YOU MUST READ THIS
I won a Pulitzer for explaining the Great Depression. The AI spending boom terrifies me. A precis: In 1873 capital flooded into railroads, a transformative new infrastructure technology, at a scale comparable to 2%–3% of GDP. That research is why, when Liaquat Ahamed, (Pulitzer-winning author of Lords of Finance and 1873) looks at the AI buildout today, he is genuinely frightened. AI investment is presently at 1% of GDP. Be afraid, be very afraid. The railroad bubble caused several depressions at the end of the 19th century.
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One Thing AI Can Do: Destroy Your Company
Why is Meta destroying its engineering organization? Leadership at the social media giant has been on an AI-fueled rampage through its engineering org.
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AI Done Right
IKEA replaced 8,500 support jobs with AI. They didn’t fire anyone. All 8,500 were retrained as remote design advisors.