Recently here at MacroBusiness, I explored how during the industrial revolution the investors in the stocks of American railroad companies did not see the huge returns that one might have expected, despite railroads dramatically transforming and boosting the U.S. economy.
The piece posed an important question regarding the rise of AI: it’s entirely possible to be revolutionary without being extremely profitable.
My favourite little tidbit from that article is the fact that Nvidia has seen more capital growth in less than two years than a basket of surviving U.S. railroad stocks saw in the 65 years prior to the Great Depression.
Advertisement
