Keep calm and AI on

The article dismisses fears of AI causing existential risk or mass unemployment as overstated. It argues AI, like a calculator, lacks independent goals and desires. Historical parallels show technological revolutions cause disruption, not destruction, ultimately boosting productivity and living standards.

Job displacement is a valid concern, but history suggests labor will migrate to new industries. The author compares current AI infrastructure spending to railroads in the 1870s. Scarcity in cloud providers, chip suppliers, and computing capacity indicates a build-out phase, not a bubble.

Investors should maintain a measured allocation to AI. The true opportunity extends beyond chips to the entire ecosystem supporting AI applications.