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Money is pouring into AI. Skeptics say it’s a ‘grift shift’

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Re: Money is pouring into AI. Skeptics say it’s a ‘grift shift’

#31

Post by borissk »

flangola7 wrote: post #14
satvikpendem wrote: post #5

AI investment is actually down recently, looks like the hype is wearing off since most of the companies funded were just wrapping OpenAI APIs. I will copy paste a post I submitted before regarding a similar issue. https://twitter.com/0xSamHogan/status/1680725207898816512 Nitter: https://nitter.net/0xSamHogan/status/1680725207898816512#m --- 6 months ago it looked like AI / LLMs were going to bring a much needed reviv…

I have no idea what your comment about Musk is referencing. I can't think of a less inspiring figure.

You can't think of a less inspiring figure, than the man who made EVs mainstream and built the most successful space company?

Re: Money is pouring into AI. Skeptics say it’s a ‘grift shift’

#32

Post by Ekaros »

otabdeveloper4 wrote: post #15
kubb wrote: post #12

Modern "economy". There are a bunch of thousands of guys with a couple to a couple hundred billion each. There are millions of people desperate to own a house and afford life. The rich guys want to be more rich. They're hiring some of the poor suckers to check how others got richer in the past. The answer is tech! New tech is created every couple of years. People hype it up as much as they can. The rich guys give a f…

Money is not wealth. Once you have more of it than is necessary for basic needs, you have to figure out a way to get rid of it and exchange it for real wealth. Investing it in "tech" is an easy and dumb solution to the problem.

Also wealth is not money... Owning million of unliquid asset is not money.

Re: Money is pouring into AI. Skeptics say it’s a ‘grift shift’

#34

Post by baq »

c03 wrote: post #18
kubb wrote: post #12

Modern "economy". There are a bunch of thousands of guys with a couple to a couple hundred billion each. There are millions of people desperate to own a house and afford life. The rich guys want to be more rich. They're hiring some of the poor suckers to check how others got richer in the past. The answer is tech! New tech is created every couple of years. People hype it up as much as they can. The rich guys give a f…

This reads like Sin City. Please do more Noir style writing.

This isn’t noir writing, I found it an accurate if a bit cynical description of reality

Re: Money is pouring into AI. Skeptics say it’s a ‘grift shift’

#35

Post by ggm »

Firmly in the skeptic camp, here to say people are love bombing AI to make money, not because LLM are a gateway to AGI and AGI doesn't have to appear for people to make money.

Belief in AGI is useful to sell stock and IPO. Few serious researchers in academia see AGI in what's going on, or even roadsigns. Look at the language Hinton uses more closely.

Re: Money is pouring into AI. Skeptics say it’s a ‘grift shift’

#36

Post by boxed »

otabdeveloper4 wrote: post #15
kubb wrote: post #12

Modern "economy". There are a bunch of thousands of guys with a couple to a couple hundred billion each. There are millions of people desperate to own a house and afford life. The rich guys want to be more rich. They're hiring some of the poor suckers to check how others got richer in the past. The answer is tech! New tech is created every couple of years. People hype it up as much as they can. The rich guys give a f…

Money is not wealth. Once you have more of it than is necessary for basic needs, you have to figure out a way to get rid of it and exchange it for real wealth. Investing it in "tech" is an easy and dumb solution to the problem.

The problem is that the 0.1% don't seem to really understand this. If they did we would se massive investments in basic science and medicine from them. But we don't. Instead most of them seem to treat their wealth as internet points to compare to other super rich.

Re: Money is pouring into AI. Skeptics say it’s a ‘grift shift’

#37

Post by martindbp »

harry8 wrote: post #27

Transformative tech: cars. If you invested in the early movers you very likely lost your money. Transformative tech: personal computers. If you invested in early movers you missed microsoft and you very likely lost your money. Transformative tech: Internet/web, dotcom boom. Google, facebook, twitter were not investable or did not even exist even up to when it popped. Whether you believe AI is going to be massively tr…

You can always find some earlier example of a tech that lost. But if you invested in the first company to mass produce a car (Ford) you'd have done well. If you invested in the first of its kind smartphone (Apple) even better. Likewise there's been a lot of early failed AI startups in the past 20 years that you could point to, and now OpenAI is hitting it out of the park, expecting a billion in revenue next year on a pure AI consumer product. I think that shows this time is different.

Re: Money is pouring into AI. Skeptics say it’s a ‘grift shift’

#38

Post by PartyOperator »

otabdeveloper4 wrote: post #22
adamnemecek wrote: post #11

Earlier quoted context omitted.

Indeed. There was never anything in crypto.

Hindsight is awesome.

With hindsight, I was correct about Bitcoin being worse than useless when I decided not to bother using my gaming PC and free electricity to mine it in 2011. With hindsight, this could also be seen as a mistake. Although I'm pretty sure I would have sold it at $25 and considered that an unreasonable gain.

Re: Money is pouring into AI. Skeptics say it’s a ‘grift shift’

#39

Post by codelord »

IMO AI is more underrated than overhyped. The scale of value that AI can bring maybe larger than what internet brought. But, product design and engineering havn't caught up with the science yet. I think we are too narrowly looking at AI. LLMs are cool, but investors should look beyond that. ChatGPT wrappers aren't the next big thing. The fact that LLMs and image generation models work as good as they do now, should give investors a signal that the science of AI is approaching a tipping point where it's finally good enough to be incorporated into products. I see potential in 10 years time for a new FAANG, 5 trillion dollar companies with heavy reliance on AI that bring automation to various aspects of our lives.

Re: Money is pouring into AI. Skeptics say it’s a ‘grift shift’

#40

Post by oneshtein »

kubb wrote: post #12

Modern "economy". There are a bunch of thousands of guys with a couple to a couple hundred billion each. There are millions of people desperate to own a house and afford life. The rich guys want to be more rich. They're hiring some of the poor suckers to check how others got richer in the past. The answer is tech! New tech is created every couple of years. People hype it up as much as they can. The rich guys give a f…

So, we few have few variants to chose:

a) everybody are poor;

b) some are poor, some are in the middle; some are rich.

Variant (b) is bad because some are poor.

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