A Boring Dystopia

13022 readers

131 users here now

Pictures, Videos, Articles showing just how boring it is to live in a dystopic society, or with signs of a dystopic society.

Rules (Subject to Change)

--Be a Decent Human Being

--Posting news articles: include the source name and exact title from article in your post title

--If a picture is just a screenshot of an article, link the article

--If a video's content isn't clear from title, write a short summary so people know what it's about.

--Posts must have something to do with the topic

--Zero tolerance for Racism/Sexism/Ableism/etc.

--No NSFW content

--Abide by the rules of lemmy.world

founded 2 years ago

MODERATORS

givesomefucks@lemmy.world

102

Nvidia becomes first company to reach $4tn in market value (www.theguardian.com)

submitted 4 days ago by geneva_convenience@lemmy.ml to c/aboringdystopia@lemmy.world

13 comments fedilink hide all child comments

Chipmaker Nvidia became the first public company in history to scale a $4tn market value on Wednesday as its stock price continues a years-long stratospheric rise.

Shares of the top chip designer rose roughly 2.4% to $164, benefiting from the ongoing surge in demand for artificial intelligence technologies. Nvidia’s chips and associated software are considered world leaders for building artificial intelligence products.

Nvidia achieved a $1tn market value for the first time back in June 2023 and the surge continued unabated with its market value – the total value of its shares – more than tripling in about a year, faster than Apple and Microsoft, the only other US firms with a market value of more than $3tn. Apple was the first company to reach a valuation of $3tn, back in 2022.

you are viewing a single comment's thread
view the rest of the comments

[–] FRYD@sh.itjust.works 1 points 4 days ago (1 children)

I meant the big tech firms buying nvidia gpus and driving up the share price. If Google/FB/Amazon/etc got broken up, they wouldn’t be trying to squeeze infinite money out of so called AI and nvidia wouldn’t be a $4 trillion balloon.

I don’t think nvidia could be broken up much like you say, but it’s still only worth so much because of all the other monopolies (that’d be easier to break up) paying into it.

[–] Blue_Morpho@lemmy.world 0 points 4 days ago (1 children)

If there were more Google/FB/Amazons there would be even more hardware purchases because there would be more companies competing to dominate AI.

[–] FRYD@sh.itjust.works 2 points 4 days ago (1 children)

No if they didn’t already dominate their respective markets, they’d have to actually compete against other companies. In a competitive market, there would be no reason to invest hundreds of billions of dollars into LLMs which are unprofitable, inaccurate, and have very limited use cases. AI wouldn’t be a bubble if these companies had any incentive to make good products and competition is supposed to be that incentive.

Maybe down the line, the tech sector would’ve had an AI boom anyway. As it stands however, there is no real race to dominate AI. It’s a scramble to try to sell LLMs as intelligent so they can get AI money without actual AI tech.

[–] Blue_Morpho@lemmy.world 0 points 4 days ago* (last edited 4 days ago)

In a competitive market, there would be no reason to invest hundreds of billions of dollars into LLMs which are unprofitable, inaccurate, and have very limited use cases.

That's not how capitalism works at all. Companies are spending money on AI because they need to compete against other companies. You might not like it for all the very good reasons you gave, but consumers are using AI so companies are trying to provide it. In the absence of competition, companies do not spend money chasing risky new revenue streams but milk their existing base.

If there was only Microsoft, and no other software company on the planet, Microsoft would not spend money on AI because they wouldn't need to.

A big part of Marx's criticism of capitalism is the waste it creates through duplication of effort.