The AI ‘new era’ illusion: why every boom looks different—but ends the same

Rapid expansion creates room for hucksters. The risk they spread takes down everyone.

[Source illustration: Adobe Stock]

The beginning of the 20th century, much like the beginning of the 21st, was an era of increasing optimism. The financial panics of 1873 and 1893 were in the past, new technologies like electricity and internal combustion were just gaining traction and Morganization was creating trusts insulated from the ravages of competition. 

The financial journalist Alexander........

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