this post was submitted on 21 Oct 2024
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Baidu CEO warns AI is just an inevitable bubble — 99% of AI companies are at risk of failing when the bubble bursts (www.tomshardware.com)
submitted 2 months ago by [email protected] to c/[email protected]
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[–] [email protected] 67 points 2 months ago* (last edited 2 months ago) (4 children)

I am old enough to remember when the CEO of Nortel Networks got crucified by Wall Street for saying in a press conference that the telecom/internet/carrier boom was a bubble, and the fundamentals weren't there (who is going to pay for long distance anymore when calls are free over the internet? where are the carriers-- Nortel's customers-- going to get their income from?). And 4 years later Nortel ceased to exist. Cisco crashed too, though had enough TCP/IP router biz and enterprise sales to keep them alive even until today.

This all reminds me of the late 1990s internet bubble rather than the more recent crypto bubble. We'll all still be using ML models for all kinds of things more or less forever from now on, but it won't be this idiotic hype cycle and overvaluation anymore after the crash.

Shit, crypto isn't going anywhere either, it's a permanent fixture now, Wall Street bought into it and you can buy crypto ETFs from your stockbroker. We just don't have to listen to hype about it anymore.

[–] [email protected] 32 points 2 months ago (1 children)

Crypto is still just as awful as it ever was IMO. Still plenty of assholes ~~gambling~~ investing in crypto.

[–] [email protected] 3 points 2 months ago

This message has existed for 10 hours and a cryptobro hasn't commented yet?

[–] [email protected] 18 points 2 months ago

Well put.

Soon, it won't be this idiotic hype cycle, but it'll be some other idiotic hype cycle. Short term investors love hype cycles.

[–] [email protected] 11 points 2 months ago

We just don’t have to listen to the hype about it anymore.

True, it’s now in most circles just been mixed in as a commodity to trade on. Though I wish everyone would get that. There’s still plenty of idiots with .eth usernames who think there’s some new boon to be made. The only “apps” built on crypto networks were and are purely for trading crypto, I’ve never seen any real tangible benefit to society come out of it. It’s still used plenty for money laundering, but regulators are (slowly) catching up. And it’s still by far the easiest way to demonstrate what happens to unregulated markets.

https://www.web3isgoinggreat.com/