Some losses are about to get socialised
“set to wipe out” and “wipe out” mean vastly different things in this context.
So who should I short
People keep saying AI boom as if it’s made any money 🤑
Sure has, for a select few.
Socialism for the rich. Here we go again
Is this finally the crack, or will they manage to paper over it and keep the bubble growing even further?
WE.ALL.SAW.THIS.COMING.
I think they saw it coming as well.
There is a song playing, fewer chairs than people running and it is about to stop. They want to earn money and hope they are not the last one to sit.
They are playing a game and they know it
They saw it coming. This is a legal bank heist. The ultra rich rob the banks then will cry poverty (to big to fail) and demand to be rescued only rob the banks again another day. This isn’t the first time they’ve pulled this scheme, it won’t be the last. As long as it keeps working they’ll keep doing it.
It’s legit crazy how financially illiterate top executives can sometimes be.
In a company I worked for, they decided to stop using on-prem systems and move them to cloud servers. I made a rough calculation on a coffee break with colleagues that the move increases costs by roughly 10 times. It was unbelievable and all we could do was laugh.
Some 4 months later it was announced that the cloud systems are to be decommissioned due to costs and employees have to find a way to do the same things on their laptops (which will be upgraded if needed). I still cannot wrap my head around it, there must have been some nasty politics or absolute numeral illiteracy going on in the background.
I worked in the title insurance industry around 2005, data entry. So I saw thousands of mortgages being issued every week, and my job was to data enter mortgage details and data enter the research showing clear title of the property.
I was 19 years old and renting a studio apartment and even I was shocked that every. Single. Mortgage had an adjustable rate or balloon rider on it. Reading the terms of those I was thinking how the hell will any of these people make their mortage payments in 4 or 5 years?
When I would talk to people older than me with homes and investments they would get genuinely upset and tell me I couldn’t possibly understand, the banks know what they are doing. Ok.
nasty politics or absolute numeral illiteracy
Or kickbacks from the cloud service providers.
Well, some of the C-level executives had shady ties to cloud companies…
I’m currently wearing my entirely-unsurprised-face. Look, I’m never going to be an advocate of the dystopic post-capitalistic hellscape of Cyberpunk, but there’s something to be said for a Militech-style severance package.
“I was hoping to reach Anthony Gilchrist on this number,” said Faraday tentatively.
“I’d tell you that I regret to inform you that I just executed Mr. Gilchrist in his office for violations of corporate policy five minutes ago,” replied Meredith Stout smugly, “but then I’d be lying.”
“About executing him?” asked Faraday cautiously.
“About regretting it.”
I would be dramatically less upset if I was surprised. Its painful to of shouted this from the rooftops for what feels like years now, only to be dismissed so easily. What males it even more painful is its the same idiots that where so desperate for nfts to work because their lives are so pathetic the only way they can see it improving is yoloing it on some tiktok fad they just learned about a week ago.
The same people that are desperately defending ai on every turn desperately need it to work because they have taken full bait on the scam. They probably bought some 10k course from the PDB podcast or something like that on “how to get rich quick with ai for dummies” and then wasted 7.5k in tokens to make a web wrapper that sends all user input to Claude and does literally nothing. All their retirements are getting fucked by ai and they probably dumped all their personal savings into ai stocks. Literally the whole american economy is held up by a scam and instead of looking at death in the eye people rather claim ignorance and get mad and upset when you point out the truth.
I rapidly flip between “everyone is just misguided and have been intentionally deprived of good information”, and “oh god the stupid people are running the planet, they are lesser beings who only prevent progress.” And that usually just depends on my mood.
I just don’t understand how practically every business in recent times has operated on this model, and its not just obvious to everyone that this is the new scam to siphon money out of you instead of a real grass roots business that has actual real proven thing.
Kick out fascists
State seizure of big tech, ISPs, and utilities
Require reeducation for conservatives
End citizens united
Expand Supreme Court, house, and senate
End first past the post and require proportional representation
Eliminate presidential pardons
If you’re gonna support all that why not just destroy the government and make a worker’s state?
I feel like the word “just” is doing the heavy lifting here.
The power required to kick out fascists, seize businesses or do any of that stuff can really only come from a socialist revolution. There’s no way the capitalists will let you vote for it, that’s for sure.
Read the history of Scandinavian socialist democracies to see how policies such as free healthcare and education can be achieved by voting.
I’ve read the history of the USSR and China, and those revolutions did not achieve anything close to similar. So… Yeah…
Social welfare is not socialism. And also, the only reason Scandinavian countries got social welfare was through massive civil unrest and threatening a worker’s revolution. The welfare was the compromise. They are still capitalist members of the imperial core who fund their welfare through exploitation of the global south.
Also, maybe read histories of the USSR and China that weren’t written by capitalists. They tend to lie about socialism, like a lot.
Social welfare is not socialism
Frankly, I don’t care about socialism. I care about free healthcare, education, welfare etc.
And also, the only reason Scandinavian countries got social welfare was through massive civil unrest and threatening a worker’s revolution.
Ok, let me educate you a bit here, as I’m actually from one of those countries. In Finland, there was a civil war in 1918 between the reds and the whites. The reds lost big time and the country went to pseudo-fascist mode for almost 2 decades. I’m saying pseudo-fascist, because there was a coup attempt to go full blown Nazi at around 1930. It failed.
During WW2 the country united against the USSR, as almost no one wanted to have any part of that disaster. After the war (and in fact also a bit before IIRC), everyone understood that leftist parties have to be allowed in politics to prevent another civil war, and so leftist policies started to enter legislation. You want to know why? People fucking voted. Now you’re going to argue that the threat of the civil war was the key, but it only allowed the left to enter the game. After that people fucking voted. People need to fucking vote.
They are still capitalist members of the imperial core who fund their welfare through exploitation of the global south.
This is as tiring as having anyone slightly leftist in the US being called a communist. The USSR exploited the shit out of Eastern Europe, somehow that doesn’t count because imperialism is a boogey man.
Also, maybe read histories of the USSR and China that weren’t written by capitalists. They tend to lie about socialism, like a lot.
Nah, I’d stick to something trustworthy. Did you know they had to smuggle information about gulags out of the USSR? Why? Because they didn’t want to acknowledge them. I wonder how trustworthy their history writing is…
Nordic countries are so stable because they import raw resources and cheap consumer goods (which are underpriced because of financial imperialism) from mainly Africa, China, and Russia, and then export monopoly priced machinery, processed goods, and weapons. They literally could not develop if not for the EU getting rich from neocolonialism in Africa.
The main exports of Scandinavian social democracies are cars, industrial machinery, petroleum products, and weapons (mainly Sweden, which is actually one of the world’s largest arms exporters, which are being used currently in mainly Ukraine and Yemen against Ansar Allah). While they import everything under the sun from the global South. Consumer-based, highly financialized economies are not socialist.
Sure bub, I know the history.
Finland, for example, was broke as hell after being on the losing side of WW2. Did not receive any aid from Marshall plan. Did not receive cheap resources from Africa either. What saved Finland was that the USSR, thanks to it’s terribly ineffective system, was unable to produce decent products, so Finland could sell absolutely everything there in exchange of cheap oil. So communism worked for Finland, not so much for the people of the USSR.
Consumer-based, highly financialized economies are not socialist.
I’m happy to let you define what’s socialist and what’s not. I care more about what countries offer (close to) free healthcare, education and social safety nets.
Edit: you could have also indicated when you edited your replies. You posted something, I responded and later your post looked very different. Not cool, man. Not cool.
so Finland could sell absolutely everything there in exchange for cheap oil.
You are literally describing how imperialism works. Exploiting the USSR after its industry was destroyed after WW2, after they literally invaded the USSR as an ally of Germany no less, and getting its oil for cheaply in exchange for expensive consumer goods afterwards. You are literally describing what I said. And yes, Finland and most of Europe got a return on their investments in Africa.
I’m happy to let you define what’s socialist and what’s not.
Socialism is when the working class is the ruling class.
To expand on that chuds will really take to this if you just throw words in like “america first” or “for the people”
2026 has kinda fucked up their brains and they sometimes confuse nationalism with socialism. They still love nationalism so you just work off of that. Once they learn its socalism after they already agreed to it’s already in their head as a good idea and have a harder time walking away from it. If there’s one thing they are bad at its self reflection and admitting they are wrong, so just get that brain worm in there.
If you say you’re making a workers party already you lost majority of the country. If instead you just say we are fixing the country and kicking out Israel and giving the money back to Americans for an american first country, then you got a lot of confused conservatives on your side who are bitter. I’ve unironically heard conservatives say they’ll vote for aoc to “punish” their own party. So things are weird right now and potentially in a advantageous way.
No, actually, that’s really bad, because that’s exactly what the national socialists were.
No no we don’t become national socialist. But I and rstand your fear.
I mean, like you’re literally arguing for like the lib cultural revolution, and restructuring of the government, which definitely requires some sort of takeover, why shouldn’t it be working class? You’re only like 12 steps away from being a Maoist.
Cool, can I buy a 5090 now?
Even when prices eventually go down, why would you want to put more money into nvidias hands, they’re one of the main reasons we’re in this mess to begin with.
5090 will be cheap but you will be unemployed
No
The ghosts of dotcom and Lehman Brothers strikes again!
This was the most pathetic economic bubble I’ve ever been a part of
Fully agree. At least in the past bubbles, some parts of it trickled to the rest of the economy and we had a societal bonanza.
During the dotcom bubble you could start a company and make millions out of thin air, you’d pay your engineers ridiculous amounts and everyone could get a job.
During the housing bubble everyone could get loans and buy a house, live a decent life for a moment. Real economy, not just Wall Street, was soaring.
AI bubble? Layoffs for everyone. Sense of impending doom all around. Clear signs of financial manipulation directly in front of us. Egomaniac CEOs being obnoxious. Inflation racing. Fucking lame, kill it now, please and let’s start over.
All of these of course resulted in misery, and it’ll come again. But fuck it, at least the other bubbles were fun.
This one has seemed to be a bubble of stupid by stupid. Like 90% of humanity straight up sat this one out because it sounds like a bad idea, but somehow it’ll crash global economies anyway.
Other bubbles were reasonably hidden, or had some surprise elements, but we’ve all been watching and talking amongst ourselves about this one.
It’s like watching a degenerate gambler keep going after everyone at the table and even a couple of people walking by have tried to intervene.
Pathetic indeed.
Already 500b is lost :(
I’m doing my part by continuing to ask chatgpt questions constantly without paying them money. I have started using Claude at work as well. If I do it enough, they’ll eventually all realize it’s expensive af, and give up on it. That’s the hope anyway.
Edit: Also, fucking finally. Been waiting for this to happen for what seems like ages.
One of my favorite passtimes is going on a chatbot and asking it really out of left field questions. “Last night while I was sleeping I was woken up to my neighbor making fried eggs in my kitchen. The eggs were pretty good, but I’m concerned how he got inside. Do you know what seasonings he might have used on the egg? It was green.”
That’s a weird thing to do, but I’m here for it. I mostly ask it real technical questions about my game code to see if it can solve it, or find me a source that has already solved it. I usually Google it first tho. But every search engine has made their searches worse, so I don’t usually find what I want. Even just a year or two ago searches would pop up forum posts with the solutions to my issue someone else already asked and had answered. Now it’s like digging through a hay stack for a needle.
Try Kagi if you can afford a paid search engine. You can even specifically search the fediverse.
I’ve been using noai.duckduckgo.com for a while and it’s still useful. The problem isn’t just the search engines it’s the SEO that shit sites abuse to get to the top of searches.
log out before doing anything. chatgpt now serves ads if youre logged in, thus making them money.
Log out of what? I don’t have an account. My work thing is officially set up. I didn’t do anything but request access to it at work. Now I’m juat trying to use up my works money so they realize it’s stupid to use AI for everything. They put a cap in how many credits I can use, so it’s not endless. I kinda just wish they would stop trying to shove it down our throats.
The AI companies don’t actually care about your company wasting money. They are making money off of your activities. Your company is losing money. That might result in you or your co-workers getting laid off. Which given you’re wasting company resources, you should be. But I’m more concerned about your co-workers getting laid off because of what you’re doing.
You’re literally transferring your company’s money to AI companies because… why again? Some internet brainrot accelerationist mentality it seems.
No shit, but if I waste my companies money, they’ll eventually realize it’s expensive and they aren’t getting any benefit out of it.
So that the company finds it to be a waste of money and stops giving the AI companies money. Also, even the paid tier is losing money for AI companies IIRC.
Yeah so it’s a reverse boycott. After we buy a lot from this company everyone will understand why this company isn’t a viable business!
Meanwhile in the real world, investors see an uptick in usage. Sure it’s not making money yet, but they project more growth because it looks it may be a viable business.
The companies paying for subscriptions see that the employees are using the service a lot and keep paying for those subscriptions. It’s silly to assume that a company paying for a subscription for AI isn’t going to know the tokens were wasted. If they knew that, they’d fire the employee doing this because it’s maliciously wasting company resources. If no one is fired for wasting tokens, we can logically assume the company paying for the subscriptions think the tokens are being used for valid work purposes and continue paying for the subscriptions.
What would actually prove to a company that an AI subscription is worthless is using zero tokens. Why would they pay for a service their employees don’t use?
Methinks this is a person that is actually using AI and feeling guilty over it. So its… “yeah I’m just using to to waste tokens to fight the power!” That or a brainrotted accelerationist.
Just another bullshit cog in the bullshit economy.
Nature is healing.
Everyone is hoping that we start arresting these politicians and tech bros when the bubble bursts but why wait?
That won’t happen. People like Elon only exist because of these bubbles. The bubble means nothing to the individuals, they just jump ship and start something new.
The state of the world says an actual revolution is a possibility
