So a $trillion wiped off stocks! No doubt Trump will put trade barriers up but it is about time! The tech giants will have to get used to smaller profit margins if the competition really hots up! The US embargo on exporting top quality chips to China apparantly led to them producing a much more efficient version of AI, one which does all the important things that ChatGPT can do, and for a cheaper price. Quite why US giants have got away with a cartel situation for so long is strange. Their purchasing power has meant that competition has been bought out quickly. The open laissez faire policies of European nations has allowed this with firms such as ARM being sold abroad.
The huge investments firms are making in developing ‘thinking’ AI may be optimistic – just as the development of the motor car saw the main profits in the mass produced ‘available to all versions’, so AI may be similar?
As for the moguls of the tech era – we have/arewatching the Murdoch dynasty fight it out in court, wit at least 12 children the word can look farward to the Musk empire imploding. Tessla is already suffering from competition whilst the space industry is getting crowded out with satellites (Amazon now entering the competition).
The Planet will also see increassing environmental disasters as the natural systems adapt to the changes – there is usually a time lag with climatic change. I fear that we ‘haven’t seen nothing yet!
Conflicts over resources continue with the latest escalation being DRCongo where Rwandan supported rebels have taken over a major city (Goma) in the mineral rich area of the country. The world has too many people in the context of the current economic system. Countries like Britain should ensure that multi-culturalism and equality are embedded in the system whilst also reducing migration and thus the population. In my lifetime the population of the world has trebled and the UK has continued its growth from 50 million to 70 million.
A thought – I am having these, and some are appalling (e.g. Why are all Auchwitz survivors QPR supporters? I know, I Know – very, very bad and poor taste). But in the UK we have an ageing population – maybe it is not new housing for all that is required but retirement estates with facilities for all – gardens, sports, meeting rooms, communal dining areas? I know many old people are set in their ways and obnoxious but it would free up lots of housing. £10000 per bedroom grant to move out (on top of value of house or just is for rented). Thus freeing up houses in the suburbs for families. Cost-benefit would be amazing! No new builds and infrastructure improvements. Increased efficiency in health care for the old. Just thoughts!