History Doesn’t Repeat Itself, but It Rhymes
There always has been, and always will be, some investment du jour – the next big thing that makes early investors a fortune... Then it ultimately harms the investors who buy in too late. It was gold in the ‘70s... Then Japanese stocks... The Internet boom... crypto... social media... It goes as far back as the “tulip mania” during the 17th century Dutch Golden Age. Things got so crazy that people exchanged 12 sheep or 1,000 pounds of cheese for a single tulip bulb. You can’t feed your family tulips during a cold Dutch winter. Compare where we are with AI today with the dawn of Internet integration in 1995... You might remember when people used to say, “Why would I need a computer in my house?”
This is where we’re at today with AI, because folks just don’t get it yet... The first smartphones were nothing like the miniature computers we carry around in our pockets today. A 2005 Nokia phone didn’t use the Internet at all. Instead, it used a telephone communications band with a tiny digital backchannel. But kids in Finland started to use this backchannel for texting – specifically, texting 1,000 times a day with their friends to build a de facto social network. That networking effect set the stage for the boom in wireless Internet, starting with the iPhone. The moment the first website went live on August 6, 1991, it became almost inevitable that we’d end up here. AI can be as exciting as it is scary...
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