this post was submitted on 10 May 2025
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A company that makes negative income every quarter forever, and whose latest edition costs a magnitude more power and is worse than the previous, is worth between $150 Bn and $300 Bn. Many other competing companies equally overvalued.
These are businesses who are only valuable because people keep investing in them. A Ponzi Scheme.
AI has been around for many years, and a lot has happened in that time. It's had periods of high and low interest, and during its lows, it's been dubbed AI winter.
And the current AI spring is just old people buying into bullshit marketing and putting all their money in a Ponze Scheme.
Throughout history, many things have been spent on useless things, but saying that AI is a Ponze scheme is, I feel, the same as saying that the Apollo program is a Ponze scheme or that government-funded research is another Ponze scheme.
PS: There were people who were against the Apollo program because they considered it an unnecessary expense, although today the Apollo program is more remembered.
The Apollo Program had an achievable goal, lots of beneficial byproducts, and was administrated by public offices.
Nothing about it is comparable. It's like saying people hate snakes and some people also hate dogs therefor snakes are dogs.