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‘An Overwhelmingly Negative And Demoralizing Force’: What It’s Like Working For A Company That’s Forcing AI On Its Developers (aftermath.site)

submitted 5 days ago by [email protected] to c/[email protected]

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'I have had conversations about AI in a professional context that make me want to walk into the sea'

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[–] [email protected] 3 points 3 days ago (1 children)

Meta and Tesla are proof that the market doesn't cull unfit businesses. If anything, the opposite is true, large companies (effective monopolies) will sell at a loss to strangle thriving smaller companies and then will buy them out and dismantle them.

[–] [email protected] 2 points 3 days ago* (last edited 3 days ago)

Don't confuse "market", with "stock market", with "artificially intervened market".

Since 2010, we've lived in an artificially intervened market with 0% interest rates on money. That means anyone can fart in the general direction of a business idea, and get founded, because why not. That's a mockery of how markets are supposed to work.

Stock markets, are popularity contest casinos. In normal circumstances, the largest con artists get quickly ousted, but with 0% rates... who cares?! That's how Tesla has a 130 P/E and 0.00% dividends; just look at the leader bounce on a stage and throw your money! SpaceX, Starlink, Boring, Twitter/X/xAI, don't have listed stock for a reason. There is no interest in exposing them to the shenanigans of a stage performer.

The real market, is people voting with their wallets. After the 0% intervention dies out, after stage performers get kicked out... reality hits: an efficient business needs to aim for low P/E and high dividends. In the US you get examples like AES, with 6.87% dividend, and 4.33 P/E. Meta is trying to get to that level, but it's coming from a high hype/meme level. We'll see whether it manages.

Long term, will be a test of how businesses adapt to the productivity multiplier of AI. Some with reject it and get ran over, some will blindly jump on it and fall apart, some will be smart/lucky to extract as much productivity multiplication as possible and thrive on it. People will vote with their wallets on the winners.