Louis-Vincent Gave on the AI malinvestment in the U.S.

I think that [AI] in the U.S. is a huge misallocation of resources.  In the U.S. the business model essentially is, “Oh, we’re going to get 500 million customers that pay us $20 each a month.”…  I’m very skeptical that anybody will do it when China is giving it for free…  In China, the development of AI has a lot more to do with, “How do we use this for our factories… essentially getting rid of industrial workers?”…  If you think there are three goals: One is to make factories more efficient.  I can see how that’s going to happen.  In fact… it’s already happening.  If the goal is, “We’re going to get rid of low-end service workers – the paralegals, banking analysts, etc.,” that might very well happen.  I think it is starting to happen.  You see it in the rise of youth unemployment here, etc., but that also comes with big social consequences.  And if the end goal is AGI [artificial general intelligence], I’m actually super dubious on that…  [T]he whole AGI thing is being sold to us as investors: “Do this, give us billions and we’re going to deliver AGI on the other side.  I think it’s a stock promote,… literally the Vancouver guy trying to sell you a gold mine standing next to a hole.

~ Louis-Vincent Gave, "China Just Ended 100 Years of American Dominance," RiskReversal Podcast, 45.35 mark, December 15, 2026