The AI Bubble Is Real. And Your Pension Is Paying for It.
Banks and tech giants are simultaneously fueling the AI bubble and warning it might pop. But the real danger isn’t overhyped valuations β it’s that trillions in Western pension money are training AI models whose weights can be distilled and open-sourced at near-zero cost, potentially shifting the rewards of this investment to global competitors who paid nothing for the breakthroughs.