久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Global EditionASIA 中文雙語(yǔ)Fran?ais
Opinion
Home / Opinion / Global Lens

The bubble risk in AI investment boom

By Joshua Gans | CHINA DAILY | Updated: 2025-12-11 07:16
Share
Share - WeChat
MA XUEJING/CHINA DAILY

Investment in artificial intelligence will continue its meteoric rise in 2025, powered by a narrative that AI is not just a tool but a new workforce. As Jensen Huang of NVIDIA recently put it, the software industry of the past was about creating tools like Excel, Word and web browsers, "tools… only so large" because humans had to operate them. By contrast, "AI is not a tool. AI is, in fact, workers that can actually use tools."

Imagine AI systems as digital colleagues who write code in VS Code, plan trips through browsers or act as invisible chauffeurs in robotaxis. This framing has justified capital expenditures on a scale usually reserved for national infrastructure. But before we accept this narrative, it is worth revisiting the deeper historical and economic forces at play. The distinction between a tool and a worker is not merely philosophical. It underpins the assumptions that drive trillion-dollar forecasts and the fears of a potential valuation bubble.

The modern tech industry's enthusiasm rests on this "AI is work" thesis: that AI systems will increasingly perform tasks in place of humans, not just support them. If AI is a workforce, then its addressable market is the value of human labor itself.

There is a rival framing, however, rooted in Steve Jobs' idea of the computer as a "bicycle for the mind". In that tradition, digital technologies are tools that amplify human capabilities instead of replacing them. The central economic question is which description of AI will turn out to be true in practice: is it primarily a new class of workers, as Huang suggests, or a more powerful generation of tools in the lineage of the bicycle for the mind?

Understanding which frame is correct matters because financial markets are acting on the assumption that AI is work. Capital flows into GPUs, data centers and model development are exponential. AI-related startups are hitting billion-dollar valuations even before generating revenue. Forecasts of future income resemble science fiction more than standard industry projections.

History offers a useful reminder. Every general purpose technology has attracted massive speculation, followed by a painful correction when the timing of returns failed to match investor optimism. In each case, as we pointed out in our recent book, Power and Prediction: The Disruptive Economics of Artificial Intelligence, the underlying technology proved transformative, but adoption took far longer than expected.

AI today has all the hallmarks of a normal transformative technology: it makes a scarce input (prediction) abundant; it requires system-wide reorganizations to achieve productivity gains; its applications are uncertain; and its diffusion depends on people learning how to use it effectively.

This last point is critical. AI systems today operate with a form of "jagged intelligence": they excel in some tasks and fail unexpectedly in others. The difficulty is not merely technical performance; it is that we still lack a shared understanding of what these systems are reliably good for. This uncertainty slows adoption and forces humans to remain central to all high-stakes decisions. Far from acting as independent workers, AI systems depend on human judgment to determine objectives, evaluate outputs and verify correctness.

Judgment, in this context, is not a vague leftover from human uniqueness. It is the essential input that determines how prediction becomes action. Someone must decide what errors are tolerable, what trade-offs matter and whether an AI-generated output should be accepted or rejected. That someone may be a consumer, a frontline worker or a committee of engineers embedding these decisions into products. But it is always a person. As long as that remains true, AI behaves more like a tool requiring skilled operators than like a worker performing tasks autonomously.

Recognizing AI as a tool does not diminish its importance. Tools can radically reshape industries and societies. But it provides a different benchmark for valuing AI companies. The historical revenues of successful toolmakers — from software firms to industrial equipment manufacturers — are orders of magnitude lower than the revenue one would expect if AI were truly replacing labor. The market's current projections implicitly assume the latter, even though evidence overwhelmingly points to the former.

These dynamics shape the risk of a potential valuation bubble by 2026. If investors continue to price AI companies as if they will capture the economic value of labor rather than the economic value of tools, valuations will outrun reality. Meanwhile, adoption curves are likely to follow historical patterns: slower, uneven and dependent on complementary innovations across organizations.

AI's impact on labor markets also illustrates the tool-versus-work divide. Early data shows not widespread displacement but a shift in the value of experience. Workers with strong judgment and domain expertise appear to become more valuable in AI-exposed occupations, while entry-level workers may find it harder to compete. This suggests complementarity, not substitution: AI increases the productivity of experienced workers, reinforcing the need for human oversight rather than eliminating it.

These realities introduce tensions between commercialization and regulation. Firms want to automate aggressively, both to capture cost savings and to justify their investment levels. Regulators, however, must consider the systemic risks of premature automation: misaligned judgment, unverifiable outputs and overreliance on technologies whose capabilities remain poorly understood. The pressure to deploy AI as "work" may collide with the evidence that AI still requires substantial human governance to function safely.

Investment enthusiasm has remained high in 2025. But a clear-eyed reading of the economics suggests a more measured future. AI is powerful, expanding the frontier of prediction and enabling new forms of digital production. Yet its value depends on people: their judgment, their adaptation and their capacity to integrate tools into meaningful systems of work. The risk of a 2026 correction is real if markets continue to conflate tools with workers. The more productive path forward is to recognize AI's strengths, acknowledge its limits and invest accordingly in the human capabilities that make any transformative technology truly valuable.

The author is the Jeffrey S. Skoll Chair of Technical Innovation and Entrepreneurship and professor of Strategic Management at the Rotman School of Management of the University of Toronto.

The views don't necessarily reflect those of China Daily.

If you have a specific expertise, or would like to share your thought about our stories, then send us your writings at opinion@chinadaily.com.cn, and comment@chinadaily.com.cn.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    人妻有码中文字幕| 成人av一级片| 黄色a级片免费| 91社在线播放| 91黄色小网站| 久久观看最新视频| 中文字幕有码av| 高清无码视频直接看| 欧美午夜性生活| 隔壁人妻偷人bd中字| 污污的视频免费观看| 国产午夜大地久久| 国产又粗又大又爽的视频| 妺妺窝人体色www在线观看| 成人小视频在线观看免费| 中文字幕亚洲影院| 日韩一级免费在线观看| 成人免费在线网| 欧美少妇一级片| 国产精品入口免费软件| 18禁网站免费无遮挡无码中文| 欧美黑人在线观看| 亚洲欧美天堂在线| 午夜久久久精品| 成人在线观看a| 久久久久久久久久网| 亚洲小视频在线播放| 色www免费视频| 黄色一级一级片| 国产黄页在线观看| 日韩一级性生活片| 亚洲激情免费视频| 亚洲视频在线不卡| 国产野外作爱视频播放| 黄色高清无遮挡| 2022亚洲天堂| 毛片在线视频播放| 99色这里只有精品| 又大又硬又爽免费视频| 国产精品av免费观看| 激情五月五月婷婷| 性生活免费观看视频| 日本xxxxx18| 少妇高潮流白浆| 亚洲自拍偷拍一区二区三区| 污污视频在线免费| 色偷偷中文字幕| 日本一区二区免费高清视频| 99九九精品视频| 亚洲在线观看网站| 中文字幕在线视频一区二区| 性鲍视频在线观看| 亚洲成年人专区| 日韩人妻一区二区三区蜜桃视频| 免费成人深夜夜行网站视频| 超薄肉色丝袜足j调教99| 992tv成人免费观看| 91嫩草国产丨精品入口麻豆| 高清无码一区二区在线观看吞精| 91视频 - 88av| 国产资源在线免费观看| 18禁免费观看网站| 日韩欧美精品在线观看视频| 亚洲男人天堂色| 国产又黄又猛又粗| 久久国产激情视频| 四虎免费在线观看视频| 黄色三级中文字幕| 91视频最新入口| 亚洲一区二区三区四区五区xx| www.久久91| 国产一级黄色录像片| 99精品在线免费视频| 免费黄色一级网站| 在线观看免费视频污| 17c丨国产丨精品视频| 男人天堂999| 奇米视频888| 欧美人与动牲交xxxxbbbb| 97在线国产视频| 日本成人中文字幕在线| 亚洲精品中文字幕乱码无线| 无码人妻精品一区二区蜜桃百度| 国产h视频在线播放| 污污网站免费观看| 福利在线小视频| 久久精品免费一区二区| 爱爱爱爱免费视频| 欧美中文字幕在线观看视频| 免费无码av片在线观看| 五月六月丁香婷婷| 久在线观看视频| 91精产国品一二三产区别沈先生| 91精品国产91久久久久麻豆 主演| 国产精品久久久久9999小说| 人人妻人人澡人人爽精品欧美一区| 国产原创中文在线观看| 日韩欧美国产片| 国产精品专区在线| 国产精品自在自线| 欧美大片在线播放| 97人人模人人爽人人澡| 国产91在线免费| 国产精品亚洲天堂| 精品久久久久久久免费人妻| 久久国产精品免费观看| 国产视频一区二区三区在线播放 | 成人国产一区二区三区| 激情内射人妻1区2区3区| 91精品国产毛片武则天| 午夜精品在线免费观看| 黄色片免费在线观看视频| 国产精品久久久毛片| 被灌满精子的波多野结衣| www.com久久久| 亚洲乱码中文字幕久久孕妇黑人| 青少年xxxxx性开放hg| 又色又爽又高潮免费视频国产| 99久久99久久精品| 天天综合天天添夜夜添狠狠添| 欧美一区二区中文字幕| 日本黄网站色大片免费观看| 中文字幕第38页| 99爱视频在线| 91黄色在线看| 1314成人网| 天堂一区在线观看| 日韩中文字幕组| 国自产拍偷拍精品啪啪一区二区| 精品国产一区二区三区在线| 久久久久久久久久一区二区| 凹凸国产熟女精品视频| 欧美在线一区视频| 国产日产欧美一区二区| 日韩av一卡二卡三卡| 九热视频在线观看| 国产一区亚洲二区三区| 精品视频免费在线播放| 青青在线免费观看| 日本xxx免费| 毛片毛片毛片毛片毛| 免费拍拍拍网站| 可以免费看的黄色网址| 性鲍视频在线观看| 99中文字幕在线| 日韩av片免费观看| 国产成年人视频网站| 簧片在线免费看| 欧美自拍小视频| 日韩福利视频在线| 一区二区三区视频在线观看免费| 999香蕉视频| 黄色高清无遮挡| 国产福利视频在线播放| 国产中文字幕免费观看| 免费毛片网站在线观看| 日韩视频免费播放| 2018日日夜夜| 国产美女主播在线| 霍思燕三级露全乳照| 亚洲美免无码中文字幕在线| 国产精品免费入口| 日韩中文字幕免费在线| 激情综合网俺也去| 亚洲三级视频网站| 中文字幕第88页| 亚洲女人在线观看| 91大学生片黄在线观看| 精品成在人线av无码免费看| 日本福利视频一区| 91视频最新入口| 午夜免费一区二区| 精品久久久99| 2021狠狠干| 奇米影视亚洲色图| 黄色a级片免费| 亚洲一区二区三区观看| 免费在线观看污污视频| 成人精品视频在线播放| 人人妻人人添人人爽欧美一区| 欧美 日韩精品| 国产成人美女视频| 国产爆乳无码一区二区麻豆| 久久综合色视频| 精品少妇无遮挡毛片| 国产精品探花在线播放| 99久久久精品视频| aaaaaa亚洲| av在线网站免费观看| av网站大全免费| 少妇性l交大片| 日韩最新中文字幕| 亚洲熟妇无码一区二区三区| 无码人妻精品一区二区三区66| 激情文学亚洲色图| 阿v天堂2018| 亚洲国产日韩欧美在线观看| 伊人再见免费在线观看高清版| 丰满少妇被猛烈进入高清播放| 午夜免费看视频|