'The ludicrous valuations of AI startups are predicated on the idea that this technology has the power to eliminate the very need for human labor.' 'The ludicrous valuations of AI startups are predicated on the idea that this technology has the power to eliminate the very need for human labor.' AI will make the rich unfathomably richer. Is this really what we want? The'knowledge economy' promised cultural and social growth. Instead, we got worsening inequality and division. R ecently, Palantir - a tech corporation that boasts no fewer than five billionaire executives - announced its Q2 earnings: over a billion dollars generated in a single quarter.