Banks seek to offload risk to avoid ‘choking’ on data centre debt: Global lenders explore private deals and risk transfers to cut exposure to AI boom

[ailbhe@mendeddrum.org]

@davidgerard Gosh I wonder what happened after they last did things pre-Global Financial Crisis style

[contrasocial@mastodon.social]

@davidgerard

Oh wait, I've seen this one before!

[splinux@mastodon.uno]

@takosix @davidgerard it takes decades. The 2008 was engineered in the 70, pumped in the 80-90 and started to cripple everything in the 2000s. I don't know, that's what the Big Short movie taught me.

[whoosh@neuromatch.social]

@davidgerard

"Sell 'em by the six-pack to public pension funds."

@ddayen

[davidgerard@circumstances.run]

@gimulnautti works here. try https://archive.ph/GoRyM - or curse DNS

[davidgerard@circumstances.run]

@pikesley the *best*

[davidgerard@circumstances.run]

@splinux @takosix I detail the cluster-clusterfuck a bit here

AI winter is in the air! But we think the AI bubble keeps going until 2027

After two years’ wait, and Sam Altman talking up how scary smart it was, OpenAI finally released GPT-5! And it was … meh. It could program a bit better? It didn’t do anything else much better…

Pivot to AI (pivot-to-ai.com)

looking like 2027 was the correct number

we can hear the screeching machinery noises already

[davidgerard@circumstances.run]

@whoosh now you might think

[davidgerard@circumstances.run]

@Ailbhe it was very cool and everything worked out *fine*

[npars01@mstdn.social]

@davidgerard @splinux @takosix

When Koch launched a venture capital outfit, Silicon Valley publicly went hard right.
https://www.axios.com/2017/12/14/koch-tries-its-hand-at-venture-capital-1513277500

First started noticing the AI hype cycle & techno-fascism go into overdrive after #PrinceBonesaw visited Google, Thiel, Apple etc in 2018.

Bloomberg - Are you a robot?

(www.bloomberg.com)

The fossil fuel industry launders its cash via the tech sector, before its fossil fuel asset values collapse, as renewables take hold.

nytimes.com

(www.nytimes.com)

Bloomberg - Are you a robot?

(www.bloomberg.com)

[whoosh@neuromatch.social]

@passenger

Hopefully pension managers are smart enough by now to avoid that trap, .... and aren't corruptly in some complicit role.

[indyradio@kafeneio.social]

@davidgerard Thanks for the archive. Who will pay for the power those datacenters use? Here is another late reminder that cities need to own and control their use of power. I will of course boost this, if only because it includes an archive link.

[davidgerard@circumstances.run]

@indyradio these things have every problem you can think of, these loans are *bad* and will default, the banks *know* this, and they're working out who to fob the toxic waste off onto

[indyradio@kafeneio.social]

@davidgerard
Rates have already increased grandly everywhere.
Too obviously, you and I are being made to pay.

[samiamsam@mastodon.social]

@davidgerard

privatize the profits

socialize the risk and the bail outs

[bluewaver22@genomic.social]

@davidgerard oh ffs- this does not end well

[maccruiskeen@social.linux.pizza]

@davidgerard 20 years ago the banks were able to sell the CDSs because they lied their asses off about what was in there and the credit rating agencies went along with it. How good are the investors' memories? Do they think 'fool me once' or 'this time is different'?

[davidgerard@circumstances.run]

@maccruiskeen the average memory span of a trader is about five minutes, so