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The US economy is in a 'selective recession' as lower-income consumers can't cover the cost of living
(www.businessinsider.com)
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this post was submitted on 23 May 2024
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I do expect that the AI bubble bursting could be a catalyst for a serious market crash. Tech companies are basically carrying the whole market, and a lot of investor confidence comes from AI wet dreams. This tech has been hyped to the moon at this point, and while there are useful things language models can do, they're far more limited than lay people realize. Once they start trying to replace workers with them, it's going to be a similar shit show to the whole outsourcing craze in early 2000s. In fact, there are a lot of parallels here as there was a big Y2K crash, and then a ton of excitement with shipping tech jobs to places like India. It went on for a few years, and then it became clear that it wasn't a workable model.