Bletchley Park, och rimligheten i samtidens jättelika AI-investeringar
För bara två år sedan samlade den dåvarande brittiske premiärministern Rishi Sunak världsledare, näringsliv, forskare och Elon Musk på en viktoriansk herrgård i grevskapet Buckinghamshire.
Bletchley Park är platsen där britterna gärna inbillar sig att de 1940 ensamma knäckte nazisternas Enigmakod. I själva verket knäckte polska matematiker redan Enigma innan (före) kriget, vilket berättats av bland andra underrättelsehistorikerna Władysław Kozaczuk och Jerzy Straszak i boken Enigma.
Men det var på Bletchley Park som Alan Turing byggde en industriell kodknäckningsapparat utifrån det polska genombrottet – samt nästan i förbifarten: världens första dator.
Vem du väljer att tro på avgör vilken slutsats du landar i om rimligheten i samtidens jättelika AI-investeringar. Kommer dagens datacenter att skriva in sig i finanshistorien bredvid sextonhundratalets holländska tulpanlökar?
Eller i teknikhistorien bredvid Thomas Edisons glödlampa?
Katrine Kielos SvD 7 december 2025
https://www.svd.se/a/wrEEwA/nobelpristagarna-philippe-aghion-och-daron-acemoglu-vem-far-om-ai
Wall Street’s sentiment shifting is about OpenAI down and Alphabet up.
The shift has been dramatic in magnitude and speed. It’s a change that carries wide-ranging implications, given how central has been to the AI mania that has driven the stock market’s three-year rally.
The gap between OpenAI’s revenue and its spending plans between now and 2033 is about $207 billion.
Bloomberg 7 December 2025
How I Learned to Stop Worrying and Love the Bubble
If you look at the valuation of all the stocks listed on all the exchanges in the world, that came to about $30 trillion in 2000. Today it’s closer to $150 trillion and has risen by $30 trillion in less than 8 months.
That’s not necessarily a sign that we’ve entered dangerous territory. As we discovered in 2008, it’s debt, not equity, that causes real crises — and specifically it’s perilous debt held by individuals and institutions who thought they were buying something risk-free.
Here’s an even more radical idea: Maybe the great global derisking of 2009, culminating in Basel III reforms that made global banks much less systemically dangerous, actually worked.
Yes, there’s a lot of risk in crypto and AI and private credit — but the investors in those asset classes know full well that they’re buying risky assets, and there’s very little evidence they’re investing money they can’t afford to lose.
Bloomberg 7 December 2025
https://www.bloomberg.com/news/newsletters/2025-12-07/don-t-worry-too-much-about-an-ai-bubble
AI’s Future and The Railroads’ Past
The similarities between the railway and digital revolutions have always been striking.
The railway revolution shrank physical space. The digital revolution opened and then organized cyber space. The railway revolution transformed every bit of the economy that it touched. Ditto the digital revolution. Both revolutions were masterminded by a handful of titans who became mega-rich in the process.
OpenAI, a company that was only founded in 2015, is valued at $500 billion, more than any European company; it expects to burn through $115 billion of cash by 2029.
The great financial panics of 19th-century America, in 1837, 1857, 1873 and 1893, were all triggered by the railroads.
Adrian Wooldridge Bloomberg 5 December 2025
https://www.bloomberg.com/opinion/articles/2025-12-05/ai-future-may-be-written-in-railroads-past
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