Too big to fail is too big to exist. Break them up.
If an AI bubble pops, no one is getting out clean.
He means the taxpayers.
Privatize the profits, socialize the losses
“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.
Uh….well yeah.
[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”.
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
“Privileged” lol.
If you couldn’t make a poem before “AI”, you still can’t make a poem now.
Was that a threat?
And I hope he wasn’t threatening everyone who participates in the global economy.
Was that a threat?
“Google might break! Please be careful!” - the threat of a good time.
That sounds like a threat
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.
We should improve society somewhat.
I believe the French had a nice invention for that. And it’s not the ‘pain au chocolat’…
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.
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!
This is a threat. They know that they’re using the stock market to fund their greed and that anyone with savings 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”.
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?
Wall Street didn’t learn from past events and is doomed to repeat history?
Shocking… /s
They learn how to profit the next time.
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.
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.
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.
Quiet quitting is such a bizarre phrase
It’s just a trendy phrase for what has always been called work to rule.
Do precisely what your job description requires and not a single bit more.
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.
The money to be made is on predicting when, not it it’s going to burst. Otherwise we’d all be betting the house on it.
Actually it’s more about the how. The people betting against the housing market put their chips down as early as 2005. They just had to find a way to profit from it.
Interesting. And what was the how back then?
Sub-prime mortgages going into default en masse
That’s not how people made money. That’s what precipitated the crash. Shorting companies that were exposed would have been one route to make money - but as I said before, the smart piece there is in the timing not the mechanism. Shorting stock isnt difficult…Shorting it at the right time can be.
