Era-defining economic Bubbles (and bursts) are never caused by random acts of speculation — they are all intentionally inflated. They all start as cultural “phenomena,” invented by “visionaries,” shrouded in “new-age metrics,” and sold to the public by “trusted institutions” as “the next big thing,” until the rug gets pulled and the bottom falls out. ...
The most profound takeaway from these melodramatic macroeconomic stories is that the pops of these Bubbles does not mean the underlying technology is bunk. The internet got pretty big after AOL collapsed, and AI will far outlive the looming AI crash. Rather, the bursts destroy the illusion of the original gateway drugs as an investable business models. As it did for dial up, so it will for AI agents. ...
See the full story here: https://eshap.substack.com/p/openai-is-aol?utm_campaign=email-half-post&r=1vosln&utm_source=substack&utm_medium=email