Arrogant Big Tech Is Realizing Money Can't Buy Success
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FAANG should probably give up on trying to win AI. This might sound like a controversial statement at first glance but when you take a look at the facts, it makes a lot of sense. You see, past performance has been clouding the judgment of these big tech giants. Since they were able to make it big in search social media or email, they think that they can also make it big in AI as long as they spend enough money. But, the reality is that most of these big tech companies haven’t launched a successful hero product in over a decade and the reason is obvious. It’s simply extraordinarily difficult to replicate the success of something like YouTube, Facebook, or WhatsApp. Not to mention, people aren’t exactly fond of these companies or their shady behavior when it comes to privacy and monopolization. This isn’t to say that big tech should leave the AI scene completely though. A smarter choice, however, would be to play a background support role and become a backbone of the industry instead of trying to create the next big thing. This video explains why FAANG is losing in the AI race and how they may be able to turn things around by slightly shifting their focus.
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Timestamps:
0:00 - FOMO
1:15 - Past Performance
5:13 - Baggage
9:19 - Diversification vs Concentration
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