What If the $3trn AI Investment Boom Goes Wrong?对人工智能投资热的冷思考

Even if the technology achieves its potential， plenty of people will lose their shirts.

即使人工智能实现其潜能，还是会有很多人倾家荡产。

It already ranks among the biggest investment booms in modern history. This year America’s large tech firms will spend nearly $400bn on the infrastructure needed to run artificial-intelligence （AI） models. OpenAI and Anthropic， the world’s leading model-makers， are raising billions every few months; their combined valuation is approaching half a trillion dollars. Analysts reckon that by the end of 2028 the sums spent worldwide on data centres will exceed $3trn.

在现代史上，这已然跻身规模最大的投资热潮之列。（剩余7470字）