If an AI bubble pops, no one is getting out clean.
He means the taxpayers.
Google CEO: If an AI bubble pops, no one is getting out clean
Submitted 2 weeks ago by Alphane_Moon@lemmy.world to technology@lemmy.world
Comments
nuko147@lemmy.world 2 weeks ago
e461h@sh.itjust.works 2 weeks ago
Privatize the profits, socialize the losses
conorab@lemmy.conorab.com 2 weeks ago
“We should privatise service X so it’s more efficient” X collapses “We can’t afford to let X fail despite the fact that it ran at massive profits all the way to it’s collapse so we’ll bail it out” THEN WHAT WAS THE POINT OF PRIVATISING IT IN THE FIRST PLACE?!
You can take on the burden of running the thing and therefore the cost of making it public, or you can allow it to be private with the caveat that they must pay a substantial (enough for the government to not be at a net loss) tax as a kind of insurance in the event a bailout is needed, but don’t take on the worst of both worlds where the profits are private and the losses are public.
ShaggySnacks@lemmy.myserv.one 2 weeks ago
Let the taxpayers prop up failing companies. Corpo welfare is the good kind of welfare even though most of the money gets sucked up by the Executives and share buy backs.
TankovayaDiviziya@lemmy.world 2 weeks ago
At least China is right about not bailing out their companies when their own property bubble collapsed.
rumba@lemmy.zip 2 weeks ago
The amount of bailing out should be inversely proportionate to the amount of people fired during record profits.
paraphrand@lemmy.world 2 weeks ago
Was that a threat?
goondaba@lemmy.world 2 weeks ago
Lol that’s how I read it, or at least trying to suggest they’re in a Mutually Assured Destruction scenario.
WanderingThoughts@europe.pub 2 weeks ago
“No bail-out, no economy” basically.
A_norny_mousse@feddit.org 2 weeks ago
Was that a threat?
“Google might break! Please be careful!” - the threat of a good time.
mmmac@lemmy.zip 2 weeks ago
What part of that article read like a threat to you lol
comador@lemmy.world 2 weeks ago
Wall Street didn’t learn from past events and is doomed to repeat history?
Shocking… /s
ideonek@piefed.social 2 weeks ago
Oh, they learned. We thought them that no one will be accountable and that the greediest will be bailed out and continue to get richer and richer. We are keeping jackals in our house, and we are giving them a pat on the head and a tasty treat every time they bite our children.
tirednapstablook@lemmings.world 2 weeks ago
Why are we so stupid?
It feels like we’re being ruled by think tanks.
minorkeys@lemmy.world 2 weeks ago
They learn how to profit the next time.
umbrella@lemmy.ml 2 weeks ago
they profit from every crisis already. can’t let a good one go to waste.
IronBird@lemmy.world 2 weeks ago
until the US regulates it’s financial markets for the common good like most of the rest, it will forever remain the country of shortsighted degenerate gamblers
WanderingThoughts@europe.pub 2 weeks ago
They’ve learned they can get away with it.
aramis87@fedia.io 2 weeks ago
[he] addressed the “immense” energy needs of AI, acknowledging that the intensive energy requirements of expanding AI ventures have caused slippage on Alphabet’s climate targets. However, Pichai insisted that the company still wants to achieve net zero by 2030 through investments in new energy technologies. “The rate at which we were hoping to make progress will be impacted,” Pichai said, warning that constraining an economy based on energy “will have consequences.”
We need "line go up" so badly, we're willing to bake the planet.
“We will have to work through societal disruptions,” he said, adding that the technology would “create new opportunities” and “evolve and transition certain jobs.”
Someone once described AI as "a way for the wealthy to access the benefits of the skilled, without allowing the skilled to access the benefits of wealth".
LainTrain@lemmy.dbzer0.com 2 weeks ago
or since there are FOSS AI models that are free as in free beer it allows everyone to access the benefits of the privileged - i.e. those who can specialized in fields like arts that aren’t conducive to making enough money out of the gate to survive as a working class person
MrSmith@lemmy.world 2 weeks ago
“Privileged” lol.
If you couldn’t make a poem before “AI”, you still can’t make a poem now.
hummingbird@lemmy.world 2 weeks ago
Oh the great technology god will help us. We will have so much reduction, you cannot imagine! We have no idea how but surely throwing money at it will get things done. Trust us!
explodicle@sh.itjust.works 2 weeks ago
Any economy or technology that can’t work within energy constraints doesn’t deserve to exist. For fuck’s sake, even Bitcoin adjusts difficulty down during its frequent crashes.
IAmNorRealTakeYourMeds@lemmy.world 2 weeks ago
you’re kidding right?
those billionaites that gambled the US economy on an executive borwnosing machine will get a bailout paid by those who lost healthcare and can’t afford food. 2008 all over again.
explodicle@sh.itjust.works 2 weeks ago
We should improve society somewhat.
IAmNorRealTakeYourMeds@lemmy.world 2 weeks ago
that sounds like antiameticamism and therefore legally making you a terrorist
FinishingDutch@lemmy.world 2 weeks ago
I believe the French had a nice invention for that. And it’s not the ‘pain au chocolat’…
stormeuh@lemmy.world 2 weeks ago
It makes more sense if you read it as a threat.
A_norny_mousse@feddit.org 2 weeks ago
Let’s be very clear: Pichai is one of the Very Big assholes whose name should be uttered in the same breath with Thiel, Altman, Zuckerberg etc.
He drew comparisons to the late 1990s Internet boom, which saw early Internet company valuations surge before collapsing in 2000, leading to bankruptcies and job losses.
“We can look back at the Internet right now. There was clearly a lot of excess investment, but none of us would question whether the Internet was profound,” Pichai said. “I expect AI to be the same. So I think it’s both rational and there are elements of irrationality through a moment like this.”
Equating the dot-com bubble with the internet. Only a $trillion company CEO could spout such bs. And the misinterpretation translates very well to AI.
Frankly, what I’m getting from this article is “Hey, we’re not the #1 in the current hype, so would everybody else please slow down a little so we’re all at least on equal footing again?”
floquant@lemmy.dbzer0.com 2 weeks ago
AI winters and history repeating itself. As a concept it’s here to stay, but every incarnation leads to a cycle of misconception, hype, and disillusionment
buddascrayon@lemmy.world 2 weeks ago
Make no mistake. Just like the housing bubble of 2007 and 2008 there are people poised and ready to make tons of money off of the deflation of the AI bubble.
SaveTheTuaHawk@lemmy.ca 2 weeks ago
el_abuelo@programming.dev 2 weeks ago
The money to be made is on predicting when, not it it’s going to burst. Otherwise we’d all be betting the house on it.
buddascrayon@lemmy.world 2 weeks ago
Actually it’s more about the how. The people betting against the housing market put their chips down as early as 2005. They just had to find a way to profit from it.
deliriousdreams@fedia.io 2 weeks ago
This is a threat. They know that they're using the stock market to find their greed and that anyone with saving tied up there (Retirement funds that are invested in the market) will be on the hook. Plus the tax payer money they're going to ask for because they're "too big to fail".
DSN9@lemmy.ml 2 weeks ago
I was opposed to the bailouts in 08’, and I’m severely against any of these fuckers getting more resources to attack me. It’s absurd. What’s more absurd is that both aisles will support it, but Americans healthcare will be at 5k a month 😂〽️
Cleptocracy much?
FergleFFergleson@infosec.pub 2 weeks ago
Let me fix that for you: “When an AI bubble pops…”
BradleyUffner@lemmy.world 2 weeks ago
“if all you plebs don’t do everything in your power to keep pushing this this bubble higher, I’m going to make sure you all feel the pain.”
RememberTheApollo_@lemmy.world 2 weeks ago
“I’m gonna take you all down with me!”
Then I’ll ask for a bailout.
yarr@feddit.nl 2 weeks ago
Don’t worry, I’m sure there will be a huge government bailout that the people have no say in. Remember 2008? I don’t remember voting to give away piles of money to the bankers.
You know what Iceland did when there was suspicious investing and they had bank failures? They put the bankers in jail! What did we do? We gave them a bonus!
God bless America, because we’ll need it!
pyria@kbin.melroy.org 2 weeks ago
America is really bizarro world compared to other countries and how they handle things like this.
CaptPretentious@lemmy.world 2 weeks ago
you can fail upwards, con people and still get out filthy rich.
Only if you con the poors. If you con someone who’s rich or “powerful”, then you get punished.
yarr@feddit.nl 2 weeks ago
It’s only bizarre until you realize this isn’t a failure of the system. This is a success for the people getting the payout. They have lobbied and deeply infiltrated the government. The US government doesn’t serve the citizenry anymore. It serves the rich and powerful. The rest of us are just useful as consumers to funnel money to the corporations.
Aceticon@lemmy.dbzer0.com 2 weeks ago
Nah, most of Europe did exactly the same thing as America last time around. Hell the EU went out of its way to make sure bankers didn’t lose money (how do you think Greek Debt which was entirely in private hands ended up in the hands of the EU, which then turned around and forced Austerity of Greece “to avoid losses of money of EU taxpayers”) - the Corruption was just as bad on this side of the pond as it was on the other.
Iceland stands out because they were almost unique in the West in making the bankers pay for their shenanigans.
cirkuitbreaker@sh.itjust.works 2 weeks ago
Translation: we juiced the bubble so good trying to make a trillion dollars that when it pops, the world economy is coming down with it.
AstralPath@lemmy.ca 2 weeks ago
More like we juiced the bubble so good trying to make a trillion dollars that you (world governments) better not let it pop.
JcbAzPx@lemmy.world 2 weeks ago
Any company not using AI for anything will be pretty unaffected when this bubble pops.
NotMyOldRedditName@lemmy.world 2 weeks ago
except their employee benefits package is guaranteed to touch companies impacted by it.
ianonavy@lemmy.world 2 weeks ago
Even if they don’t use AI, they probably trade with a company that does.
BarbecueCowboy@lemmy.dbzer0.com 2 weeks ago
Good luck finding that in any large or even mid-size company. If you think you found one, good chance you probably just found one with a lot of Shadow IT and poor visibility.
frog_brawler@lemmy.world 2 weeks ago
Due to the sheer number of articles surrounding the AI bubble popping; I’m coming to the conclusion that this has already started.
AngularViscosity@piefed.social 2 weeks ago
The sooner the better. Can’t wait!
Kaboom! 💣 💥
popekingjoe@lemmy.world 2 weeks ago
Good good. Let it all fall apart.
puppinstuff@lemmy.ca 2 weeks ago
The sooner the better. Less LLM infatuation means better customer service, less overall environmental impact, and more water available to cities.
mp3@lemmy.ca 2 weeks ago
And lower RAM price.
the_q@lemmy.zip 2 weeks ago
That you still won’t be able to buy because the economy popped with the bubble.
laranis@lemmy.zip 2 weeks ago
I agree, but the doomer in me just figures we’ll be on to the next grift. Fuck.
puppinstuff@lemmy.ca 2 weeks ago
I’m just hoping whatever comes next isn’t space junk that makes colonization and satellites in general impossible.
just_another_person@lemmy.world 2 weeks ago
This is code for “Hey government, you better be ready to bail us all out”.
Lucidlethargy@sh.itjust.works 2 weeks ago
Oh, that’s where he’s wrong. I think a great many of us will enjoy it.
bitjunkie@lemmy.world 2 weeks ago
The utter lack of self-awareness…
tirednapstablook@lemmings.world 2 weeks ago
I’ll be fine.
muusemuuse@sh.itjust.works 2 weeks ago
That sounds like a threat
sunbeam60@feddit.uk 2 weeks ago
The plumbers will. The electricians will. The carpenters will. The bricklayers will. The farmers will. The steel plant workers will. The dockyard workers will.
Yes, if you’ve got savings invested it’ll touch you, but the actual jobs - you know the ones adding and making real, concrete things, probably won’t notice a big different if the AI stocks tank 30% in a day.
enumerator4829@sh.itjust.works 2 weeks ago
Who do you think pays for the bailouts in the end?
Taldan@lemmy.world 2 weeks ago
Many electricians, carpenters, and steel plant workers are currently working to build AI data centers. Funding other projects has been postponed or cancelled as the AI data centers are able to pay more
Electricians especially. Trump cancelled many clean energy projects, which created large swaths of electricians without work if it weren’t for AI data centers
krooklochurm@lemmy.ca 2 weeks ago
I’ve taken shots with more value to the man race than Sundar Prichai
demizerone@lemmy.world 2 weeks ago
Well now you know why Warren Buffet cashed out. He’s going to buy all the tech companies on a fire sale.
cosmicrookie@lemmy.world 2 weeks ago
Big tech has never seen common people as anything but data. It’s funny they now are concerned for what will happen to us if their bubble bursts
jjlinux@lemmy.zip 2 weeks ago
What’s funny is that you think they are concerned 🤣
bold_atlas@lemmy.world 2 weeks ago
I don’t think they believe the concern is real.
gravitas_deficiency@sh.itjust.works 2 weeks ago
Who is “no one”? Because yeah, there will be splash damage, but some sectors (“AI” companies and the megacorps involved in the massive ongoing self-dealing circlejerk) will collapse, but others will simply see a correction. And I’ve already dumped anything LLM-related (as well as most US-based securities and ETFs) as of early this year. So I’ll take a hit (everyone will take a hit), but it’s not going to be nearly as bad as it will be for all the bag holders.
sirico@feddit.uk 2 weeks ago
That money goes somewhere so some people will be getting out better
vane@lemmy.world 2 weeks ago
I’m waiting with money to buy Google for 1 dollar.
minorkeys@lemmy.world 2 weeks ago
Too big to fail is too big to exist. Break them up.
manxu@piefed.social 2 weeks ago
You speak the truth. These idiots sank trillions into a technology that people are very meh about. If it all comes crumbling down, they really, really have nobody to blame but their own greed.
minorkeys@lemmy.world 2 weeks ago
They forced massive shifts across the economy and wasted massive resources chasing a speculative technology all for power. We all suffer because of this and the government refuses to deal with it because we elect business friendly, ambitious liars.
Clent@lemmy.dbzer0.com 2 weeks ago
Too big to not let fail.
That was lesson.
I’m sure we managed to avoid learning it.
minorkeys@lemmy.world 2 weeks ago
We all learned the lesson but the people who could implement the lesson refuse to because it isn’t to their personal advantage. We all know what the wise thing to do is but that would disempower some very rich and influential people who should never have been allowed to grow to be so influential over the state, aka us, that we can’t stop them from forcing us to pay for their speculative risk taking.