When Apple floated its shares in 1980, it was the biggest IPO since Ford Motor Company. A little less than 17 years later Apple was flirting with bankruptcy. So bad were Apple’s prospects that Michael Dell said the best approach would be to “shut it down and give the money back to the shareholders.” Success is ephemeral in dynamic economies, and Silicon Valley is the most dynamic of them all.
The challenging reality of technology always comes up when reading the great Peggy Noonan’s skepticism about the sector. As most readers are already aware, Noonan wants a pause decreed by the powers-that-be on Artificial Intelligence advances of the ChatGPT kind. Noonan believes that absent a pause, “something bad is going to happen” in the Eve bit the apple sense.
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