Meanwhile, for investors it can make it harder to identify genuinely innovative companies.

The problem here isn’t AI, it’s that the investor class is fundamentally stupid. They got lucky, either by birth or by winning the startup lottery, and they’ve convinced themselves that this means they’re vastly more perceptive, intelligent and capable than everyone else.

I’m working for a startup right now, and investment rounds feel a lot like a bunch of idiots standing around waiting to see who’ll jump first, and when one goes the rest follow, because they haven’t a fucking clue what they’re doing but desperately need to believe their peers do.