You are basically calling out the fact that the Emperor has no clothes. Many said this before. While it is a true statement, it is not going to help. Because, as you rightly said, it is a mania - like the tulip mania of 17th century or the manias of many forms today. The mania continues to evolve and flourish through it's peak and then go down. For that matter, there is hardly anything that is not a mania. Think of agile processes, timesheets, LoC based productivity, ...
The corporate mindset keeps going through different mania at different times. It could be initiated by some consulting gurus (processes), or some security nerds (strap yourself down until you can't move), or peer pressure (fear of missing out), or presentation goals (show that you are a AI-powered and modern company).
We can't remove or stop manias. Infact that is not the goal. The music should go on and the dance should go on. Everyone is in this dance - customers, businesses, supply chains, governments, thinkers and philosophers. It's a world-wide dance. So it's OK. The music track won't last forever. It will change and dance will change.
This mania can also be called "herd behavior" or "crowd psychology". There was that book a while ago about the intelligence of crowds, but far more common is the stupidity and insanity of crowds. Business and politics are mainly driven by it, but the tech industry routinely falls to hype, trends, and decades-long mistakes that seem obvious in hindsight.
You all are missing the larger context. Not everyone here is equal. There are certain people who control economic organizations, set their goals and priorities, generate hype and fluff to increase sales, push everyone to be more productive, dont do the actual programming work. And then there is everyone else. This is how global capitalism is structured.
For what it’s worth „Extraordinary Popular Delusions and the Madness of Crowds“, while entertaining, isn’t considered a reliable source as it bases most of its story telling on satirical descriptions and reporting of past events and doesn’t do a good job of digging into the actual historical context and dynamics
It's super hard to time the market. I would say the sanest approach is to have cash on hand, choose AI adjacent companies with solid fundamentals and buy their shares once the bubble pops. It's very hard to make money being an outright bear, but somewhat easier if you're an early phase/post recovery bull.
The corporate mindset keeps going through different mania at different times. It could be initiated by some consulting gurus (processes), or some security nerds (strap yourself down until you can't move), or peer pressure (fear of missing out), or presentation goals (show that you are a AI-powered and modern company).
We can't remove or stop manias. Infact that is not the goal. The music should go on and the dance should go on. Everyone is in this dance - customers, businesses, supply chains, governments, thinkers and philosophers. It's a world-wide dance. So it's OK. The music track won't last forever. It will change and dance will change.