> it's helping lots of people, but it's also costing an extraordinary amount of money
Is it fair to say that wall street is betting America's collective pensions on AI...
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They're betting a lot more than that, but since all their chips are externalities they don't care.
Very few people have pensions anymore. People now direct their own retirement funds.
That's what he was saying. Wall Street (the stock market) are people's "pensions" now because everyone has a 401k or equivalent so their retirement is tied to the market. Thus, these companies are betting America's collective retirement on AI...
I thought he was talking about actual pension funds, which still exist and invest large sums of money in Wall Street. But make sure your 401k doesn't include AI funds then. You should have a choice over what part of the market to invest in.