[9rx]

> and there’s no reason to think the progress is about to suddenly stop

You seem a bit confused. Bubbles, and subsequent crashes, aren't dependent on progress, they're dependent on people's retained interest in investing. The AI bubble could crash even if everything was perfect executed, just because the people decided they'd rather invest in, as you suggest, teleportation — or something boring like housing — instead.

Progress alone isn't enough to retain interest. Just like the case before, the internet progressed fantastically through the last 90s — we almost couldn't have done it any better — but at the same time people were doing all kinds of stupid things like Pets.com with it. While the internet itself remained solid and one of the greatest inventions of all time, all the extra investment into the stupid things pulled out, and thus the big bubble pop.

You're going to be hard-pressed to convince anyone that we aren't equally doing stupid things with AI right now. Not everything needs a chatbot, and eventually investors are going to realize that too.