> People forget that there was a shit ton of investment in the early internet that also didn't pay off
Yes, those were called busts too. It’s not a value judgement, it’s just the term for that moment when lofty expectations don’t pan out.
The point is, they did turn out, look at the internet today. Would anybody go back to the 80's and argue, it really isn't worth the investment? Amazon, don't bother, Cisco, forget about it.
Because there were losers doesn't mean there should not have been any investment, which seems to be the argument against AI. That it costs a lot and not producing anything. When we can clearly see that the rush to invest is exactly to not be left behind and get to winning.
Some AI companies will survive too. There will definitely be busts, though.