On tech sector out-performance, I think the more appropriate lookback period started around 2016 when AlphaGo became famous.
I disagree. Major investments in DL by big tech like FB, Baidu, and Google started well before 2016. I cited that purchase by Google partially to ward off exactly this sort of goalpost moving. And stock markets are forward-looking, so I see no reason to restrict it to AlphaGo (?) actually winning.
On predictions, there were also countless many that tech would take over the world.
Who cares about predictions? Talk is cheap. I’m talking about returns. Stock markets are forward-looking, so if that were really the consensus, they wouldn’t’ve outperformed.
It’s unclear how much of the value added is driven by DL.
And yet, in worlds where DL delivers huge economic value in consumer-opaque ways all throughout the stack, they look like our world looks.
I disagree. Major investments in DL by big tech like FB, Baidu, and Google started well before 2016. I cited that purchase by Google partially to ward off exactly this sort of goalpost moving. And stock markets are forward-looking, so I see no reason to restrict it to AlphaGo (?) actually winning.
Who cares about predictions? Talk is cheap. I’m talking about returns. Stock markets are forward-looking, so if that were really the consensus, they wouldn’t’ve outperformed.
And yet, in worlds where DL delivers huge economic value in consumer-opaque ways all throughout the stack, they look like our world looks.