Furthermore, if you’re sufficiently pessimistic about AI alignment, it might make sense to optimize for a situation where we get a crash and the longer timeline that comes with it. (“Play to your outs”/condition on success.)
That suggests a portfolio that’s anticorrelated with AI stocks, so you can capitalize on the longer-timelines scenario if a crash comes about.
Here is some data indicating that time devoted to AI in earnings calls peaked in 2023 and has dropped significantly since then.
According to the Gartner hype cycle, new technologies are usually overhyped, and massive hype is typically followed by a period of disillusionment. I don’t know if this claim is backed by solid data, however. The wikipedia page cites this LinkedIn post, which discusses a bunch of counterexamples to the Gartner hype cycle. But none of the author’s counterexamples take the form of “technology generates massive hype, hype turns out to be fully justified, no trough of disillusionment”. Perhaps the iPhone would fall in this category?