The problem is that the bulk of investment money these days comes through professional finance people (not the stereotypical “engineer who made a lot of money and now wants to help others”), who prioritize others who think like them, creating this self-fulfilling spiral of value extraction above all else. It’s the kind of thing you always see in “late stage” industries (eg aviation in the 1980s vs 1970s). It’s not irreversible though (eg there’s a small resurgence in hardware innovation happening right now, with companies like Framework, being funded by “idealist” investors, Pebble coming back, etc).
I think lots of people expected AI to be that too (the new “world of opportunity” that would come with a new “platform”), although so far it seems to be shaping up as FAANG players fighting for control (which is a bit disappointing from a user’s perspective)
The problem is that the bulk of investment money these days comes through professional finance people (not the stereotypical “engineer who made a lot of money and now wants to help others”), who prioritize others who think like them, creating this self-fulfilling spiral of value extraction above all else. It’s the kind of thing you always see in “late stage” industries (eg aviation in the 1980s vs 1970s). It’s not irreversible though (eg there’s a small resurgence in hardware innovation happening right now, with companies like Framework, being funded by “idealist” investors, Pebble coming back, etc).
I think lots of people expected AI to be that too (the new “world of opportunity” that would come with a new “platform”), although so far it seems to be shaping up as FAANG players fighting for control (which is a bit disappointing from a user’s perspective)