anything LLM-related (as well as most US-based securities and ETFs) as of early this year. So I’ll take a hit (everyone will take a hit), but it’s not going to be nearly as bad as it will be for all the bag holders.
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Tech companies will ask (and get) an enormous bailout so they don't have to fire everyone, and then they will fire everyone anyway. In order to recoup some of the budget losses, King Trump will implement one or two more taxes
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Well now you know why Warren Buffet cashed out. He's going to buy all the tech companies on a fire sale.
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I'm waiting with money to buy Google for 1 dollar.
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The plumbers will. The electricians will. The carpenters will. The bricklayers will. The farmers will. The steel plant workers will. The dockyard workers will.
Yes, if you’ve got savings invested it’ll touch you, but the actual jobs - you know the ones adding and making real, concrete things, probably won’t notice a big different if the AI stocks tank 30% in a day.
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Who do you think pays for the bailouts in the end?
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Many electricians, carpenters, and steel plant workers are currently working to build AI data centers. Funding other projects has been postponed or cancelled as the AI data centers are able to pay more
Electricians especially. Trump cancelled many clean energy projects, which created large swaths of electricians without work if it weren't for AI data centers
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promises promises.
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So, they want us all to suffer for their bad decisions? Well that just puts us all on the same playing field (except for the 1%) and at which point, we will revolt and take them (1%) down with us.
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That sounds like a threat
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Quiet quitting is our best bet. If they don't give you decent health care and a retirement plan then we're just doing the minimum. Why would we work harder for less in return? Maybe we can just all start our own AI business. Every American can have their very own AI automated business with passive income.
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If they don’t give you decent health care and a retirement plan then we’re just doing the minimum. Why would we work harder for less in return?
Don't even do the minimum. Will McDonald's give give you half a of a cheeseburger if you only pay half? Will a bank only seize half your house if you start paying half your mortgage payment? Why would we give them half-effort for a penny less than what we're worth?
It's painful and slow but more and more people are learning to live without working. Not an easy life but it's probably going to be necessary at some point if this system is ever going to change.
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Quiet quitting is such a bizarre phrase for me as Irish. As long as we do our jobs right, we can do whatever we want. At the end of the day, a job is meant to put food on the table, not be your life. Even some of the worst companies I have worked have a laidback attitude compared to workplaces abroad.
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Quiet quitting is such a bizarre phrase
It's just a trendy phrase for what has always been called worke to rule.
Do precisely what your job description requires and not a single bit more.
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Don't threaten my good time with a threat
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I will get out totally clean of that, so thank you and fuck you
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One can dream.
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Fuck it we ball. gets a needle
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It will be dirty pleasure fo sho
Too big to fail is too big to exist. Break them up.
You speak the truth. These idiots sank trillions into a technology that people are very meh about. If it all comes crumbling down, they really, really have nobody to blame but their own greed.
They forced massive shifts across the economy and wasted massive resources chasing a speculative technology all for power. We all suffer because of this and the government refuses to deal with it because we elect business friendly, ambitious liars.
Too big to not let fail.
That was lesson.
I'm sure we managed to avoid learning it.
We all learned the lesson but the people who could implement the lesson refuse to because it isn't to their personal advantage. We all know what the wise thing to do is but that would disempower some very rich and influential people who should never have been allowed to grow to be so influential over the state, aka us, that we can't stop them from forcing us to pay for their speculative risk taking.