The Reckoning Nobody Wants to Have
IMF compares AI boom to dot-com bubble as industry prioritizes infrastructure spending over substance. A critical look at where we're headed.
Here's what I can't stop thinking about: The International Monetary Fund just compared the AI boom to the dot-com bubble, and everyone in Silicon Valley is pretending they didn't hear it.
Tuesday, October 14. The IMF released its World Economic Outlook. Pierre-Olivier Gourinchas, the chief economist, stood at a podium and said the quiet part out loud. "There are echoes in the current tech investment surge of the dot-com boom of the late 1990s. It was the internet then, it is AI now."
He didn't stop there. Markets could reprice sharply, he warned. Wealth would evaporate. Consumption would crater. The …
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