We are living in a time defined by the emergence of advanced AI systems. While the technology has a storied history, something changed in November 2022. The release of ChatGPT kicked off a technological race of historic proportions, ushering in an era of larger models, "agentic" AI, and always-on intelligence.
But AI is not just technology. It is politics and economics. And right now, the stock market is telling a very interesting story. Today, Nvidia boasts a market value of $4.4 trillion USD. To put that in context: this single company is now worth approximately the entire GDP of Germany, and it surpasses the economies of Japan and the UK by a nice margin. Meanwhile, giants like Microsoft and Alphabet are each worth around $3.5 trillion USD, and private players like OpenAI are announcing massive – trillion scale – deals that are starting to feel like everyday occurrences.
In this episode, we dive into the numbers behind the hype. We are doing a 101 on AI economics to focus on the one word increasingly used to describe these massive valuations: Bubble.
What is an economic "bubble," and can they actually be good?
Are we in one right now?
If we are, what happens when it pops?
To guide us through the ins and outs of bubble economics and AI, we are joined by Stuart Mills, economist at Leeds University.
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