AI Mania: From Tulips to Tokens

The article draws parallels between historical market manias (tulips, cryptocurrencies) and the current AI boom, arguing that hype and "animal spirits" are driving investment more than genuine breakthroughs in artificial intelligence. The author contends that despite AI's usefulness, it hasn't solved fundamental questions about consciousness or intelligence, and notes a pattern of unfulfilled AI predictions while questioning whether investors truly believe their own claims about these systems being conscious entities.