There is some gold, but it’s a fairly small amount compared to the ATM discussed by AI companies (basically software generation, software security, audio transcripts, translation, image processing, image generation, search, etc). So it’s not like there won’t be an AI industry in the future but it won’t be absolutely everywhere the way the AI boosters are projecting. Inference will be a low margin industry, training will be capex constrained and likely low margin too. And some services on top will have decent margins. But nothing like the datacenters full of PHDs Amodei and Altman are dreaming about.

Just like any other technology