In a Substack essay, Gary Marcus outlines two scenarios under which he believes the AI industry could collapse, comparing it to Hemingway’s description of bankruptcy happening “gradually and then suddenly.” He argues one path runs through shifting public psychology around AI, while the other centers on the industry’s financial sustainability, and that the two are not mutually exclusive. Marcus, who says he has previously focused on the psychological angle, points to what he calls compelling recent analysis of the financial risks facing major AI companies.
