$1.5 Billion AI Company That Reportedly Used No Actual AI Goes Belly Up
$1.5 Billion AI Company That Reportedly Used No Actual AI Goes Belly Up
not only created a fake AI company that was ‘all humans, no intelligence,'” he also “dared to falsely report 300% revenue to investors.”
Name: builder.ai
AI company
Uses no AI
Honestly, the smartest thing they could do
Bilks investors for $1.5B and then just walks off with the money
Incredible. Who did they bilk?
Microsoft
Lolz.
The eco friendly AI. They give you an incorrect wall of bullshit but don't need a dedicated power plant to make it happen.
AI -> Actually Indians
Microsoft gets shafted
lol. lmao even.
Don't forget softbank if there's money to piss away they are always first in live
But but Masayoshi Softbank was put on this earth to bring about AI Singularity!
Most honest AI company.
Not only that, it provided job for people rather than cutting them
Somebody might actually get in trouble here for pissing off rich people. Regardless, the common investor will just get hosed.
Isn't this the model Capitalist?
It doesn't matter what they offer. It doesn't matter what they build. It doesn't matter if it's real or not. It doesn't matter if it is beneficial or not. It doesn't matter if it is ethical or not. It doesn't matter if it is moral or not. It doesn't matter if it is respectful or not.
All that matters is that it made money.
That is the sign of a true Capitalist.
Congratulations on winning that contest.
dared to falsely report 300% revenue for investors
I mean, they specifically didn't make as much money as they claimed to make, so no. That's pretty much the one mortal sin you can actually commit as a capitalist - accept the capital of other capitalists under false pretenses and then fail to generate returns on their investments.
They play the game as long as possible.
It's like a religion at this point in history.
If you have enough people who blindly believe in the whole thing, no matter how absurd, everything continues to grow and expand. Once enough people lose faith, then the whole system comes crashing down.
Model growth company right there. They forgot the block chain and some NTFs, then everything would surely have worked out....
Isn’t this the model Capitalist?
No, because it paid its workers.
AI is a fucking buzzword
It's really good at something. The MBAs just haven't figured it out yet.
Like anything with hype, it can funnel money
AAI
The good thing is there are some nice Als out there, I suggest go talking to one even the weird polka one
all humans, no intelligence
Maybe hire smart humans instead of dumb ones 🤷🏻♂️
Years ago there was a voice to text transcription service sold as automated that worked by people listening to your voicemails and typing them out.
We had 100+ classifying text by hand for a customer on India. The costumer thought it was Deep Learning back then.
That still exists, they run TV ads all the time. The ads even have print that says that someone listens to the callers and types out what they say.
Also see the "autonomous taxi" services that, when encountering anything outside the limited scope their programming can handle, are remotely operated by human drivers.
Much of “AI” is labour arbitrage, delegating the work to workers in countries with lower wages and weaker labour protections while pretending that the machine that interposes between them is doing it. There’s a joke that AI stands for “absent Indians”.
Isnt it "actually Indians"?
I've seen it as "An Indian"
Altogether Infosys
A billion dollars is a worthless amount of money, apparently. Do investors have no loved ones?
1.5 billion is enough to give everyone in my country about a grand. Won't change most people's lives, but I bet it would help thousands of people out of a debt cycle and a lot of people could pull the trigger on some appliance or maybe a car repair that they've been putting off. Estonia isn't poor, but it's far from rich, even after all those startups.
You don't get to investor levels of money with empathy.
wo needs loved ones when you have money?
Reject tech, return to mechanical Turk
I expected the Turk mentioned earlier here, thanks
I too felt the compulsion
Archive Link or alternative source? This crappy site refuses to load due to my AdBlock
Which Adblock are extension are you using ( Adblock Plus by any chance?)? I just tried on mobile Firefox with uBlock Origin and rendered fine.
The planet is healing.
"All humans, no intelligence"
Yeah seems like it bud
To be fair, intelligence isn't found in anything marketed as "AI". This one being a scam using humans, actually featured intelligence.
Can’t wait for the investigative podcast that explains how fucked up this place was
Make it a Netflix series like the one on Elisabeth Holmes, and I'm in !
That's just the reality of half of these companies. Inflated revenue reports, no actual work done, and at best they are just a shit chatGPT wrapper
Cool motive, still investment fraud XD
Funny. I'm thinking some people made a lot of money.
On the other hand, I think Lemmy folks would be pleased, that an ai company didn't harm the environment 😀
I don't know how Lemmy users would react if Helion Energy achieves its goal before 2028.
Reminds me if Upstart