I call bullshit on putting pensions into the AI bubble

Public pension funds. Insurance funds.

Previously untouchable, protected buckets of money are under increasing pressure to be invested in venture capital.

This has been in the works for years but the current, seemingly insatiable, appetite for cash in AI is creating a demand that regulators will struggle to resist.

They must.

There is such a herd mentality in VC and AI investments are well into what you bubble territory. It is lunacy.

There will be arguments of continental competitiveness, sovereignty, global balance of power etc etc etc. They will all be compelling and correct arguments. But alternative sources of funding must be found.

It is a pyramid of unsustainable risk created by people who will never be personally impacted by the consequences - which will be dire. But your teachers, civil servants, nurses, police, fire fighters etc etc - they will be the ones that carry the pain and ultimately it will be tax payers that will have to cover the gaping holes that will result. Remember that those holes will be coming at a time where other pains will be happening in the wider society. Unemployment and pressures on social security systems.

How does Jev - a model that simply does classification, that any AI lab could create (and many have) - raise $870m at a $7.5bn valuation 24 days after launch? How?

I used to think that none is wiser than the one who has to make money and not lose money while doing it. That they were so well funded in that quest that, surely, they have the answers. They aren't and they don't. They pretend they do but they don't.

I also used to think the governments had access to the best thinkers - after all there is not greater responsibility than guiding a State to peace and prosperity. But I no longer think that.