The AI Gold Rush is a Sham: Industrial Giants Cash In on the Hype
Europe’s industrial giants are riding the AI wave, and they’re milking it for all it’s worth. Companies like ABB, Siemens, Legrand, and Schneider Electric are reaping huge profits from the surge in orders for data centre infrastructure – and it’s all thanks to the AI gold rush.
The reality is that these companies are just profiteering off the hype surrounding AI. They’re not actually contributing to the development of meaningful AI technology. Instead, they’re cashing in on the fact that AI is all the rage right now.
According to Redburn Atlantic analyst James Moore, data centre revenues for the six biggest electrical firms reached a whopping €20 billion last year. That’s double what they were five years ago. And Moore predicts sales will continue to grow at an average rate of 15% per year through 2027.
But don’t be fooled – this isn’t a sustainable trend. The AI gold rush is just a fad, and once the hype dies down, these companies will be left with a pile of unsold inventory and a reputation for being nothing more than opportunistic profiteers.
The Dark Side of the AI Boom
But there’s a darker side to the AI boom. The data centres that are springing up to support this frenzy are huge energy guzzlers. They’re sucking up massive amounts of power, and they’re not just consuming electricity – they’re also producing a ton of e-waste.
And let’s not forget about the people who are actually working in these data centres. They’re often paid poverty wages and are treated like nothing more than machines. The AI boom is just a symptom of a larger problem – the exploitation of workers and the destruction of the environment.
The Real Question is: What’s the Cost?
So, what’s the cost of this AI gold rush? Is it worth sacrificing our planet and our people just to line the pockets of a handful of greedy industrial giants?
The answer is a resounding no. It’s time to wake up and smell the coffee. The AI boom is just a sham, and it’s time to hold these companies accountable for their actions.
Read Next:
- OpenAI will let companies customise its most powerful AI model
- The Dark Side of the AI Boom: The True Cost of the Data Centre Rush
- The AI Gold Rush: A Scam or a Reality?
