@causticmsngo @nixCraft On the upside, if Goldman Sachs is right, the bubble bursting might not lead to recession and a risk of a full blown financial crisis.
Which would be nice.
M
matthewtoadagain@climatejustice.social
@matthewtoadagain@climatejustice.social
Posts
-
AI Added ‘Basically Zero’ to US Economic Growth Last Year, Goldman Sachs Says https://gizmodo.com/ai-added-basically-zero-to-us-economic-growth-last-year-goldman-sachs-says-2000725380 😂😂😂 -
AI Added ‘Basically Zero’ to US Economic Growth Last Year, Goldman Sachs Says https://gizmodo.com/ai-added-basically-zero-to-us-economic-growth-last-year-goldman-sachs-says-2000725380 😂😂😂@causticmsngo @nixCraft Not even that.
It's a bubble. They're not concerned about maximising long term shareholder value, which in most cases is their actual fiduciary duty (e.g. pension funds own a large proportion of the economy in many countries).
They're only concerned about temporarily boosting share prices. Which is **not** the same thing.
Because when the bubble bursts, they'll time it right and short it on the way down. Or so they hope.
Or, as CEO, they'll have moved on to another job by then.
And they temporarily boost share prices by jumping on the latest bandwagon, propping up the bubble for a while longer before it pops.
Meanwhile, "AI" drives new fossil fueled power stations, steals water as well as intellectual property, along with all the other harms it does.
Plus, fire and rehire as a bonus.