5 ms·

The investor hype in AI reminds me of the bitcoin hype around 2017. There is some real, promising tech, some real show- and usecases, but still ... Something's

by high_5 3y ago

The investor hype in AI reminds me of the bitcoin hype around 2017. There is some real, promising tech, some real show- and usecases, but still ... Something's already off before it even started.

Drakim 3y ago
The fundamental issue isn't that some technologies are "off", lots of high-level research into things like mathematics and tech has absolutely no direct practical application. Lots of things are done with the mindset of "planting trees even though we ourselves will never be able to enjoy the shade". The actual problem is the financial madness that's overtaken tech. Bitcoins is a great concept, having a decentralized system not owned by visa for doing payments across the planet would be a huge boon to a lot of people. But it drowned in how much money could be made by treating it as a financial investment. The same thing is happening with AI, and it's not the fault of AI itself as a tech. And frankly, all the comments about how "AI isn't all that, it won't be able to quickly upend every industry on the planet and make us billions" is a disappointing mindset to see. The hacker mentality has been replaced by middle-managers and financial experts.
- fragmede 3y ago
  If your complaint is simply the money that tech is swimming in, I have some bad news for you about the state of the Internet since 1998. First there was the web boom (and bust) (which was supposed to change the world). (Arguably it did, but eg record labels are still around.) Then there was the the Web 2.0 boom. Then there was crypto, now there's AI. Outside of tech, the world still looks largely the same. American "capitalism" is still filled with inequality, with lots of misery on all levels, and we don't have any more free time than we did before (unless your startup lottery ticket pays out). Sorry for letting my cynicism show, it's pre-coffee, but you'll forgive me for thinking this time it'll be different. It might be, but we've heard that promise before and should be a) just as skeptical but also b) just as enamoured. If you missed out on the crypto boom (and subsequent bust), you've got some catching up to do in this cycles boom (and bust).
YetAnotherNick 3y ago
First of all, it's not at all similar to crypto. And secondly you are free to not invest in AI. Why is that every time AI company is discussed in HN, this topic comes up. This company has nothing to do with what created this investment trend. Let's discuss the company and product and not low effort and political AI comment in general.
- ditonal 3y ago
  It is similar to crypto in that it’s relentlessly hyped by VCs and the product quality does not match the hype or funding. The article is literally about the fundraising so the comments about the fundraising are more on topic than your pointless dismissal of them.
  - sb52191 3y ago
    Counter argument: Every crypto coin is, more or less, the same. Sure there's some underlying difference in how they work (proof of stake vs proof of work) but they don't do anything wildly different. AI companies, on the other hand, ARE fairly different in the products they're offering. So while it can make sense to talk about the crypto world as a whole when on a thread about an individual coin, that makes less sense when discussing individual AI companies IMO.
  - deleted 3y ago
    [deleted]
  - YetAnotherNick 3y ago
    I really don't know of anyone using crypto other than for investing and get rich quick scheme. Crypto was overvalued as investors mostly have vested interest in coins. And funding startups is the cheapest way to inflate the coin value. And AI is solving real problems for me.
- wincy 3y ago
  Let’s say I am the opposite and am very impressed by AI. How exactly would I even invest in AI right now as a layperson? It seems like any investments would be either just straight NVDA or Microsoft and hope they eat the world. Since I’m not an accredited investor.
BoiledCabbage 3y ago
VCs have really destroyed people in tech's ability to think about and evaluate technology. At this point I can't count the number of times I've heard someone say the equivalentof "VCs hyped toothpaste and orange flavored gravy. And now they're hyping sliced bread - they're the same thing!" Stop deciding if something is good or not based on VC hype. Evaluate if the actual tech is good or not - if it does promise or not. Stop following VCs whims.

by high_5 3y ago

The investor hype in AI reminds me of the bitcoin hype around 2017. There is some real, promising tech, some real show- and usecases, but still ... Something's already off before it even started.

Drakim 3y ago

The fundamental issue isn't that some technologies are "off", lots of high-level research into things like mathematics and tech has absolutely no direct practical application. Lots of things are done with the mindset of "planting trees even though we ourselves will never be able to enjoy the shade". The actual problem is the financial madness that's overtaken tech. Bitcoins is a great concept, having a decentralized system not owned by visa for doing payments across the planet would be a huge boon to a lot of people. But it drowned in how much money could be made by treating it as a financial investment. The same thing is happening with AI, and it's not the fault of AI itself as a tech. And frankly, all the comments about how "AI isn't all that, it won't be able to quickly upend every industry on the planet and make us billions" is a disappointing mindset to see. The hacker mentality has been replaced by middle-managers and financial experts.

fragmede 3y ago
If your complaint is simply the money that tech is swimming in, I have some bad news for you about the state of the Internet since 1998. First there was the web boom (and bust) (which was supposed to change the world). (Arguably it did, but eg record labels are still around.) Then there was the the Web 2.0 boom. Then there was crypto, now there's AI. Outside of tech, the world still looks largely the same. American "capitalism" is still filled with inequality, with lots of misery on all levels, and we don't have any more free time than we did before (unless your startup lottery ticket pays out). Sorry for letting my cynicism show, it's pre-coffee, but you'll forgive me for thinking this time it'll be different. It might be, but we've heard that promise before and should be a) just as skeptical but also b) just as enamoured. If you missed out on the crypto boom (and subsequent bust), you've got some catching up to do in this cycles boom (and bust).

YetAnotherNick 3y ago

First of all, it's not at all similar to crypto. And secondly you are free to not invest in AI. Why is that every time AI company is discussed in HN, this topic comes up. This company has nothing to do with what created this investment trend. Let's discuss the company and product and not low effort and political AI comment in general.

ditonal 3y ago
It is similar to crypto in that it’s relentlessly hyped by VCs and the product quality does not match the hype or funding. The article is literally about the fundraising so the comments about the fundraising are more on topic than your pointless dismissal of them.
- sb52191 3y ago
  Counter argument: Every crypto coin is, more or less, the same. Sure there's some underlying difference in how they work (proof of stake vs proof of work) but they don't do anything wildly different. AI companies, on the other hand, ARE fairly different in the products they're offering. So while it can make sense to talk about the crypto world as a whole when on a thread about an individual coin, that makes less sense when discussing individual AI companies IMO.
- deleted 3y ago
  [deleted]
- YetAnotherNick 3y ago
  I really don't know of anyone using crypto other than for investing and get rich quick scheme. Crypto was overvalued as investors mostly have vested interest in coins. And funding startups is the cheapest way to inflate the coin value. And AI is solving real problems for me.
wincy 3y ago
Let’s say I am the opposite and am very impressed by AI. How exactly would I even invest in AI right now as a layperson? It seems like any investments would be either just straight NVDA or Microsoft and hope they eat the world. Since I’m not an accredited investor.

BoiledCabbage 3y ago

VCs have really destroyed people in tech's ability to think about and evaluate technology. At this point I can't count the number of times I've heard someone say the equivalentof "VCs hyped toothpaste and orange flavored gravy. And now they're hyping sliced bread - they're the same thing!" Stop deciding if something is good or not based on VC hype. Evaluate if the actual tech is good or not - if it does promise or not. Stop following VCs whims.