What Does the Humbling of Leopold Aschenbrenner Mean for the A.I. Bubble?

What Does the Humbling of Leopold Aschenbrenner Mean for the A.I. Bubble? In the classic book " Manias, Panics, and Crashes: A History of Financial Crises," the economic historian Charles Kindleberger divided episodes of speculation into five stages. Citing the work of Hyman Minsky, the post-Keynesian theorist, Kindleberger writes that the process begins with a displacement, such as the emergence of an important new technology, or a major policy shift, that gets investors excited about the future. They start to bid up asset prices, and capital floods into the affected sector. As optimism spreads, an investment boom--the next stage--develops, much of it facilitated by credit expansion, and the repercussions are felt in the broader economy.