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The AI bubble argument misunderstands both bubbles and AI

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There's a popular argument going around that goes something like this:

AI is a bubble Ok, maybe it's useful and will survive, but It can be a bubble and still survive later, like the .com bubble

Basically the back and forth is the following.

PERSON1 : "AI is a bubble."

: "AI is a bubble." PERSON2 : "No, it isn't. Bubbles are when things turn out to be hype, and they get proven wrong and die."

: "No, it isn't. Bubbles are when things turn out to be hype, and they get proven wrong and die." PERSON1: "No, it just means that it's overinflated, like the .com bubble. We still have the internet don't we?"

This sounds like a good argument, but I don't think it is.

From a recent LinkedIn interaction

Notice that we're using the word "bubble" here. What does that mean?

A perfect example of this argument in the wild.

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