My latest column for Locus Magazine is "What Kind of Bubble is AI?" All economic bubbles are hugely destructive, but some of them leave behind wreckage that can be salvaged for useful purposes, while others leave nothing behind but ashes:
AI is probably not a bubble
AI companies have revenue, demand, and paths to immense value
AI is probably not a bubble
AI companies have revenue, demand, and paths to immense value
Pluralistic: The real (economic) AI apocalypse is nigh (27 Sep 2025) – Pluralistic: Daily links from Cory Doctorow
Like you, I'm sick to the back teeth of talking about AI. Like you, I keep getting dragged into discussions of AI. Unlike you‡, I spent the summer writing a book about why I'm sick of writing about AI⹋, which Farrar, Straus and Giroux will publish in 2026.
Cory Doctorow: What Kind of Bubble is AI?
Of course AI is a bubble. It has all the hallmarks of a classic tech bubble. Pick up a rental car at SFO and drive in either direction on the 101 – north to San Francisco, south to Palo Alto – and …
Pluralistic: IP can’t save you from AI (18 Aug 2026) – Pluralistic: Daily links from Cory Doctorow
You don't have to believe that AI "art" is any good (I don't), nor do you have to believe that AI "art" can be any good (I don't) to understand that the reason that the capital markets are putting trillions into AI is that they believe they can fire workers of every kind and replace them with AI:
Pluralistic: How an AI moratorium can save AI bosses (16 Sep 2026) – Pluralistic: Daily links from Cory Doctorow
There's lots of reasons to believe the "hyperscaler" model of AI can never be profitable, and not just because of its gigantic expenditures and negative unit economics (the companies lose money with every new customer and every new use, and they lose more money with each generation of their products):
Pluralistic: “Rights for robots” and the AI slavery fantasy (10 Jul 2026) – Pluralistic: Daily links from Cory Doctorow
While the AI bubble is primarily a material phenomenon (driven by the calculation that bosses are easy marks for a sales pitch that sees them replacing workers with software), there is an inescapable ideological component to it: the desire for a world without people in it:
The AI bubble isn’t new — Karl Marx explained the mechanisms behind it nearly 150 years ago
OpenAI CEO Sam Altman’s warning of an AI bubble highlights a deeper economic problem: capitalism is producing more capital than it can profitably invest.
Watching the Generative AI Hype Bubble Deflate – Ash Center
As a part of the Allen Lab’s Political Economy of AI Essay Collection, David Gray Widder and Mar Hicks draw on the history of tech hype cycles to warn against the harmful effects of the current generative AI bubble.
Pluralistic: Google’s AI pricing plan (21 Jan 2026) – Pluralistic: Daily links from Cory Doctorow
Google is spending a lot on AI, but what's not clear is how Google will make a lot from AI. Or, you know, even break even. Given, you know, that businesses are seeing zero return from AI:
The Benefits of Bubbles
We are in an AI Bubble: the big question is if this bubble will be worth it for the physical infrastructure and coordinated innovation that result?
The State Of The $1.7 Trillion AI Bubble: The End Of Thinking
Writing is thinking and thinking is understanding. Like understanding that the AI bubble has been around for a long time and that it's better to call it the data bubble.
It Appears That the AI Bubble Has Just Burst in China
Media reports argue that the AI bubble in China is already bursting, with AI stocks losing nearly half a trillion in the past few months.
Pluralistic: “Open” “AI” isn’t (18 August 2023) – Pluralistic: Daily links from Cory Doctorow
The crybabies who freak out about The Communist Manifesto appearing on university curriculum clearly never read it – chapter one is basically a long hymn to capitalism's flexibility and inventiveness, its ability to change form and adapt itself to everything the world throws at it and come out on top:
What Sort of AI Bubble Are We In?
Think broadband. Or, potentially, the 2008 housing market.
