President Donald Trump has significantly boosted AI throughout his second term — and a whistleblower confirms that major economic bubble is about to burst, and take many Americans' fortunes with it.
“We've spent something like $1.4 trillion dollars building data centers in this country, and the revenues on AI are $600 billion,” said Alexis Goldstein, a former financial regulatory expert for the Consumer Financial Protection Bureau (CFPB) and Maryland Democratic congressional candidate to The Left Hook’s Wajahat Ali on Thursday. “So the tech industry has earned not even half of what they've spent building these data centers.”
Goldstein then compared the AI bubble to the housing bubble that led to the Great Recession.
“If you remember the 2008 financial crisis, the asset at the back of all that complicated financial engineering was a house, and the saying was, ‘Well, you'll always have the house, and so it will always have some value,’” Goldstein told Ali. “And that turned out not to be true, because there was just such an oversaturation and so much predatory lending — not every house did end up having value.”
She added, “So what do you want to guess the asset is behind the financial engineering right now, building out these data centers? I'll give you a hint: it's not a house. What is it? It's the graphics card that they fill up these data centers with to run all of these large language models — the Nvidia graphics card that they're using to do all of this ChatGPT...
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