I saw someone earnestly say that a business model with potential to generate actual revenue was no longer relevant, and companies need only generate enough excitement to draw investors to be successful because “the rules have changed.” At that moment, I saw that telltale soapy iridescent sheen. I’ve heard that before.

I’m worried that the US knowledge industries jumped the shark in the teens and have been living off hopeful investors assuming the next equivalent of the SaaS revolution is right around the corner, and AI for whatever reason just won’t change things that much, or if it does, the US tech industry will fumble it, assuming their resources and reputations will insulate them from the competition, just like the tech giants of the 90s vs Internet startups. If that’s true, some industries like biotech will still do fine, but the trajectory of the tech sector, generally, will start looking like that of the manufacturing sector in the 90s.