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Dear Reader, |
I understand artificial intelligence spending presently fans some 40% of United States economic expansion. |
40% is plenty handsome. |
Meantime, the St. Louis outpost of the Federal Reserve estimates that artificial intelligence's adoption rate nearly doubles the Internet's adoption rate. |
MarketMinute even labels artificial intelligence "the unstoppable ascent." |
Yet I pause whenever I accept all but gravity as "unstoppable." |
At that point I reach for the stoppable |
A "Foundational Amplifier" |
They continue: |
AI is not just a technological trend; it's a foundational amplifier that accelerates progress across all domains, unlocking new possibilities in everything from data analytics to automation… |
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The AI semiconductor market alone is expected to surpass $150 billion in 2025, highlighting the critical role of hardware in powering this revolution… This surge in AI-optimized hardware demand… underscores AI's central role in driving both market growth and technological advancement… |
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AI, in particular, is acting as a "horizontal technology," meaning its impact is not confined to tech companies but extends to manufacturing, healthcare, finance, logistics, and even entertainment, driving efficiency gains and new product development. The ripple effects are profound… |
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Does AI Really Produce Value? |
Just so. I am certain — I believe strongly, I should state — that artificial intelligence may vastly expand human productivity one day. |
The technology is already yielding patches of sweet fruit… and its drummers argue convincingly that it will yield groves of fruit far sweeter. |
Yet is artificial intelligence truly productive at present? Or does it largely leave dry ashes in the mouths of users? |
The Massachusetts Institute of Technology recently conducted a study, "The State of AI in Business 2025," by title. |
From which: |
Despite $30–40 billion in enterprise investment into GenAI, this report uncovers a surprising result in that 95% of organizations are getting zero return… Just 5% of integrated AI pilots are extracting millions in value, while the vast majority remain stuck with no measurable P&L (profit and loss) impact. |
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Much Bang. Much Less Buck |
95% of organizations are getting zero return! More: |
Despite high-profile investment, industry-level transformation remains limited. GenAI has been embedded in support, content creation, and analytics use cases, but few industries show the deep structural shifts associated with past general-purpose technologies such as new market leaders, disrupted business models, or measurable changes in customer behavior. |
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Why? Or rather, why not? |
It appears that artificial intelligence — in its present state at least — is a rather poor employee, unworthy of hire. |
It performs erring and undependable labor. |
Artificial intelligence can add two and two, I freely concede. Yet artificial intelligence cannot put two and two together. |
Do you see the difference? |
AI Is an Idiot Savant |
Thus artificial intelligence can put out preposterous historical images, distort this into a mockery, distort that into a belly laugh. |
And so the knowing human must continually sort through, grade, and correct artificial intelligence's work. |
In the parlance of corporations, that correcting activity constitutes a "time suck." |
Thus human energies are not often liberated by artificial intelligence. |
They are instead chained down by artificial intelligence. |
From that perspective, artificial intelligence has proven more anchor than wing. |
What results is corporate "workslop." |
Time-Sucking "Workslop" |
Harvard Business Review: |
Employees are using AI tools to create low-effort, passable looking work that ends up creating more work for their coworkers. |
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On social media, which is increasingly clogged with low-quality AI-generated posts, this content is often referred to as "AI slop." |
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In the context of work, we refer to this phenomenon as "workslop." We define workslop as AI generated work content that masquerades as good work, but lacks the substance to meaningfully advance a given task. |
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And: |
Of 1,150 U.S.-based full-time employees across industries, 40% report having received workslop in the last month. |
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Employees who have encountered workslop estimate that an average of 15.4% of the content they receive at work qualifies. The phenomenon occurs mostly between peers (40%), but workslop is also sent to managers by direct reports (18%)... |
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Workslop occurs across industries… |
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Is this the model of corporate efficiency? Under which theory of capitalist efficiency? |
A Lot of Eggs in a Tiny Basket |
Artificial intelligence — meantime — is the mighty locomotive hauling the stock market behind it. |
Some 60% of stock market gains within the past two years link to artificial intelligence. |
And of these, a mere handful of technological behemoths have powered the barreling locomotive under present discussion. |
JP Morgan crackerjack Michael Cembalest estimates that one of these corporations — Nvidia — will soon corral the largest share of capital spending since IBM… at its starch-shirted and crew-cutted 1969 apex. |
Exuberance is nearing irrational — if not exceeding irrational.. |
Yet can we truly liken 2025 to 1969? |
I am far from convinced that it can be. |
History Is the Greatest Teacher |
Yet markets are decidedly and preponderantly "out of whack," as history runs |
When will things return to whack? |
I do not know. |
Yet I hazard we will all find out… whether or not we wish to… before long. |
I refer you simply to history. |
Regards, |
Brian Maher |
for Freedom Financial News |
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I would never — ever — say that. But… |
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How? |
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