‘You can’t make billions without hurting people’: Cory Doctorow on Elon Musk, the AI bubble and bosses’ cruel fantasies

2026-06-24 · Source: AI (artificial intelligence) | The Guardian · Field: Finance & Economics — Capital Markets & Investment Management, Economic Analysis & Policy · Depth: Intermediate, long

Summary

Cory Doctorow's analysis, presented in an interview, argues that artificial intelligence is fundamentally a "conjuring trick" that will not render humans obsolete. He introduces the "reverse centaur" concept, where humans are conscripted to assist machines, citing examples like warehouse workers and self-driving truck supervisors. Doctorow contends that AI's appeal stems from a "cruel fantasy" among bosses to eliminate worker co-determination, rather than its actual capabilities. He highlights a rapidly expanding AI investment bubble, which grew from a \$700bn valuation last year to \$1.4tn and is projected to reach \$2.4tn. This bubble, he warns, will inevitably pop, causing significant economic harm to the general populace, not the capital allocators. He also criticizes "criti-hype" and the solipsism of billionaires like Elon Musk, who view dissenters as "non-player characters."

Key takeaway

For investors evaluating AI companies, recognize that the current \$1.4tn AI bubble is driven more by "cruel fantasies" of worker replacement and control than by genuine technological breakthroughs. Your investment decisions should account for the high risk of this bubble inevitably popping, which could lead to significant economic fallout beyond the tech sector. Prioritize due diligence on actual utility and market fundamentals over hype-driven narratives.

Key insights

AI is a "conjuring trick" driven by an investment bubble and bosses' desire to eliminate worker co-determination, not true intelligence.

Principles

• AI's perceived intelligence is human imputation, not objective reality.
• Bubbles inevitably pop, causing widespread economic harm to the public.
• Bosses prioritize control over workers, even if automation is inefficient.

Topics

• AI Criticism
• AI Investment Bubble
• Labor Automation
• Cory Doctorow
• Enshittification
• Economic Bubbles

Best for: Investor, Tech Journalist, AI Ethicist

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Editorial summary, takeaway, and curation by AIssential. Original article published by AI (artificial intelligence) | The Guardian.