The changes that AI technology bring are unprecedented, it’s hard to predict what the impact of widespread adoption will look like. Probably collapse of price as a decentralized mechanism of ressource allocation, and a deep inevitable paradigm shift in economics and politics. It’s as if the actual value of those companies can’t be reliably pinned on any currency amount!
I would add to the other comments that are replying below the following thought : replacing workers with AI means less income/spending, which drives the value of those companies down at the same time.
They have done that in the past. I clearly remember the times when they dropped releases as a simple tweet and it made the front page of HN - just like the recent Chinese models releases.
Can you offer a believable rebuttal to any of my statements?
AfD just had a historic victory in Germany, France is leaning the same direction, etc. Just those two are 40% of the EU economy, and do you think them both turning ethno-nationalist and right wing means the EU project is going to get stronger or weaker? More shared values, or less?
The truth is the EU didn't go far enough, and created a feckless bike-shedding bureaucracy of papercuts. If the EU were to truly unite around shared values, we could achieve something. But the fundamental issue is the EU doesn't have these shared values. The US had the benefit of starting from 0 and attracting only likeminded people to grow.
In Europe every country still identifies with their 19th century national romantic movement definition of who they are (which was itself a construct). The lack of shared values is the problem. We can't even get most of the EU on a common language.
But anytime you bring his name up some right wing conspiracy nutjob will call you an evil globalist. And the far left nutjobs (more common here) will call you an evil capitalist/fascist for supporting his vision of trying to compete in global markets through technology.
It’s a different culture with different rules, if it was that easy it would have been done already. See my other comment about lack of budget at a federal level.
Europe has no budget of their own like the USA and China do, because there is no debt nor taxation at the European level. That’s the reason for the complication you are noticing.
What do you mean by "Europe has no budget of their own like the USA and China do"? The EU was specifically mentioned and the EU does have a budget, debt, and income:
It's possible to be a waste of European money that could be better used elsewhere, though. I think the same about LeCun's company sucking up the little funding here.
how could I naively think this is going to be the technology to free human from being the slave of work.... of course, it is going to be a weapon, and it is only powerful when no one else has it.
Layman here, from what I understand this is a major news : it means China is allowing a foreign corporation (european commercial bank) to offer Yuan currency services to clients. Given how tight of a currency control policy the CCP has, it’s quite surprising that they would let a foreign based company into their currency dealings.
The ccp has allowed foreign banks to offer yuan services since before it existed, there isn’t an effective way for them to prevent it and it’s the basis of all that foreign trade they do.
What’s new about this is that a European bank can clear yuan directly without a Chinese bank intermediary. That’s a big deal but duetche isn’t the first foreign bank to do this. Singapore has banks that do this already. And JP Morgan clears directly in the states.
