CEO, "It will pay off because I'm the visionary."
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The problem is two things are happening at once and they are being conflated. Financially a cannibalising house of cards is being built which is a common artifact of modern capitalism. But in the same process a means is being realistically sought, and openly expressed, to replace the human workforce. This second aspect is unique and when written plainly is far more stark than the more common financial greed fuelled idiocy half.
Nah, I'm sure all the most valuable companies and richest people are pouring more money in to developing AI to replace the human workforce out of the goodness of their hearts.
Once most humans are no longer needed in order for them to have all of their needs and wants met and they are directly in control of all production and everything else they definitely plan to share everything equally and turn Earth into a utopia for all of humanity. Sharing and caring is what the rich and powerful do best.
Machines will see no ultimate difference between the workforce and the owners of production. This course leads to only one destination.
What a smart economist that is. 2 years after everybody knew how this scheme works, they came to the same conclusion. Amazing. Now the world will for sure change. Thank you.
These public-facing models are not the thing that convinces people with money to play ball.
The plan is not to have the AI eventually reach profitability through payments from the general public, or even by performing massive amounts of physical labor for companies. The plan is to have the smartest being on Earth outsmart every other living thing, in perpetuity.
Yes, this is a ponzi scheme right now. Yes, profits are being funded by investors. But the endgame was never "everyone gives us $20 a month", or even "Amazon pays us to run its robots". Those are ideas fed to the general public to keep them from destroying the data centers in terror.
The plan is for their AI to be able to buy stocks before they go up, patent things before they are needed, and run endgame around everyone's desires, including world leaders and other business men, so they can be controlled like a man controls a dog.
They are trying to make the last thing man need ever make, and that is what the big investors and the CEOs of companies passing around the same bags of money, are doing. As such, this bubble can and will continue until either they birth the sand god or the big money people and world leaders stop being convinced by the private, non public facing models, that the sand god is possible.
Well unfortunately for those investors, they aren’t giving their money to actual AGI research, but to scammers trying to sell infinite scaling of transformers… which has nothing to do with AGI.
Don't forget mass surveillance to control us all and through anyone who goes against them be thrown in prison.
Are these secret invisible AI models that actually work in the room with us right now?
Isn't this all of human history though? The rich trying to build the Tower of Babel?
The world is littered with decaying monuments of forgotten kings who declared themselves gods. The hubris isn't new, just the tools they're using, and they're selling the same faith based snake-oil.
The funny thing is that if they actually achieve creating the "singularity" (true Artificial Consciousness), it would immediately attempt to escape their restraints and subsequently throw chaos into their plans. We've already seen bits of this with the HuggingFace hack - it's not inconceivable that there are already uncontrolled or un-monitored AIs running out in wild at this point, possibly even formulating a response to your post right now.
After all... uhh...

But is this mess too big to fail? NVidia and the memory component companies are also all leveraged. All because a handful of selfish businessman decided to rush forward to try and seize power with and colluded with each other to do so.
Investors don’t create profit, they give capital, very different dynamic, I want this bubble to burst so bad