The Silicon Valley Consensus & the "AI Economy"

To wrap this up, it's not clear to me what merits the techno-optimist outlook on whatever constitutes the “AI economy.” It ignores the financials: overlooks the gap between revenues and capex, waves away the question of how it will generate profits, engages in revisionist historical accounts to justify these bad economics, and whistles past the debt land mines that fuel growth. It ignores technology: there's no interest in market structure, scale of cost, or product roadmaps. It ignores the reality of adoption: gloms onto hype, falls for simplistic narratives, repeats corporate talking points, and reproduces shaky assumptions. We're left with a picture of reality that leaves us unable to explain why things are the way they are and what to do about it. The "AI economy" as talked about within mainstream and optimist circles presents a vision unmoored from reality that is frothy enough to drown out skeptics, juice speculation, and provide cover for entrenched interests looking to enrich themselves at everyone else's expense.