AI is a bubble fit to burst, but it will still change the world [Yahoo! Finance]
General Electric Company (GE)
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Source: Yahoo! Finance
New companies announce themselves weekly, even as market valuations detach from economic reality. Meanwhile the talent war is fierce: experienced engineers command extraordinary salaries, and 20-somethings find themselves courted by moguls and ministers. Clearly, I'm talking – like everyone else – about the AI boom . Right? Wrong. What I am describing is what happened at the beginning of the railway age in the United Kingdom in the 1840s. At first, as with AI, the money poured and the investment soared. The railway mania of the 1840s saw some 270 railway acts passed by Parliament in 1846 alone, authorising some 9,500 miles of new track. But by the early 1850s, the bubble had burst, spectacularly. The direct London and Portsmouth Railway collapsed without laying a single mile of track. The London and York Railway, despite grandiose plans, disappeared into a merger before completing its route. Countless smaller ventures vanished into the sooty Victorian drizzle, their shareholder
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