All the fine old swindles 2

Cathie Woods alias ARK Invest is a classic swindler who somehow got into a position of respected power and influence. Her claims are identical to the techy con men of 70 years ago, pushing Perpetual Energy Machines or Magic Gasoline Tablets.

She says that AI will give us annual doubling of the economy. This is crazy.

AI (big data, inference engines) has been around since 1890. It’s been a major part of corporate activity since 1960, gradually getting smarter. AI has reached the limits of its capacity, and real manufacturers know it. There’s no magic, no perpetual motion. It’s a wonderful tool when used properly, but it’s just a supercharged adding machine. It can’t make decisions without human editing, it can’t perform the most basic tasks like cleaning a floor or cutting hair. It can’t do any of the things that Cathie claims.