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The AI vibe shift is upon us
Rather suddenly, there’s been a vibe shift around artificial intelligence, the tech that’s hypnotized Wall Street and inspired cultish devotion across Silicon Valley over the past three years.
“I suspect this will lead to a larger correction,” Mike O’Rourke, chief market strategist at JonesTrading, told me, noting that Meta dangling NFL-like compensation packages to attract AI engineers was “a sign the spending was going over the top.” That central bank drama is piling even more attention after Friday’s speech by Fed Chair Jay Powell, who even in precedented times can move markets with a single furrow of his brow. “The bubble bursting was never going to be one event, but a series of sentiment shifts against technology that has never proven its worth outside of specious hype,” Ed Zitron, a tech writer and host of the podcast Better Offline, told me.
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