The AI disruption: Are we in the next 'New Economy' hype cycle?

Name: The AI disruption: Are we in the next 'New Economy' hype cycle?
Uploaded: 2023-11-18T19:49:56+00:00
Duration: 42 s
Channel: Jason M. Lemkin
Description: In this segment, the speaker argues that the current AI wave mirrors the early internet era, specifically around 1998, when the so‑called "new economy"…

18 Nov 2023 · 1 min

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In this segment, the speaker argues that the current AI wave mirrors the early internet era, specifically around 1998, when the so‑called "new economy" emerged. He suggests we are in a hype cycle, drawing parallels between how the internet disrupted society and B2B software and how AI is poised to do the same. He references the exodus of Goldman Sachs bankers and McKinsey consultants who left their corporate roles to become CEOs of high‑profile, revenue‑less disruptor startups that went public, underscoring the pattern of talent migration and over‑optimistic valuations during hype periods.

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And the narrative is that like there could be a very close parallel to how the internet disrupted society and B2B software and how AI will. And we're seeing a lot of parallels to that. And if we were to say what year this is in the internet rollout, it's probably around 1998. Because the other narrative that I'm hearing that I agree with is that we're in a hype cycle. Okay, so if you remember, if you're around back then, 1998, it was the new economy. Do you remember the new economy? All the Goldman Sachs bankers and McKinsey people quit their jobs and became CEOs of these supposedly disruptor businesses that went public with no revenue.