https://www.zerohedge.com/ai/great-walkback-sam-altman-admits-he-was-wrong-ais-economic-timeline
So the reset will be painful?
“To give you an idea of the scale of this bubble; if the stock market were to crash back to long-term averages, it would be equivalent to a $300,000 loss per U.S. household.”
“Put simply: you cannot re-engineer human behavior to accommodate an IPO roadmap – even as OpenAI reportedly lays the groundwork for a public offering with valuations floated as high as $1 trillion.”
The real point being that, according to the article in my previous post, the IPO needs to be valued at a trillion to raise enough funds to pay for existing commitments coming due in the next couple of years.
{edit} Aaaaand another!
There’ve been a couple of comparisons to canal and railway expansion bubbles – but these bubbles were hugely expansionary for the economies involved, leading to much more trade and frequently much lower prices, to the extent that significant deflation occurred.