Thesis:
"Ai is not making profits canard."
We are misapplying a quarterly reporting framework to what might be the last #infrastructure #investment category in history. Where the returns are structurally deferred but theoretically civilisational in scale.
👉CIVILISATIONAL IN SCALE 👈
Many individual AI companies are absolutely in Ponzi territory. But the aggregate investment, like the fiber optic overbuild of the 1990s, is laying infrastructure whose returns accrue to survivors and society long after the current investors are wiped out.
Dismissing AI investment on "no current revenue" grounds is the equivalent of dismissing Telcos fiber rollout in late 1990 because it wasn't profitable that quarter.
The relevant question isn't present earnings. It's whether the underlying productive capacity is real, and who ultimately captures the returns when they materialise. This is why its super imprtant that #AiRegulation is a thing. Will the infinite future profits go to the oligarchs or to the people.
#AiSlop #AiResearch #AiEconomy #Economy #minsky #mmt #orthodoxy #Ai #NoAi #RoI





