The AI revolution is here. Will the economy survive the transition?

Michael Burry called the subprime mortgage crisis when everyone else was buying in. Now he’s watching trillions pour into AI infrastructure, and he’s skeptical. Jack Clark is the co-founder of Anthropic, one of the leading AI labs racing to build the future. Dwarkesh Patel has interviewed everyone from Mark Zuckerberg to Tyler Cowen about where this is all headed. We put them in a Google doc with Patrick McKenzie moderating and asked: Is AI the real deal, or are we watching a historic misallocation of capital unfold in real time? Patrick McKenzie: You’ve been hired as a historian of the past few years. Succinctly narrate what has been built since Attention Is All You Need. What about 2025 would surprise an audience in 2017? What predictions of well-informed people have not been borne out? Tell the story as you would to someone in your domain—research, policy, or markets. Jack Clark: Back in 2017, most people were betting that the path to a truly general-purpose system would come from t

Michael Burry called the subprime mortgage crisis when everyone else was buying in. Now he’s watching trillions pour into AI infrastructure, and he’s skeptical. Jack Clark is the co-founder of Anthropic, one of the leading AI labs racing to build the future. Dwarkesh Patel has interviewed everyone from Mark Zuckerberg to Tyler Cowen about where this is all headed. We put them in a Google doc with Patrick McKenzie moderating and asked: Is AI the real deal, or are we watching a historic misallocation of capital unfold in real time? Patrick McKenzie: You’ve been hired as a historian of the past f