Let's talk about Artificial Intelligence

[old man emu]

I'm wondering if the AI boom might go bust. I need to separate the technology from the financial backing it needs. I don't see the technological side of things dying off. There will always be people playing with it and developing its abilities. However, it seems that recently there hs been some nervousness amongst the sources of finance for it.

 

At the moment, those seeking to finance AI seem to be hyping it when they are making their requests. Howver, it also seems that those who can provide the finance are concerned that the returns on investment are too long in coming. I'm not a financial expert, but my opinion is that those providing the money want both security for their money and at the same time they want the profits to roll in pretty quickly. In other words, investing in AI is a risky business. I think that these financiers, having been burned by the dot.com bubble and the causes of the 2008 GFC, and factoring the uncertainty of the global political situation might become more reluctant to go in as deeply as those seeking finance might like.

 

However, my opinion is based on the way I think Wall Street types operate. I think that they are too concerned with short term returns. That leaves the other major economy whose mind set allows for playing the long term, regular small returns game. 

 

We live in interesting times.

[nomadpete]

I agree with your skepicism. Sure, it's still early days. But so far the returns don't seem to be ramping up in proportion to the collective $billions being 'invested' in data centres and A.I.

[old man emu]

4 hours ago, nomadpete said:

I agree with your skepicism

I'm not skeptic about AI. A skeptic is a person who questions the truth, validity, or value of an idea, claim, or belief rather than accepting it at face value. I was just wondering if the advance of AI is likely to be slowed by its failure to produce profits rapidly for investors. AI has been developing since the end of WWII. It hit some hurdles in teh 60s and 70s when computing power wasn't up to its needs. Now that power seems to be available, but other factors are at play, and I reckon the major factor is the profit on investment in the short term.

[nomadpete]

11 hours ago, old man emu said:

I'm not skeptic about AI. A skeptic is a person who questions the truth, validity, or value of an idea, claim, or belief rather than accepting it at face value

Just to clarify:-

I'm sure know that I am skeptical about the future of, and even the financial/environmental viability of A.I.

 

11 hours ago, old man emu said:

AI has been developing since the end of WWII. It hit some hurdles in teh 60s and 70s when computing power wasn't up to its needs.

I totally agree with this. The 'new wave' is trying to convince the plebs that A.I. is something new.

 

It is just one more evolutionary step made possible by hardware advances.

[old man emu]

History repeats itself????

 

The Wall Street Crash of 1929 occurred from October 24 to October 29, 1929.  The same week in October, ninety-eight years later, Wall Street suffered a big drop due to off-selling of stocks related to AI businesses. 

 

 

 

[facthunter]

Greed and Fear propels the stock Market. .  What Trump "SAYS or Does" changes it. In 1929 it was Junk Bonds (worthless Paper) that Caused a World recession that only WW2 brought USA out of The Military-Industrial Complex that Dwight Eisenhauer spoke  at great Length on and warned of It's increasing Influence on American Politics.. Boeing would have gone Broke, if it wasn't so Important/ essential to Military Output. Nev

[pmccarthy]

There will be huge losses from the AI ponzi scheme. This is probably the start.

[old man emu]

Here is an example of a good use for ChatGPT, and I suppose Calude and the others. 

 

 

[rgmwa]

I've asked it to do engineering calculations. It's pretty good but it's like having a graduate engineer working for you. You've got to check what it's telling you but it's still impressive.

[willedoo]

Starting to see the occasional Facebook Marketplace seller using AI to write a product description of what they are trying to sell. It just reads as flowery AI waffle with no description or details of the actual item. Any seller reading that drivel would just think 'f***ing clown' and move on. It's no way to sell anything, especially if it's combined with photos that don't help to identify brand, model etc..

[willedoo]

A postscript to the above. I checked out the profile of one Marketplace seller using AI to write the product description. He had a heap of listings and every one of them had AI descriptions that are very long, overly verbose blocks of text with no paragraphing and no human input. As an example, here's his listing description for a $20 second-hand sledge hammer, just a cheap Supercraft brand like you buy at bunnings:

 

'The Supercraft sledge hammer is a utilitarian tool designed for heavy-duty industrial and construction applications. Known for its durable forged steel head and reinforced fibreglass handle, it emphasizes safety and ergonomic vibration dampening. Historically, such tools represent the evolution of manual labor equipment, moving from traditional wood handles to synthetic materials for improved longevity and shock absorption. While not typically considered a high-value collectible, it is highly valued by contractors, DIY enthusiasts, and tradespeople for its reliability and robust craftsmanship. Its market value is primarily driven by its functional utility rather than rarity, making it a staple in workshops rather than display collections.'

 

All his listing descriptions are much the same. In his possible defence, he has a Russian or Ukrainian surname so it's possible his English skill level is not good enough to understand how idiotic that stuff reads. To be honest, some of them are quite funny even though they're not meant to be.