Thread regarding Meta / Facebook layoffs

Let me tell you why this Goldman Sachs headline is the most dangerous one you'll read today..

Companies spent $450 billion on AI last year.. fired tens of thousands of people to "restructure around AI".. replaced entire departments with chatbots..

And Goldman Sachs just said it contributed basically zero to economic growth..

so where did the money go?

It went to Nvidia.. $130 billion in GPU sales.. Jensen is the only man on earth who got rich from AI that hasn't produced anything yet..

It went to stock buybacks.. companies fired people, cut costs, reported "record profits" and bought back their own shares.. the money went UP not OUT.. Jesus!

It went to a bubble.. the same way crypto money went to Lamborghinis and not infrastructure.. AI money is going to valuations and not productivity..

here's the part that should terrify you..

They already fired the people.. Atlassian 1,600.. Meta 21,000.. Block 40%.. Amazon warehouses.. the jobs are already gone..

But the growth didn't come.. the productivity didn't come.. the revenue didn't come..

they burned the village to build a city that doesn't exist yet..

and Goldman Sachs just looked at the empty lot and said "there's nothing here"