The greatest capital misallocation in history?
People are starting to worry
In an analysis of the crazy spending on AI infrastructure, MarketWatch just quoted a tweet from yours truly:
The very fact that my warnings, technical and economic, are at long last starting to break through (Last Week Tonight on Sunday, MarketWatch today, and so on) is a strong sign that times are changing, and that skepticism is rising.
As it should.
Because they expect they will not have to pay for it. Just like walmart pioneered having the taxpayer pay for their employee's health care, these folks expect the taxpayer to pay for their (expected new labor, AKA AI) costs as well. We will be paying thru local incentives, higher utility bills, and eventual bailouts.
You can sell the sizzle for only so long before folks start wondering where the meat is. Sooner or later there will be a "where's the beef" moment for AI and it may be sooner than many think.