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'Seems like you should at least run that through ChatGPT to reword it'

A new hacking contest has caused a social media kerfuffle over allegations of rule copying and plagiarism.…

The Washington Post notes AI's "increasingly outsize role" in propping up America's economic fortunes. "Last week, the United States reported that the economy expanded at a rate of 1.6 percent in the first half of the year, with most of that growth driven by AI spending. Without AI investment, growth would have been at about a third of that rate, according to data from the Bureau of Economic Analysis." The huge economic influence of AI spending illustrates how Silicon Valley is placing a bet of unprecedented scale that the technology will revolutionize every aspect of life and work. Its sway suggests there will be economic damage far beyond Silicon Valley if that bet doesn't work out or companies pull back. Google, Meta, Microsoft and Amazon are on track to spend nearly $400 billion this year on data centers... Concern about a potential bubble in AI investment has recently grown in technology and financial circles. ChatGPT and other AI tools are hugely popular with companies and consumers, and hundreds of billions of dollars has been sunk into AI ventures over the past three years. But few of the new initiatives are profitable, and huge profits will be needed for the immense investments to pay off... "I'm getting more and more skeptical and more and more concerned with what's happening" with artificial intelligence, said Andrew Odlyzko, an economic historian and University of Minnesota emeritus professor who has studied financial bubbles closely, including the telecom bubble that collapsed in 2001 as part of the dot-com crash. Some industry insiders have expressed concern that the latest AI releases have fallen short of expectations, suggesting the technology may not advance enough to pay back the huge investments being made, he said. "AI is a craze," Odlyzko said... [The Federal Reserve's August "beige book" summarizes interviews with business owners across the country, according to the article — and it found surging investments in AI data centers, which could tie their fortunes to other sectors.] That's boosting demand for electricity and trucking in the Atlanta region, a hot spot for the facilities, and creating new projects for commercial real estate developers in the Philadelphia region. Because tech companies now dominate public markets, any change in their fortunes and share prices can also have a powerful influence on stock indexes, 401(k)s and the wider economy... Stock market slumps can have knock-on effects by undercutting the confidence of American businesses and consumers, leading them to spend less, said Gregory Daco [chief economist at strategy consulting firm EY-Parthenon]... "That directly affects economic activity," he said, potentially widening the economic fallout... Goldman Sachs analysts wrote in a Sept. 4 note to clients that even if AI investment works out for companies like Google, there will be an "inevitable slowdown" in data center construction. That will cut revenue to companies providing the projects with chips and electricity, the note said. In a more extreme scenario where Big Tech pulls back spending to 2022 levels, the entire S&P 500 would lose 30 percent of the revenue growth Wall Street currently expects next year, the analysts wrote. The AI bubble is 17 times the size of the dot-com frenzy — and four times the subprime bubble, according to estimates in a recent note from independent research firm the MacroStrategy Partnership (as reported by MarketWatch). And "never before has so much money been spent so rapidly on a technology that, for all its potential, remains somewhat unproven as a profit-making business model," writes Bloomberg, adding that OpenAI and other large tech companies are "relying increasingly on debt to support their unprecedented spending." (Although Bloomberg also notes that ChatGPT alone has roughly 700 million weekly users, and that last month Anthropic reported roughly three quarters of companies are using Claude to automate work.)

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