AI Deal-Making Is Booming, But Demand Remains the Big Question — $3.2 trillion in AI deals so far this year (up 45% from last year) shows massive investment, yet leaders in the industry have no clear answer for who will buy AI products and services once AI destroys millions of jobs.

AI Is Already Causing Mass Layoffs and Will Decimate the Middle Class — Companies like Cisco, IBM, Salesforce, and others are citing AI for job cuts. Experts like Anthropic’s Dario Amodei and short-seller Carson Block warn of massive, long-lasting labor market disruptions.

Productivity Gains from AI Must Be Shared — Without redistributing AI-driven gains (via wealth taxes, universal basic income, sovereign wealth funds, etc.), most people will lack the income to afford AI products, leading to insufficient demand and a potential economic crisis. The political will for redistribution is currently missing.

Through the end of June, about $3.2 trillion in AI deals have occurred this year. That’s a 45 percent jump from a year earlier, according to Dealogic, a data provider. It’s the most spent on deal-making over a half-year period in at least a decade.

Many of these were truly giant deals — 44 were larger than $10 billion, including takeovers.

Is this a bubble that’s going to burst? 

Because I’m located in the Bay Area, I often come across people who are deeply involved in AI. They rhapsodize over it.

But when I ask them who’s going to buy all the wondrous AI products and services — especially after AI destroys millions of jobs and decimates the American middle class —they have no answer.

And AI will destroy millions of jobs and decimate the middle class. Already, Cisco, Block, Coinbase, HP, IBM, and........

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