alt Hacker NewsThis is exactly why all these people talking about a “bubble” I think are misguided.
Are expectations way too high in the near term for tech companies and all of the crap that they’re talking? 100% totally agree. But this is “just another an AI cycle” and if you’re a practitioner it does look different than the previous ones.
However this kind of statement was not released for crypto, or for the Internet. Those were massively impactful technologies.
What you are actively seeing happening now are institutions saying “we have to change the way that we practice” “the way that we did business before is no longer as applicable as it’s going to be changing very rapidly in the future and we’re going to have to deal with that.”
That is not coming from investors or technology companies. That is coming from people who are utilizing this stuff and being impacted by it
So it is absolutely the case that there’s going to be some kind of financial changes but just like every other AI cycle we are left with a aggressively more capable technology that is more pervasive.
Everybody needs to be taking that seriously.
Replies
I am at a company that currently has a whole bunch of lawyers, because we are dealing with multi-year >100s million infra projects.
One of the things that AI has helped with is automatic breech notifications. They are largely proforma, but depending on which generation of contract they are notifying from, subtle changes are needed.
Law is mostly highly structured text, and you know what loves highly structured and documented text? LLMs.
Legal LLMs do share the same issue with coding LLMs, they tend to default to lazy/insecure. Its not the case where you as a non-lawyer can prompt it to make a "water tight" contract from scratch.
> However this kind of statement was not released for crypto, or for the Internet. Those were massively impactful technologies.
How has crypto been massively impactful?
> This is exactly why all these people talking about a “bubble” I think are misguided.
A bubble doesn’t say anything about how useful the underlying technology is. We are in an AI bubble, in the sense that the allocated resources is completely out of line with the underlying businesses. AI companies would literally need the entire world as their TAM, using their services non stop to justify the valuations and level of expenditures we are seeing. What you describe is literally the symptoms of a bubble
> Are expectations way too high in the near term for tech companies and all of the crap that they’re talking? 100% totally agree.
This is what people mean when they say it's a bubble.
The bubble is about the market you wally not about whether statistical models are useful.
I wish people would stop being so dense.
> However this kind of statement was not released for crypto, or for the Internet.
Yes they were. Educators have been talking about how access to the internet has affected their students learning since forever. We were cautioned and had dedicated classes to teach us to be critical of different sources, teaching us what Wikipedia could and could not be used for. The internet was deliberately turned off for our exams.
Crypto too was seen as culturally important, papers were written by otherwise well respected authors. We were expected to read some whitepapers about crypto. Interestingly, reading those papers only made us more sure it was a scam.
You're rewriting history to make this moment seem different, it is not.
AI is a real thing and it's the most significant development in the legal sector since the Internet. Saturday morning, I spent a couple of hours getting my arms around some discovery, which before would've taken me the whole day. Even if it never gets any better it's a huge step forward. It's not only going to change legal education, it's going to change what the pipeline looks like in law firms. Similarly to the changes I expect to see in any kind of white collar job where AI replaces a lot of the data analysis/data transformation work, leaving people to do more human interaction.