- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
A stock market boom in artificial intelligence companies has added more than half a trillion dollars to the wealth of America’s tech barons in the past year, data shows.
The top 10 US founders and bosses of some of the world’s largest technology companies saw their finances swell to nearly $2.5tn, up from $1.9tn, in the year to Christmas Eve, according to figures from Bloomberg.
Elon Musk, already the world’s richest man, has again proved to be one of biggest winners as the AI gold-rush has pushed US stock markets to record highs.
Musk’s net worth increased by nearly 50% year-on-year to $645bn. The tycoon, whose business interests include xAI, an artificial intelligence company, became the first person to have a net-worth of more than $500bn in October this year. He could become the world’s first trillionaire if he hits targets set by Tesla, the electric car company he runs.
Musk sits ahead of Google co-founder Larry Page and Amazon founder Jeff Bezos in the overall rankings of the world’s wealthiest billionaires. Page is estimated to be worth $270bn, and Bezos $255bn.
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Because leveraged debt = “wealth”.
They are human centipede-ing the money to keep the bubble inflating.
I hear tulips are a better investment
At least you could eat the bulbs as famine food.
popcorn futures as well. and leopard conservation as well.
nvidia being the one feeding them food, and the shit is being sent back to them after digestion.
A lot of it is people’s pension savings collected via investment schemes.
Stop calling them “tech barons” and call a spade a spade. They are tech oligarchs.
Barons is a reference to the robber barons of the 1890’s. Who controlled almost all industires and made life for the average worker hell.
They only got properly taken out by the new deal reforms after the great depression.
Straight up robber barons.
I don’t know how Elon is the richest man. At least Amazon and Google actually do things and make a profit. Not a single one of musks ventures is profitable???
Overvalued stocks. Tesla stock has no business being vakued at what it is. Elon’s wealth is all based on imaginary money until he cashes out. Unfortunately, he can borrow against those stocks while still owning them so it does give him some liquidity.
By the way, that’s why the rich really want low interest rates: so the loans they take out against their stocks have a low rate. If that rate is lower than what their stocks pay out they have a magical cash machine. And tha’s why we need to fix capital gains taxes; if you can borrow against stocks then that should be considered profiting from them and taxed accordingly.
Oh, and capital gains taxes, along with corporate taxes, should far exceed income taxes from labor, but I’ve digressed far enough.
Oh, and capital gains taxes, along with corporate taxes, should far exceed income taxes from labor
Hell yeah, I have been saying this for a long time. It should be sold as it “disincentivizes people who don’t want to work” or “incentivizes people to work” lol. Throw that BS back at them.
"Rich people are lazy and refuse to get jobs. "
Yeah on paper. I can’t tell you anyone that I know who is paying for AI. The company I work for does have a Chatgpt subscirption. So i guess thats one.
My point is that we keep hearing about the AI spending, but im not noticing anyone who is paying or even enthusiastic about AI. Its a corporate buzzword and C suites dont understand it yet.
Yet it accounts for 60-70 percent of the growth in the US markets. Does anyone want to take a guess at how this AI boom is gonna end?
This is the most predictable house of cards ever.
That’s because your (data is) the product.
Thats been the game for years. I don’t think thats enough to offset the cost of electricity. I think their goal was to sell AI to business to replace workers. The problem is that it cant YET.
Eventually it will get good enough to replace some entry level folks, but this whole thing is one great big fucking swindle. When it does start to unravel everyone is going look back and see how obvious it was in hindsight.
You’re right that it can’t reliably replace workers yet, but that’s not stopping companies from doing it anyway. For example, try to reach a human customer service rep at any large company.
they are trying to make business hop on it, so they are left holding the bag, in the end we will probably see even more layoffs than now.
I feel there’s not enough regulation around imaginary money.
Who is paying for xAI anything?
… How is everyone so dense. They sell your information and you are the product. And the best part is they can say they don’t because they are not making a profit.
They sell all of your information.
I don’t even know who is paying for most of it, to be honest. I know some people that buy an LLM subscription. I know companies will pay for per-seat licenses to things like Copilot.
But I see LLM use in Duckduckgo. I see it jammed into every product we are already paying for at work - MS stuff, Slack, hell, I lost track of all the places where some AI bubble has popped up saying how X product has added AI to help me summarize things. But who is really paying extra for any of that?
And don’t get me started on how I can download and run various models via Ollama or the like on even older GPU(s) and get decent performance for a lot of problems, all without handing over a CC# to someone, along with all my data for them to mine.
My 87 yr old landlord had looked up some info the other day. I looked over her shoulder and saw she was reading it from DDGs AI bubble, so then had to explain why she shouldn’t do that anymore.
Let me put it this way. I can add AI to harvest everything you do and like you said inject it everywhere because people still think it’s benign. The royal Navy just launched autonomous drones with AI.
They are creating a culling ecosystem where the few will have control over the many via technology.
the only way is to sell it to advertisers, or surveillance companies.
Gotta be a giant circlejerk with all that tracking. The same old info being bought and sold over and over again.
human centipede combined with ouroburos.
Sigh, it’s aggregated data on large populaces. It’s not just your data, it’s all of our data to create a picture to influence us with.
“Sigh”? Really?
Why not both, both macro and micro. Targeted ads and demographics, politics, whatever.
These billionaires think they are fucking God. They are going to create a GUI and use the AI to make the world their own little video game.
How do I know this? Because they are putting all the ingredients in the recipe to do this.
They want to make large city states, with swathes of agriculture slave populations outside to support the city states. They literally tell you they are doing it.
Have faith. It will trickle down, any second now.
Make it rain.
THE PLANET OWNS ITSELF MONEY, IN THE TRILLIONS OF DOLLARS, AND YET, WE MAKE MORE? EEAT THE RICH!
That’s it?
It only made them all half a trillion this year and they’re all-in?
Pathetic.
Removed by mod
Removed by mod
Lol, pussy-mods doing their dirty work for them.
Don’t be afraid to fight back or support others fighting back.
The debate used to be:
Should we let rich people exist if they produce great products.
Now the second part isn’t true anymore, but to be fair, those who understand capitalism knew this was always the endgame.
I’m very disappointed this cyberpunk dystopia doesn’t have the cool gadgets to match, at least let me have that.
Somehow I feel like they will be fine when the bottom drops out and ordinary people will be the ones who pay.
Dilligas
