From Newsgroup: comp.misc

Following on from his polemic on “enshittification” last year, Cory Doctorow now takes on AI -- the ways in which it can be good, and also
the all too many ways in which it can be bad <https://arstechnica.com/gadgets/2026/06/how-to-burst-the-ai-bubble-strike-at-its-roots/>.

Some of his quotes, as usual, are just too delicious:

There’s an enormous amount of liquidity in growth stocks, which
means that you can use growth stocks to grow. You can buy other
companies with shares, and shares are an endogenous substance that
you make on the premises by typing zeros into a spreadsheet. Firms
with growth stocks can grow by typing zeros, whereas firms that
are mature, they have to use money if they want to grow, and
you’re not allowed to make money on the premises. If you do, the
Treasury Department shows up and takes you away in handcuffs. So
you can see why firms would be very anxious to maintain the
perception that they have room for growth even after they have 90
percent market shares.

That’s why those firms started promoting stories about how they
were going to conquer imaginary markets. Imaginary markets have no
agreed-upon valuation because you just made them up. Unless you
can turn an imaginary market into a real market pretty quickly,
you need to come up with another imaginary market and announce
that this is the new imaginary market you’re going to conquer.
It’s easier than you’d think because the capital markets have the
object permanence of a toddler, and they would lose a game of
peekaboo if they were drafted to play in the league. So you can
say, “Oh, actually, it’s not metaverse. It’s crypto. It’s not
crypto. It’s Web3. It’s not Web3. It’s something else.” And the
markets will forgive you, provided you do it quickly enough.

AI, it seems, is building on a lot of these same old
history-repeats-itself trends, just carrying them to the next level.
There could be some good to it, but all too often big companies are
using it as a way to boost their profits while getting rid of human
staff.
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