Peter talks about the Dotcom Bubble in his second chapter. Which was quite insane in itself if we think about it, now in hindsight we may say that it was pure stupidity, but if we look at the perspective of people who lived in that era and fueled or to say, blowed the dotcom bubble. The technology was new and everyone went bullish on it.
It is not like, the people of that time were stupid, we are in a similar bubble right now, the AI Bubble. Although I feel that it is very controlled and is kept in check, but it is still a bubble, everything needs to be AI and everything is AI. It feels like it is late 90s again. Although on a much smaller scale.
NVIDIA is the one who has been the key beneficiary of this bubble, but it is not alone, OpenAI, Anthropic, Perplexity and what not, there are so many companies that are earning crazy money from this. This bull run on the AI.
I am not saying that AI is a hoax, and it will be vanished soon, it is not going to happen. AI is a great technology and it is going to stay with us, but this bull run will soon stop and people will be sane again. Every company which has AI in it’s name, or says that there is a product in the market and we are having product+AI will stop getting insane valuations.
I am all in for AI, to use it to the fullest, just like people were for internet in 2000s, but the financial / economic market’s welcome to AI or any new revolutionary technology for that matter is very funny to look at. A few years ago it was Web3, then it became NFT and now it is AI.
I have seen and I know some people who are ride these hype trains and make money out of it. They become web3 experts, they become nft creators and they become AI advocates in no time. And then there are people like Subhash Chaudhary of Dukaan, who actually use these technologies to create value in the society, to use it in a sensible way. I like the latter approach more.
AI is here and I am glad it is here, the non tech people should get a little intelligent and start using their ‘AI’ to not go insane over new technologies.
Also, great companies and great ideas will survive all the bubble bursts, all the waves. Build greatness.