A history-lover’s guide to the market panic over AI

Andrew Odlyzko, a professor of mathematics at the University of Minnesota, has a side hustle: he has become one of the world’s foremost experts on the history of speculative bubbles. Part of his time is spent at the Bank of England, where he photographs pages from thousands of handwritten ledgers which he later scours for clues about earlier episodes of excess. He hopes that generative artificial intelligence (AI) will one day take the drudgery out of the task. It is not lost on him that the latest speculative mania revolves around the technology itself.

This article appeared in the Business section of the print edition under the headline “Bubbleology”