Money-Grubbing Bankers Say AI Will Make You Rich — Are They Building the Next High-Tech Bubble?
The AI arms race looks like the dot-com disaster
The sleazy financial industry has a brand spanking new buzzword they want all of us suckers to invest in — it’s called AI.
Warren Buffett doesn’t believe in the hype and cautioned about it at his Berkshire Hathaway Annual Meeting this past weekend.
“Last year I said we let a genie out of the bottle when we developed nuclear weapons and that genie has been doing some terrible things lately. AI is somewhat similar… it’s part way out of the bottle …we may wish we never saw that genie or it might do valuable things.” — Warren Buffett
Wall Street doesn’t care what Warren thinks — it’s plowing vast amounts of money into startups that may fail and big companies that also may stumble if they don’t deliver on the promise of AI.
It looks like a replay of the Dot-Com bubble from the late 1990s to 2000 when over 5 trillion dollars were lost when the internet stocks crashed and burned.
I lived through that bubble and was at MarketWatch.com when it happened. Our tiny company went public on January 19, 1999, at $17 per share, with only $7 million in annual revenues. During the day, our stock…
