cross-posted from: https://lemmy.world/post/44116850
The insane AI push is purely driven by fear of being left behind.
No one is actually stopping to ask whether it is all worth it.
25% of CEOs know they’re throwing money away, but can’t stop because 100% of CEOs are throwing money away.
Are you really a rockstar CEO if you’re not throwing money away like all the other CEOs are throwing money away? In fact, you better throw it away harder.
As long as it bursts after the bonus clears
It’s not driven by fear, it’s arrogance. They think they won’t be caught holding the bag. They continue investing because the stock will continue going up because people keep investing. It’s purely speculative gambling. No one in this entire industry cares if it ever turns a profit. Pichai just got a $692M payday, despite not gaining a single dollar of profit from AI.
This is mostly true for CEOs of for-profit corporations. But there are plenty of government orgs and non-profits also going hard on AI. They are afraid of falling behind and are trying to “make fetch happen” even though they don’t really have an answer for what AI will do for them.
This tells me that each of them believes he alone is the stable genius master of the universe who will get out with exactly the right timing. Which is actually just another way of stating something I already knew: that they are psychopaths.
one in five CEOs said they expect to make job cuts this year, though only 9% of those said they expect the layoffs to be the result of AI adoption.
An actual number. Nice to see a little honesty.
That figure seems optimistically low, given the role the technology has played in job cuts at…
Here we go.
Block
A company owned by a cryptocurrency and “current thing” enthusiast Jack Dorsey
Meta
Literally an AI company
Amazon
Pinterest,Autodesk, and many others.
Yeah sure
It’s more because of imbecilic investors. You can’t get 5 euros to do something useful, but you can easily get 10 if you commit to throwing 5 down the AI drain.
So the MOFOs have FOMO?
Just YOLO until FAFO.
Oh they’re finally admitting it? Ok, so we’re at least seeing progress that it is in fact a bubble. So we’re along the bubble highway. How much longer before the rich get tired of throwing that money away?
Yeah, the people in charge are gobsmackingly stupid.
You would fire any employee for this level of incompetence. For some strange reason meritocracy doesn’t exist at the leadership level anymore when that is the most important place for it.
Every company still investing in AI knowing their is no return should be broken up and disbanded at this point for gross financial negligence.
From the low/high IQ bell curve meme… “I’m smart enough to sell before the bubble bursts”
This is why we could, and should, replace most CEOs with AI. If someone is going to make bad decisions, we could at least avoid paying them hundreds of millions of dollars to do it.
You never know at what stage of the bubble you are. Will it burst in one year or five?
The problem with betting against it is that “the market can remain irrational longer than you can remain solvent”
Text book example of “I know what I am doing is stupid, but everyone else is doing it and I’m smarter, so when consequences arrive, they’ll affect everyone except me”.
Obviously because their own personal line goes up even if the companies they run go down. They just leave and go somewhere else. That class doesn’t seem to actually care if someone’s good at shit all that matters is they have lots of money which to them means they must be smart.
However it is also fomo but that’s a big dick measuring contest for them anyways.
