And China is really good at executing on long term 5-10 year plans. I am sure they have really smart scientists advising the government to pace themselves unlike the US where pretty much all of the GDP growth came from AI spend.
"paying an ad-tax to the gatekeepers of eyeballs" is such a great analogy for paying for google/fb ads. Its disheartening that to sell anything online you have to pay these companies thousands of dollars just to get in front of people.
Yes, it would assuming pension funds have AI/Tech stock exposure.
- A rule of thumb suggested by one study is that every $100 drop in stock market wealth leads, on average, to a $3.20 drop in consumer spending. Under such an assumption, a dotcom-style crash would cut American consumption by about $890bn, or 2.9% of GDP.
A rule of thumb suggested by one study is that every $100 drop in stock market wealth leads, on average, to a $3.20 drop in consumer spending. Under such an assumption, a dotcom-style crash would cut American consumption by about $890bn, or 2.9% of GDP.
- The above totals do not include indirect holdings-such as investments via pension funds and life-insurance companies-of which American households have some $20T.
- A drop in nominal values on the same scale as the dotcom bust would wipe out $16T, or 8% of American household wealth. Foreign investors would lose $7T.
The industry will truly only find out how well AI adoption is going if it allows users both internal (employees, tech workers) and external (general users/consumers) to fully opt-out.
AI is being forced down peoples' throat. Millions want to but cannot disable Gemini from Gmail. Many SWEs don't want to use AI tools but managers are forcing them to do so.
How do you know if something is really liked/needed/wanted when there is no opt-out?
> Yes, it's easy to build entire cities from scratch in a centrally managed society, such as a dictatorship or communist nations.
I would like to pushback on this assumption. I made that point because you mentioned Canada and its rapid immigration rise in the last 5 years. Western countries, namely Canada can do a lot to build more to ease the pressures on its housing demand.
Vast amounts of land is available to build amazing cities. There are specialist architect firms that can plan the most beautiful, walkable, livable, affordable cities very close to major hubs and metros currently.
In the 50s/60s/70s these very Western countries, spent a lot and built all kinds of infrastructure which led to meaningful increases in quality of life and perhaps created the most prosperous generation in these countries.
Even now when any government in the West wants to really do something, they don't really care about anything and it gets done, the money magically appears, the votes are found no matter how unpopular it may be. But for some reason building infrastructure, housing, mass transit has been completely forgotten.
The real bottlenecks are governance, bureaucracy, and NIMBYism. Like a few comments above pointed out, its keeping boomers happy with their high property values at the expense of the young.
Some things just don't make sense to me as an outsider. A few examples I read recently.
[1] It will take three decades to turn an 18-mile stretch of the A66 road in northern England into a dual carriageway.
[2] It will take 20+ years just to add another runway at Heathrow London and cost $64 Billion Dollars! [3] While Dubai is building a brand new whole airport for $35 Billion, I think the worlds largest when its finished.
Nearly all of the political problems in Canada, UK, Australia and much of the US (NYC,SF, etc.) will completely go away if they had the "Build, Baby Build" attitude. Just build housing like there is no tomorrow.
There is no such thing as an "oversupply" of a basic human need, livable shelter.
I can assure you, knowing how Asian countries like China approach governance, Chinese cities will have no major issues in 50+ years. Any outstanding issues will will resolved well before they start to become a problem with various 5-10 year plans. The same for Malaysia, Singapore etc.