By Michael Falk
Publication Date: 2025-12-10 19:06:00
It seems that the AI hype has turned into an AI bubble. There have been many bubbles, from the tulip mania of the 17th century to the derivatives bubble of the 21st century. For many commentators, the most relevant precedent today is the dot-com bubble of the 1990s. At that time, a new technology (the World Wide Web) triggered a wave of “irrational exuberance.” Investors poured billions into every company with “.com” in its name.
Three decades later, another new technology has sparked another wave of exuberance. Investors are pouring billions into any company that has “AI” in its name. However, there is a crucial difference between these two bubbles that is not always recognized. The World Wide Web existed. It was real. General artificial intelligence does not exist and no one knows it If or When It ever will.
In February, OpenAI CEO Sam Altman wrote on his blog that the very latest systems had just begun to hint at “AI in general”…
