A history-lover’s guide to the market panic over AI

历史爱好者的人工智能市场恐慌指南

An illustration of an AI chip trying to stay balanced in a heart-shaped bubble floating above the crash site of a broken 19th century train, a broken telegraph pole, a smashed arc electricity light bulb and a broken pillar of government.

2024-08-06  972  中等

In recent days the standard-bearers of generative AI, including Nvidia, a chipmaker, and tech giants such as Amazon and Microsoft, have plummeted in value. That has left sceptics, who had warned of a bubble in the technology, feeling terribly clever. Many pointed to two earlier periods of frenzied over-investment: the railway manias of the 19th century and the telecommunications bubble of the late 1990s. In both cases, the capital expenditures were similar to the huge amounts that big-tech firms are promising to spend on the data centres at the heart of the AI revolution.

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