Lessons from the Original Tech Bubble | The New Yorker

The boom-and-bust cycle has always been a feature of capitalism. Today, we are living through yet another speculative boom—this time, the star is A.I.

The boom-and-bust cycle has always been a feature of capitalism, and—capturing as it does the human traits of creativity, hope, greed, FOMO, anxiety, and panic—it always will be. Creativity gives rise to technological progress and transformative inventions, which provide a new driving force for the economy and a focal point for investors. Today, we are living through another speculative boom. This time the transformative invention is, of course, A.I., and last week’s SpaceX I.P.O. demonstrated its magnetic appeal, or perhaps the power of FOMO. Although Elon Musk’s creation is an impressive…

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• Lailah Nabegu

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