Monica De Bolle analyzes OpenAI’s proposal to the US government By Jeronimo Santos
2 min read
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A big discussion arose after OpenAI, creator of ChatGPT, considered giving up 5% of its shareholding to the United States government. The initiative, which captured the market’s attention, was carefully evaluated by economist Monica De Bolle. In one text, she expressed significant skepticism, casting doubt on the real intention behind the apparent generosity of technology companies worth billions.
Economist Monica De Bolle evaluates OpenAI stake proposal to the US government
De Bolle suggests that the offer from the company led by Sam Altman may be more complex than a simple collaboration with the State. In the economist’s view, this action by OpenAI could, in fact, mask the imminent danger of a collapse in the artificial intelligence “bubble”. If the US government became a partner, the State would position itself as a “savior” in the event of the company’s future financial difficulties, using public resources for a possible rescue.
Deep questions about the financial strength of the artificial intelligence sector
When a company seeks preventive support from a government, even under a different pretext, essential questions arise. The expert raises doubts about OpenAI’s true financial health and whether its products justify current costs. De Bolle considers whether this scenario is an isolated event or a “canary in the coal mine”, indicating the possible bursting of a bubble in the artificial intelligence sector.
Monica De Bolle emphasizes that a large part of her professional career was dedicated to studying cycles of economic bubbles and moments of crisis. His vast experience includes authoring a doctoral thesis on the topic, conducting several classes and participating in crisis resolution teams during his period at the International Monetary Fund (IMF), which provides an in-depth look at current risks
While many worry about job losses driven by AI automation, the economist presents a reverse perspective. Her main concern lies in the potential job losses that could result from the eventual collapse of the technology market bubble, a scenario often overlooked amid the enthusiasm for innovation.
The current global situation generates great apprehension, mainly due to the consequences in a global economy that lacks strong leadership and effective collaboration between countries. De Bolle draws a parallel with the 2008 crisis, recalling the joint action of central banks to contain it and the formation of the G20 as a decisive cooperation forum at the time.
The economist, however, notes that today the G20 is limited to producing bureaucratic communications, without the same power and impact as before. This lack of global coordination is one of the factors that aggravate uncertainty regarding a potential crisis in the technology sector, if the AI bubble actually bursts.
