posted in Technology
Mark Zuckerberg's Pivot to AI Is Blowing Up in His Face Spectacularly
futurism.com/artificial-intelligence/mark-zuckerberg-pivot-ai-blowing-up-face
FuturismMark Zuckerberg's Pivot to AI Is Blowing Up in His Face SpectacularlyDespite having almost nothing to show from his enormous spending on AI, Meta CEO Mark Zuckerberg is doubling down.This video on how much of the debt these companies hold is hidden from their balance sheets is chilling. According to this, Meta “officially” owes $151B, but in reality has debt obligations closer to $572B.
That’s over 40% of Meta’s entire market capitalization, and they’re rapidly adding to that debt. Meta’s existing properties are losing users, and there’s just no fucking way they’ll be able to pay back this debt in the long term, because they have zero hope of deriving income from all this data center investment. At some point, BlackRock and the other private equity firms Meta owes money to are going to come looking for blood
YouTubeThe AI Bubble Survives on $1.65 Trillion in Hidden DebtReplying to @protist@retrofed.com
They are all going into debt over datacenters. Google issued new shares… how? why? They all make so much money and still they can’t cashflow this expansion.
What blood will there be to take?
Replying to @TeaWithDani@lemmy.world
It’s all saturated and nobody really needs anything new anymore. There’s nowhere to go. We should expect to see some of these firms suddenly collapse like Silicon Valley Bank did.
Replying to @stoly@lemmy.world
Cynically though… they’ve been peddling nothing for two decades now. Big data, the cloud, SAAS, web 3.0, metaverse, nfts, llms, there’s always a new nothing born.
Replying to @TeaWithDani@lemmy.world
I think they supports my point. There really is no need for a Web 3.0. Progress for the simple sake of progress is really just marketing a money grab.