Carlota Pérez and the AI boom – where are we in the cycle?

Pérez's theory of technological cycles identifies the current AI boom as occurring in the "frenzy phase," where speculative capital floods into new infrastructure and technologies, following the earlier "irruption phase" of deep learning breakthroughs. The critical question is whether AI will transition to the "synergy phase"—marked by regulatory adaptation and productive integration—leading to genuine prosperity, or whether financial detachment from real investment will trigger a crisis similar to the dotcom collapse.

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