I don't know how to make sense of this level of investment. I feel that I lack the proper conceptual framework to make sense of the purchasing power of half a trillion USD in this context.
Maybe your calibration isn't poor. Maybe they really are all wrong but there's a tendency here to these these people behind the scenes are all charlatans, fueling hype without equal substance hoping to make a quick buck before it all comes crashing down, but i don't think that's true at all. I think these people really genuinely believe they're going to get there. And if you genuinely think that, them this kind of investment isn't so crazy.
The argument presented in the quote there is: “everyone in AI foundation companies are putting money into AI, therefore we must be near AGI.”
The best evaluation of progress is to use the tools we have. It doesn’t look like we are close to AGI. It looks like amazing NLP with an enormous amount of human labelling.
Hype is extremely normal. Everyone with a business gets the chance to hype for the purpose of funding. That alone isn't going to get several of the biggest tech giants in the world to pour billions.
Satya just said, "he has his 80 billion ready". Is Microsoft an "AI foundation company" ? Is Google ? Is Meta ?
The point is the old saying - "Put your money where your mouth is". People can say all sorts of things but what they choose to spend their money on says a whole lot.
And I'm not saying this means the investment is guaranteed to be worth it.