Railroads, e-commerce, and AI - all useful, all were (or may be) credit/stock bubbles. Railroads however have a much better depreciation schedule than GPUs.
This is what he said in 2024
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The “iPhone moment” wasn’t a result of one thing, but a collection of different bits that formed an obvious whole — one device that did a bunch of things really, really well.
LLMs have no such moment, nor do they have any one thing they do well, let alone really well. LLMs are famous not for their efficacy, but their inconsistency, with even ardent AI cultists warning people not to trust their output