Google CEO: If an AI bubble pops, no one is getting out clean
7 months ago by Alphane Moon to c/technology
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.
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.
“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.
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.
At least China is right about not bailing out their companies when their own property bubble collapsed.
The bar can't be "not as corrupt as America". That's not a bar, that's the ground. They can and should do better.
Oh I'm not trying to defend or exalt China. I'm saying that we should be like China when it comes to dealing with billionaires. Or even better, be like Vietnam, when the court ordered a billionaire who defrauded thousands to pay in time or be executed.
Was that a threat?
And I hope he wasn’t threatening everyone who participates in the global economy.
"No bail-out, no economy" basically.
Was that a threat?
"Google might break! Please be careful!" - the threat of a good time.
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.
They've learned they can get away with it.
[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".
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
Do you have another retort besides "lol"? Spending the amount of time required to produce professional art when an income isn't directly guaranteed is a risk most of us can't take, FYI.
You still can't make
Yeah and why would I need to?
If I don't enjoy that particular process nearly enough to learn how to make it good, and I wanted it to be good and I was feeling creative and had an idea for it, I could just get it made for me, free of charge, free of corpo influence or any strings attached. It's a sweet deal.
Spending the amount of time required to produce professional art when an income isn't directly guaranteed is a risk most of us can't take, FYI.
Because you don't care about making art, so you choose comfort and financial safety. It has nothing to do with "Privilege".
You're talking about outsourcing art, but then complain about who actually make art.
Art isn't output/result. That's exactly what you're getting from your gen slop.
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!
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.
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.
We should improve society somewhat.
that sounds like antiameticamism and therefore legally making you a terrorist
I believe the French had a nice invention for that. And it’s not the ‘pain au chocolat’…
tbf the 40 years after the french revolution were called "the terror"
didn't they ended up with an emperor?
we learned that violent revoluts without unity and theory will succeed in creating another unfair system.
Organise, join local groups, join those groups with other groups.
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?"
And the idea that it could all burst, leaving not only Google/Alphabet utterly destroyed - don't threaten me with a good time, Sundai!
This is a threat. They know that they're using the stock market to fund their greed and that anyone with savings 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".
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?
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.
Jacked to the tits....
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.
Sub-prime mortgages going into default en masse
Let me fix that for you: "When an AI bubble pops..."
"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."
“I’m gonna take you all down with me!”
Then I’ll ask for a sweet socialist bailout while the rest of you enjoy rugged capitalism.
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.
More like we juiced the bubble so good trying to make a trillion dollars that you (world governments) better not let it pop.
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!
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.
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.
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.
except their employee benefits package is guaranteed to touch companies impacted by it.
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.
The sooner the better. Can't wait!
Kaboom! 💣 💥
Good good. Let it all fall apart.
The sooner the better. Less LLM infatuation means better customer service, less overall environmental impact, and more water available to cities.
I’m just hoping whatever comes next isn’t space junk that makes colonization and satellites in general impossible.
This is code for "Hey government, you better be ready to bail us all out".
Oh, that's where he's wrong. I think a great many of us will enjoy it.
That sounds like a threat
I've taken shits with more value to the human race than Sundar Prichai
I know what you're saying, but if a company is valued at 10 billion for instance, then gets revalued down to 100mil, that difference has not gone anywhere, it has simply ceased to exist. And if you had invested 100k to own 0.001% of the 10 billion company, you now only own 0.001% of a 100 million company. Your investment has lost its value, with whatever implications that has for you. The value hasn't shifted around, it's ceased to exist!
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
I don't think they believe the concern is real.
"We should Improve society somewhat".
"It's funny you think they would let society improve lol! How naive!"
Please don't be like that. It's peak douche behavior.
Well now you know why Warren Buffet cashed out. He's going to buy all the tech companies on a fire sale.
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.
Tech companies will ask (and get) an enormous bailout so they don't have to fire everyone, and then they will fire everyone anyway. In order to recoup some of the budget losses, King Trump will implement one or two more taxes
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.
Who do you think pays for the bailouts in the end?
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
So, they want us all to suffer for their bad decisions? Well that just puts us all on the same playing field (except for the 1%) and at which point, we will revolt and take them (1%) down with us.
Quiet quitting is our best bet. If they don't give you decent health care and a retirement plan then we're just doing the minimum. Why would we work harder for less in return? Maybe we can just all start our own AI business. Every American can have their very own AI automated business with passive income.
If they don’t give you decent health care and a retirement plan then we’re just doing the minimum. Why would we work harder for less in return?
Don't even do the minimum. Will McDonald's give give you half a of a cheeseburger if you only pay half? Will a bank only seize half your house if you start paying half your mortgage payment? Why would we give them half-effort for a penny less than what we're worth?
It's painful and slow but more and more people are learning to live without working. Not an easy life but it's probably going to be necessary at some point if this system is ever going to change.
Quiet quitting is such a bizarre phrase for me as Irish. As long as we do our jobs right, we can do whatever we want. At the end of the day, a job is meant to put food on the table, not be your life. Even some of the worst companies I have worked have a laidback attitude compared to workplaces abroad.
Don't threaten my good time with a threat
Uh….well yeah.
Fuck it we ball. *gets a needle*
It will be dirty pleasure fo sho
@lemmy.world
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related news or articles.
- Be excellent to each other!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, this includes using AI responses and summaries. To ask if your bot can be added please contact a mod.
- Check for duplicates before posting, duplicates may be removed
- Accounts 7 days and younger will have their posts automatically removed.
Approved Bots
go to feed...
@lemmy.world
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related news or articles.
- Be excellent to each other!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, this includes using AI responses and summaries. To ask if your bot can be added please contact a mod.
- Check for duplicates before posting, duplicates may be removed
- Accounts 7 days and younger will have their posts automatically removed.
Approved Bots
go to feed...
Too big to fail is too big to exist. Break them up.
save