Opinion Silicon Valley is Maximizing Profit at Everyone’s expense it Doesnt Have to be This Way

Elon Musk Silicon Valley

Introduction

A public battle has broken out among the titans of Silicon Valley. One side, led by Elon Musk, PayPal co-founder Peter Thiel, and venture capitalists Marc Andreessen and Ben Horowitz, is backing Donald Trump for president. The other, led by LinkedIn co-founder Reid Hoffman, is behind Kamala Harris.

We should not make the mistake of thinking this is a battle over ideology or policy. It’s a battle to maximize Silicon Valley’s profits regardless of the consequences for society.

On this objective, both sides agree. Andreessen Horowitz is one of the largest investors in cryptocurrency and artificial intelligence, and Trump has signaled that he would keep the government out of its business.

Meanwhile, soon after donating $7 million to a Harris super PAC, Hoffman called for her to oust Federal Trade Commission Chairwoman Lina Khan, who has brought antitrust cases against Big Tech and introduced rules to protect workers.

Silicon Valley, a longtime engine of human achievement, has become a significant source of human harm. Aware of the gathering backlash, its leaders have dived into the political fray to protect their wealth.

Two Silicon Valley obsessions threaten the most damage: creating human addiction to increase profits and eliminating humans to decrease costs.

Social media platforms, which started by bringing old friends together and giving voice to the otherwise powerless, have become “social slot machines” compelling excessive use. Gaming companies have a similar objective.

Teenagers today spend more than eight hours a day on screens, fueling digital advertising revenues that reached $ 225 Billion. last years

Meanwhile, the artificial intelligence revolution promises to cut labor costs. A recent MIT economist Daron Acemoglu study found that 50% to 70% of the growth in inequality between more and less educated workers can be attributed to automation.

poverty rates in Silicon Valley’s home state are rising even as AI makes Big Tech Richer.

The broader prospects are equally concerning. AI is enabling killer robots autonomous weapons and massively destructive misinformation.

The root of the problem is that the United States and Silicon Valley are dominated by what we call an “investor monoculture.” Modern corporations are designed to serve investors and no one else.

About 80% of public company stock in the United States is owned by institutional investors, most of which have one objective:

to maximize profits, largely in the short term and without regard to the costs for society. in 1980 their share of stocks was just 29%.

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