The idea that artificial intelligence will be free to use and virtually costless to provide is delusional and dumb, Steve Hanke says .
“This belief is based on a disconnect from reality, as well as a good dose of idiotic economic reasoning,” the professor of applied economics at Johns Hopkins University told Business Insider by email.
“AI is incredibly costly; it is very resource intensive,” Hanke continued. “It requires huge amounts of water, power, and physical capital” like graphics chips, he added.
Microsoft, Alphabet, Amazon, and Meta have projected roughly $700 billion in combined capital expenditures this year, and $1 trillion in 2027…
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