Most boondoggles don’t burn trillions of dollars. AI is starting to hit a wall already because there just isn’t any more money. It’s why there’s this desperate push to go public even though their financials are a dumpster fire.
As a percentage of Capex to GDP it’s about a third of way to where the railway mania was at during its peak. There’s room to run. The difference between then and now is that all the spending is concentrated in a handful of companies.
Another key difference, the Railway mania was powered by commoners investing. Not just a few rich bozos and enormous enterprises putting their money into it, as it is with AI
Most boondoggles don’t burn trillions of dollars. AI is starting to hit a wall already because there just isn’t any more money. It’s why there’s this desperate push to go public even though their financials are a dumpster fire.
“We must keep building stone heads!” Easter Island civilization
“We must keep building datacenters!” Epstein Island civilization
As a percentage of Capex to GDP it’s about a third of way to where the railway mania was at during its peak. There’s room to run. The difference between then and now is that all the spending is concentrated in a handful of companies.
Another key difference, the Railway mania was powered by commoners investing. Not just a few rich bozos and enormous enterprises putting their money into it, as it is with AI