
I know, you probably want to talk about bond yields. I’ll come back to the topic, I promise, but for now, what I wrote three weeks ago still stands.
I have always thought that the dystopian fear-mongering campaign waged by our AI gurus is largely a misguided PR effort. Greed, I believe, is the primary motivating factor for people like Sam Altman and Dario Amodei. You can see it in the way they are recalibrating their message: our technology is too dangerous, they repeat, but if only governments would kill off our potential competition with drastic regulation, then, trust us, we could make it safe.
The Madhattan Project
There is more to it, though. Altman, Amodei and others fancy themselves like the scientists at Los Alamos, pushing the boundaries of science while confronting awesome moral dilemmas.
Today’s AI gurus have neither the scientific prowess nor the moral depth of the Los Alamos scientists.
You’ve seen the movie. (I’m sure they have.) You know the story. After watching the first atomic bomb explosion, Robert Oppenheimer quoted the Bhagavad Gita: “Now I am become death, destroyer of worlds.” Before the test, those scientists had to persuade themselves that the explosion would not ignite the atmosphere and destroy humanity, a possibility raised by Edward Teller, then ruled out as an impossibility (or at least an infinitesimally small probability…). Talk about having faith in your calculations.
Today’s AI designers follow the same script, and have raised it to the next level. With implausible sloppy precision, some claim the probability that AI will wipe us out is not infinitesimally small, but a sizable 10%. They argue that their technology will inevitably escape our control, seeding dangers we can barely imagine, let alone mitigate. And yet they feel compelled to push forward while imploring, somebody stop us, please.
It’s a ludicrous self-delusion. Today’s AI gurus have neither the scientific prowess nor the moral depth of the Los Alamos scientists. I doubt any of them has read the Bhagavad Gita in the Sanskrit original, as Oppenheimer did. But their hubris helps explain the apocalyptic scaremongering.
They’re not the same
The comparison between the physicists and mathematicians of the last century and the current breed of AI enthusiasts is stark.
Physicists and mathematicians faced the humbling magnificence of the universe. AI developers are narcissists who believe themselves akin to gods.
Physics and mathematics pushed our understanding of the universe. AI worships a black box.
Physics and mathematics tackled actual hard questions. A lot of AI boils down to technical tinkering and intellectual posturing.
Oppenheimer and his peers were forged by the hardships of war and exile. Altman, Amodei and others are shaped by the idleness of luxury.
Oppenheimer, von Neumann, Einstein and others inspired young people to sharpen their intelligence, to learn. They attracted them to science and motivated them to pursue greater discoveries. Altman, Amodei and their ilk demoralize and demotivate young people. By claiming that AI will soon surpass human intelligence across all domains and take over most jobs, they signal that there is no point in studying or working — as does their vocal support for free-lunch schemes like Universal Basic Income. Meanwhile, their products keep undermining cognition and critical thinking.
The young people who aspired to be like Oppenheimer and von Neumann wanted to be scientists and push the boundaries of knowledge; those who take as role models Altman and Amodei only aspire to make money and give moralizing lectures to the rest of us.
You guys are not serious
These differences have important real-world implications. The development of nuclear weapons brought the most serious existential risk humanity has ever faced — a risk that will only increase if, as I fear, we’re about to move into a new phase of nuclear proliferation. It was a serious danger that serious people took seriously, especially after atomic bombs were used at Hiroshima and Nagasaki. From the cold logic of mutually assured destruction to nonproliferation and arms reduction treaties, we took steps to contain the menace.
The risk of AI, by contrast, is not being taken seriously. Yes, the dominant narrative says that AI systems are already escaping human control and are well on the way to recursive self-improvement. We read it in OpEds and hear it in countless rants by callow software engineers. But if people like Altman and Amodei truly believed what they say, they would fold their companies and retire to the countryside to grow tomatoes and raise goats. If governments believed what Altman and Amodei are saying, they would shut down the companies and throw the executives in jail. This, after all, is what they would do if they heard the same claims coming out of synthetic biology labs.
A productivity killer after all…?
It is also worth noting that the AI industry is talking out of both sides of its mouth. To entice individuals and businesses to buy its products, it boasts that they are high-precision systems, able, when skillfully prompted, to solve our most mission-critical problems. But to build the hype, it warns they are self-determining and self-improving entities that can in no way be controlled or contained. Both things can’t be true. If AI systems are independent, uncontrollable entities, they are as likely to destroy your business just for fun as they are to boost the efficiency of your supply chain — and the value proposition evaporates.
I will go further. Our economies and societies are almost totally dependent on digital systems, from our financial sector to our telecommunications infrastructure, to the electricity grid, to transportation networks. If AI systems cannot be controlled, there is a high risk that they will start wreaking havoc across our economy. Our utter dependence on digital systems will emerge as an unacceptable liability and will need to be unwound — reverting to an analog economy would be the ultimate kill switch, and presumably the only one available. But if that is the case, far from bringing us marvelous productivity gains, AI will be the worst adverse productivity shock we have ever suffered — and then the whole case for developing AI disappears.
So why is the risk of AI treated differently from that of nuclear war? Partly because there is a big difference between seeing an atomic explosion and reading about rogue AI agents. Partly because aggressive entrepreneurs like Altman and Amodei are shouting louder than the more sober minds at the forefront of AI science. And partly because the caliber of today’s political leadership is, well… the less said the better…
Pity
It’s a shame. AI poses deep questions about the nature of intelligence, awareness and consciousness. The technology can deliver important efficiency gains, though, I fear, nowhere near as significant as the hype drumbeat keeps promising. And even without falling into dystopian Skynet scenarios, it does carry substantial risks. It deserves more serious debate and thoughtful handling. In the age of TikTok, this seems hard to achieve; but without it, we’ll reap much more of the downside than the upside.
We could start with a reality check: today’s AI gurus suffer from the Oppenheimer Syndrome, but they are no Oppenheimer — not by any stretch of the imagination.


I find myself in the uncomfortable position of wholeheartedly agreeing with EVERYTHING you said in this beautiful, beautifully written post.
AI, instead of (or before) killing us all, will kill gullible businesses that have splurged on a technology with an extremely thin business case. And now those early splurgers are being told:
- that they have been lied to all along (https://www.forbes.com/sites/zacharyfolk/2026/09/13/dario-amodei-says-ai-industry-lied-about-technologys-risks/): see you in court;
- that the technology they were so swift and proud to integrate into all of their system can actually destroy them from within. On a whim and just for fun.
I'd say well done (the Chinese have a perfect saying for this: 活该, or hougai, something like 'serve you right' but much more brisk and crisp, typically Chinese). That's what happens when you herd like an imbecile and throw money at a new technology (1.3USD tn between 2013 and 2024, one year of the Netherlands' GDP) without asking what it is, how it will change, or whether there's even a business case that bears the faintest resemblance to your needs. For all the sanctity of 'shareholder value' pundits fill their mouths with, one would have thought they might respect their shareholders’ money more. Except that shareholders are just as gullible and throw their (not-so-) hard-earned money into buying shares of every company whose name contains the letters 'a' and 'i' in sequence.
The winners will be those who understand the technology better and ask themselves — and OpenAI and the others — the hard questions. Then they will get answers, look at their business model, and know exactly where AI can improve it, where it is overreach, and where it is simply a waste of money. So perhaps, only the AI itself....
Your productivity argument is even more interesting. Aside from the fact that I find myself working much more and longer hours assisting AI, I increasingly believe that, as you fear, AI will indeed reveal the 'worst adverse productivity shock we have ever suffered'. AI makes us work more, under the false pretence that we can make more when AI assists us. We produce more. But we have to stop producing. We have to stop making things. We have enough and too much, and we buy and throw away things we don't need. U.S. consumers spend 95% of their disposable income, and most of that spending is impulse buying (https://www.fool.com/money/research/wasteful-spending-statistics/). Your idea of a forced return to analogue is fascinating, but I am afraid, very optimistic.
Finally, on education, you are spot on. If AI will indeed kill us, it will not do so by taking control of flights, poisoning the air, or all the other ludicrous ideas I have read about around... The idea that if we contain AI from 'going rogue' we can avoid disaster is gullible and ridiculous. AI has had plenty to kill us for a long time: by making us and our children ignorant, killing their curiosity, the spirit of research, and the frissons of new ideas.
The only frissons that remain are those when Altman suspends (of course not 'cancel') the deployment of its new model, or when Google (mistakenly?) names its new Gemini model Argon, or 'lazy'.
But don't fret. These futile, fleeting emotions will soon disappear anyway.
Marco, I am so glad you suppressed the urge to write about bond yields this week.
I find a lot of good takes on yields in my substack and x feeds and, dare I say, even in mainstream media and the halls of central banks.
But I haven't seen as incisive, eloquent,.and hard-hitting a take on the AI scare, not even in your prior excellent posts.
Yes,.the "human capital" involved on the AI side is of peculiar nature. My hope is that after the massive overreach of similarly dubious intellectual and scientific "leaders" in the not so far away past, the general public, if not political leaders, have adopted an appropriately skeptical frame of mind.
But that only goes so far. There are real issues to be concerned about AI and you name them; and I found your wider-ranging point about what message we are sending to the young curuious minds on which humanity's future advance depends particularly novel and on point.
And then,.coming back down to macro-earth, there is of course that small issue how the sky-high hyper-scaling spending could even remotely happen in a real economy, and what would happen if it didn't.
Oops, I guess I just wandered into bond-yield territory...