OpenAI Might Be About To Pop The AI Bubble
We are close to the end of AI, and it will hurt everyone.
OpenAI is the poster child of the AI world. Multiple 60-year-olds at my gym have told me I should use ChatGPT to write articles. I cannot think of another technology company that has created such universal hype and fear as OpenAI. Indeed, it’s arguable that our current cultural, economic, and financial obsession with AI, a technology that has existed for decades, is thanks to OpenAI. In fact, OpenAI’s meteoric rise has pushed big tech to invest hundreds of billions of dollars into AI in an attempt to catch up or ride on their coattails. So, the fact that a recent investigation found that OpenAI could be bankrupt by the end of the year is utterly terrifying, as it will hurt all of us.
Truth be told, there have been signs that AI isn’t the profit tsunami investors have touted it to be for a while. As I covered in a previous article, studies have shown that AI is too expensive to replace the vast majority of jobs. Only the most mind-numbing, constrained and simple tasks could be replaced by AI, and even then, it would primarily only augment a job and only partially replace it. As such, the study found that only 23% of workers’ wages could be replaced by AI for less expenditure. Moreover, they found that even if the cost of AI declined by 20% each year…
