Everyone is talking AI - but, is anyone making money?
Although the biggest players in the tech world have sunk trillions of dollars into AI research and development, none of them have made a dime. Will they ever? That’s a reasonable question, considering AI’s potential to change the world remains highly speculative.
The investment frenzy continues to gain momentum nonetheless, recalling the South Sea Bubble of the ‘roaring’ 1720s. A widely quoted item from that era was a prospectus for a company claiming to be carrying on "an undertaking of Great Advantage but no one to know what it is." One could argue that it’s different this time, but is it really? Quite possibly not, considering that Bitcoin, a currency with no intrinsic value, has increased in value from an initial $0.003 in 2010 to a current $118,000.
These are crazy times, and nothing drives people crazier than the prospect of thousandfold returns on their savings. Before you plunk down your own hard-earned dollars on a flight of fantasy, check out my recent interview on Howe Street: https://tinyurl.com/RickAck9999 (Note: I make an exception for Nvidia shares, for reasons that are explained in the interview.)
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