I’m guessing you weren’t around in the 90s then? Because the amount of money set on fire on stupid dotcom startups was also staggering.
The scale is very different. OpenAI needs to raise capital at a valuation far higher than any other startup in history just to keep the doors open another 18-24 months. And then continue to do so.
There’s also a very large difference between far ranging bad investments and extremely concentrated ones. The current bubble is distinctly the latter. There hasn’t really been a bubble completely dependent on massive capital investments by a handful of major players like this before.
There’s OpenAI and Anthropic (and by proxy MS/Google/Amazon). Meta is a lesser player. Musk-backed companies are pretty much teetering at the edge of also rans and there’s a huge cliff for everything after that.
It’s hard for me to imagine investors that don’t understand the technology now but getting burned by it being enthusiastic about investing in a new technology they don’t understand that promises the same things, but is totally different this time, trust me. Institutional and systemic trauma is real.
(took about 15 years because 2008 happened).
I mean, that’s kind of exactly what I’m saying? Not that it’s irrecoverable, but that losing a decade plus of progress is significant. I think the disconnect is that you don’t seem to think that’s a big deal as long as things eventually bounce back. I see that as potentially losing out on a generation worth of researchers and one of the largest opportunity costs associated with the LLM craze.
Wattage = V x A.
They’re pointing out that it’s impossible to hold both wattage and voltage constant while changing the amperage.