We should not be surprised if gigantic AI bubble bursts

Some 25 years ago, I was shown round a “dotcom incubator”.

- CHRIS BLACKHURST

It was a converted office building in London’s Clerkenwell. On each floor, there were huddles of young people, all dressed in black T-shirts, jeans and Converse, staring earnestly at computers. Each group was plugging a different ecommerce idea. Up on the roof, there was a terrace with a barbecue, bar, DJ booth, pot plants and giant bean bags. So cool, so out of northern California.

One group was selling pet food. I asked why people would buy their dog biscuits directly in quantity - how much did they actually need, did they have the storage, didn't the likes of Tesco sell it already, and how could they hope to undercut the supermarkets? I was looked at askance. Clearly, I wasn't on message.