You know how a gambler who loses it all starts begging his family for cash or putting their house up for a loan?
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Over the past few weeks, several US banks have pulled off from lending to Oracle for expanding its AI data centres, as per a report. So Oracle is now firing 30000 engineers as banks pull out from financing AI data centres and OpenAI deals to meet fools dream. Wise investors are pulling out of data centres now as they found out it's impossible to reach AGI & exponential AI growth through increasing the scale of compute. LLMs have already hit their developmental plateau https://www.livemint.com/companies/news/oracle-layoffs-tech-giant-to-slash-30-000-jobs-as-banks-pull-out-from-financing-ai-data-centres-11769996619410.html
@nixCraft Is the madness finally comming to an end? How I’ve been longing to this day.
I hope those 30k engineers can now find something with meaning and purpose to put their cognition and skill into. Preferably something related to saving the planet from impending doom. That, or cool video games.
Also, should we be warning the genetics and/or robotics folk that tech bros are coming for them next?
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@sarajw @lexinova @marco @nixCraft Collateral damage? The main difference between this bubble and the 90s tech bubble and the 2000s housing bubble is the concentration--vast amounts of capital expenditure by relatively small number of players. Valuations completely disconnected from reality. But it is unlikely the unwinding of that trade is going to be 'contained'--it wasn't in 2001, or 2008, it's going to blow a big hole in the financial system.
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@nixCraft and then small and mid sized businesses are going to go down and whos going to buy them? The tech bros and other billionaires! BOOM succesfully grifted and rugpulled literal coutries! Again
@joonq In the dotcom crash and subsequent web 2.0 crash most of the smaller companies just closed their doors. There wasn't a lot of 'buying up businesses' going on.
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@nixCraft @infosec812 Ed was right
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You can’t avoid Oracle. No, really, you can’t. Oracle is everywhere. It sells ERP software – enterprise resource planning, which is a rat king of different services for giant companies for financial services, procurement (IE: sourcing and organizing the goods your company needs to run), compliance, project management, and
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@rotnroll666 @nixCraft @infosec812 I'm in Abilene, TX where Stargate is being built. And there are TONS of jobs. But they're slave jobs - 12 hour days 6 days a week at $25/hr on a 1099. And Oracle is very well known for not paying their contractors in a timely manner. I've heard some contractors are 60 days out in aged payments from Oracle.
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@sarajw @lexinova @marco @nixCraft Collateral damage? The main difference between this bubble and the 90s tech bubble and the 2000s housing bubble is the concentration--vast amounts of capital expenditure by relatively small number of players. Valuations completely disconnected from reality. But it is unlikely the unwinding of that trade is going to be 'contained'--it wasn't in 2001, or 2008, it's going to blow a big hole in the financial system.
@maccruiskeen @sarajw @marco @nixCraft 99% of the fall with be in US market tough.
because yeah the world have invested, but the colosal majority of it come from US.
So even if the whole world will take a hit, the US economy will be hit so hard that it will certainely take them decate to recover.
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@lexinova I'm not sure that's assumed when talking about economic bubbles. We still have .com websites, tulips, uranium and housing, after all (https://en.wikipedia.org/wiki/Economic_bubble)
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@nixCraft the author's name is "Swastika Das Sharma"
@synlogic4242 Yes. Here's her LinkedIn.
https://www.linkedin.com/in/swastika-das-sharma-82a464153/
I understand that it's a bit shocking for many people to see that word, but it has nothing to do with the Nazis. The European abuse of the swastika has nothing to do with India.
@nixCraft -
@lexinova I'm not sure that's assumed when talking about economic bubbles. We still have .com websites, tulips, uranium and housing, after all (https://en.wikipedia.org/wiki/Economic_bubble)
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@Sassinake @blogdiva @nixCraft rednote is also a chinese app that have shady link to Chinese intelligence.
It's quite funny (in a sad way) that normal people always take the worse possible choice to their privacy / security.
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@Sassinake @blogdiva @nixCraft rednote is also a chinese app that have shady link to Chinese intelligence.
It's quite funny (in a sad way) that normal people always take the worse possible choice to their privacy / security.
they were thinking that the Chinese govt was probably not going to break down their door in the middle of the night to seize them for something they said online.
but the US might.
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@Sassinake @blogdiva @nixCraft it's where you make a mistake, all rednote server are in China, so per law a direct access to CCP is built in.
so they just open a software and have access no need to break their door.
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@jpaskaruk @marco @nixCraft millitary and some specific data analist.
in the future ? no idea i don't see the future xD
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these are early signs that the AI bubble is about to pop (combined with wars and tariff biz). When it does, it won’t just sink those "Plagiarism Machine" startups, it will create a massive problems for the whole IT/tech industry and it will even hurt other businesses too. It's going to be so bad that the Great Depression of 1929 will look like a walk in the park.
The avalanche has already started. It is to late for pebble to vote.
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