Cory Doctorow

speaker

525 appearances 1 recordings 1 series first heard Jul 2026 last heard 31 Jul

Cory Doctorow’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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On the Media · F@#$ the AI Overlords · 31 Jul 2026 podcast

And how efficient turns out to be pretty impressive.

So there's a company called DeepSeek.

But look at what happened to NVIDIA's stock price, right?

So this company, which had $6 million in capital, made improvements to an open-source model that had been released by Meta, and it ran so well on much, much cheaper chips—

not next year's NVIDIA chips, but three-year-old chips from NVIDIA competitors, that the market took $600 billion off of NVIDIA's shares, off of NVIDIA's capitalization in a day.

They mostly recovered from that.

But you know Keynes' idea of the beauty contest?

Tell me.

Stock speculation isn't picking the most beautiful contestant.

Stock speculation is picking the contestant the other judges will think is most beautiful.

Ah, yes.

Because they're going to come in and buy the shares.

When the market loses confidence in something you're holding onto, even if you think the business's fundamentals are sound, if they can't continue to function once their share price crashes, then you'd better get out as soon as you think the other people are going to get out.

I don't know if the AI companies have the product they say they have, but even if they have a real product, they won't be able to hang in there long enough to bring it to market and find a stable footing

if the market loses confidence in their narrative.

And, you know, they cook the narrative in so many ways.

Every number they release is like a bespoke metric they've produced retrospectively.

So they're like, we call them Texas marksmen, that you shoot the shotgun into the barn and you draw the target around the place where the pellets went into.

Yeah, so Anthropic just announced that they're profitable, but not according to the Generally Accepted Accounting Principles, GAAP, which is like, we're profitable, but the math is so cool, you wouldn't understand it.

Like, if you look at us using normal math, we're not profitable at all, right?

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