My banal take is: notwithstanding above, all the risk premium is gone for investors and employees. Everything in the AI space is priced assuming flawless execution over a 20 year time frame. As a potential employee - or investor - that equity is just not interesting to me.
Yes, the same grifters are migrating to AI. But there's a real industry in AI, unlike blockchain, where it was almost all grifters.
The pure scam industries, day trading, binary options, cryptocurrency, contracts for difference, retail FOREX, etc. do have many of the same people. If you want to follow this, there's Offshore Alert.[1]
This just in:
"MetaQuiz is the brainchild of MetFi DAO, a true trailblazer, investor, and incubator in the realms of AI, Metaverse, and Web3. With its unwavering commitment to innovation, MetFi DAO is reshaping education and entertainment in unprecedented ways. The platform aspires to redefine how individuals from diverse backgrounds learn, grow, and earn rewards in a secure and engaging environment. ... MetaQuiz introduces an unprecedented pathway, where the allure of learning seamlessly merges with tangible opportunities for earning."
AI, Metaverse, Web3, DAO, education, and gambling! What could possibly go wrong?
I think we've found the common thread between AI and crypto: the dumping of externalities and increase in energy usage.
Do people really want to work for Microsoft Middle Manager? Have we not seen enough horror stories about metric-slavery in Amazon warehouses and the gig economy? It might be cheaper, but it's also worse, for a class of people who don't get any input in the decision. Similarly self-driving unleashes a new class of poorly behaved "learner" drivers on the road, who may be less aggressive but are also capable of causing problems from that very timidity and lack of general competence.