The Market Has No New Stories, The Current AI Frenzy Reminds Me of NFTs
The author draws parallels between the current AI hype, driven by releases like OpenClaw and Claude Code, and the NFT mania of 2021. While acknowledging the genuine utility and transformative potential of AI, the article critiques how social media amplifies extreme narratives, creating a distorted perception of reality where hype often overshadows substance. This echo chamber confuses performance with consensus and consensus with truth, leading to overblown expectations.
The piece highlights a similar overreaction in financial markets, where a narrative that "AI will kill software" triggered a massive, indiscriminate sell-off in software stocks, erasing billions in market value. Companies with strong fundamentals, like Salesforce and ServiceNow—which are successfully integrating and monetizing AI—were sold off alongside more vulnerable firms. The author argues that this panic, like the hype, is a premature attempt to price in a distant "endgame," ignoring the gradual, complex reality of technological adoption. The conclusion urges a more nuanced view that tolerates ambiguity rather than rushing to extreme conclusions.
marsbit02/10 08:07