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AI Companies Lose $190 Billion After Dismal Financial Reports (futurism.com)

submitted 9 months ago by [email protected] to c/technology

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Reuters reports that AI-related companies lost $190 billion in stock market value on Tuesday following disappointing earnings reports.

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[–] [email protected] 40 points 9 months ago* (last edited 9 months ago) (4 children)

You're not going to stop hearing about AI. Perhaps AI companies won't be so high-profile, but AI itself is being integrated into lots of things and it's not going to go away. The only thing that's happened here is that it's proving to be not quite so profitable as expected being an AI-specific company.

Edit: Perhaps not even that, the article appears to be neglecting to mention that this is part of a trend across the whole stock market rather than something AI-specific.

[–] [email protected] 29 points 9 months ago (1 children)

Nobody thinks generative ai will die, but when the bubble bursts maybe we wont get it shoehorned into places it really doesn't belong.

[–] CosmoNova 5 points 9 months ago

Personally I cheer for employees such as myself. The artificial pressure to compete with LLMs just got a lot softer.

[–] CustodialTeapot 8 points 9 months ago (1 children)

AI isn't new. Algorithms "are" ai. All apps always used it. But it's changed from algorithms to AI.

[–] [email protected] 7 points 9 months ago (1 children)

AI is just a specific subset of algorithms, also not that new - first concept are from 1960 or so (from memory don't quote me) with perceptron. New is parallel computing power of modern chips - that allows for far better performance.

[–] CustodialTeapot 3 points 9 months ago

Absolutely is. It's fucking outstanding how big corps are eating it up.

Alrogithm corp = nothing new, boring low evaluation

Change it's name to:

AI corp= 1 BILLION DOLLARS!

[–] [email protected] 1 points 9 months ago

I don't think that's necessarily true. We aren't hearing about "blockchain," "crypto," or "NFTs" every day anymore either even though they all still exist.

[–] [email protected] 1 points 9 months ago

I don't see it where it's part of a broader stock market trend. Sp500 is up 1.25% today, 1.52% for the past 5 days, and 4.74% for the last month. Those are spectacular numbers (for people with stock market portfolios).

AI crashing in its own little corner is fine by me.