The A.I. Bubble Is Coming for Your Retirement Account

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• 00:22

  Learn more at ittakesenergy.com.

• 00:31

  This is The Opinions, a show that brings you a mix of voices from New York Times opinion.

• 00:37

  You've heard the news.

• 00:38

  Here's what to make of it.

• 00:45

  I'm David Wallace-Wells, a writer for Times Opinion and a columnist for The Times Magazine.

• 00:50

  It really wasn't very long ago that chatbots, LLMs, and big AI first really got the attention of the public.

• 00:57

  ChatGPT launched in late 2022. An awful lot has happened since then.

• 01:03

  But even so, every few months we have another burst of commentary about whether this is all a big bubble.

• 01:08

  Whether the leading AI labs are raising too much money and spending too much money, given how much they're earning,

• 01:13

  and leading the whole sector and maybe the whole economy with it towards a crash.

• 01:18

  But we're about to enter a new phase because two of these companies are preparing for absolutely mammoth IPOs.

• 01:24

  SpaceX, too, which is both an AI company and a satellite company,

• 01:27

  is about to go public for a total value of $1.77 trillion.

• 01:32

  So what are these IPOs telling us about the risks of a bubble?

• 01:37

  About the state of an American economy so highly leveraged on AI, and about where we might be heading in the future.

• 01:44

  With me is Natasha Sarin, an opinion contributor and an economist and law professor at Yale.

• 01:49

  She also runs the Yale Budget Lab.

• 01:52

  Welcome, Natasha.

• 01:54

  Thanks so much for having me.

• 01:56

  So let's start with a really naive question.

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