this can all collapse in an economically devastating manner leaving thousands financially destroyed while the executives receive bonuses and payouts

Comments

• Keilik@lemmy.world ⁨1⁩ ⁨day⁩ ago

  This is a really good article with a lot of thorough research into the economic buffoonery going on with AI. It’s long but it’s well written, funny, and entertaining enough to make it a pretty easy read.

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  • Sackett@thelemmy.club ⁨15⁩ ⁨hours⁩ ago

    That was a good article thanks for sharing. While I think that he is absolutely right, I do think that even after the bubble pops there will still be a market for AI. It’s being integrated into the medical field, the legal field, and the tech field. All of which have the money to prop up an AI model. I’m guessing AI is used heavily in manufacturing as well, although I don’t know that for sure. That being said, the author of your article probably knows more than me.

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• DupaCycki@lemmy.world ⁨1⁩ ⁨day⁩ ago

  70% of Microsoft’s AI revenue comes from OpenAI.

  70% of OpenAI’s budget comes from Microsoft.

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  • decolo@piefed.social ⁨23⁩ ⁨hours⁩ ago

    it’s a fully circular human centipede.

    just with corporations.

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• Shameless@lemmy.world ⁨1⁩ ⁨day⁩ ago

  This next financial crisis is going to be devastating. I just bought a house 🥲

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  • unitedwithme@lemmy.today ⁨1⁩ ⁨day⁩ ago

    Keep your head up, take advantage of this next collapse when interest rates drop. You could refinance to save money.

    You only lose equity as an “investment” not value of having your own home. Another thing is, if you didn’t put 20% down to avoid PMI, if you lose some worth when the market crashes, that might work in your favor when you refinance and avoid that, saving you even more money!

    We bought in 2021 before prices got too high (still higher though) and rates went up. We did less down to get in, after 3 years of paying a little extra and the market being up, we got PMI removed, saving about $100/mo (even without a refi). I’m using simple numbers as an example, but it you bought a $400k house (roughly US median) and put “only” $60k down, if the value drops to ~$300k and you’ve paid down the principal enough, you’ll hit your 20% equity. No PMI.

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    • Polisheocket@lemmy.zip ⁨20⁩ ⁨hours⁩ ago

      The downside to all this, when housing goes down people can’t refi if they have negative equity. So while it’s not an official loss you can be limited on borrowing power, which means for people like me with 6.5% rate and less then 20% equity. Good chance I wouldn’t be able to refi until economy improves and interest rates climb. I live in a pretty good spot in CA where I doubt prices would go down more then 10% in any type of correction but for people putting down 3%-5% good chance they’ll be in negative equity

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• Danitos@reddthat.com ⁨12⁩ ⁨hours⁩ ago

  Add the fact that Microsoft owns 49% of OpenAI.

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• muffedtrims@lemmy.world ⁨21⁩ ⁨hours⁩ ago

  Image

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• unitedwithme@lemmy.today ⁨1⁩ ⁨day⁩ ago

  Isn’t that what Nvidia just said? Or Nvidia just “gave” $200b to OpenAI to buy more GPUs or something… Either way, it’s a mess!!

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