> The buyers have not learned to manage and the sellers have not learned to price, the two failures meeting in the middle and being reported, in the aggregate, as demand.

This pretty much sums it up. The companies burning AI tokens have no controls (cf. the infamous token usage leaderboards), and the companies selling AI tokens can't price them to match actual costs.

FOMO, not ROI, is driving hyperscaler capex And the other point is good also - so many tokens spent on code that is not quite right, so more prompting and redoing.

It’s a scam. Economies are built on such things. Wealth being manipulated from the many to the few. Do it on such a large scale that it becomes something that world governments need to prop up.

This scam had a very clear tell right from the start: it’s not artificial intelligence.

I wonder how we will deal with the future generations employment drought