In June 2024, Goldman Sachs published a research note that rattled Silicon Valley's most cherished assumptions. The report posed what it called the “$600 billion question”: would the staggering investment in artificial intelligence infrastructure ever generate proportional returns? The note featured analysis from MIT economist Daron Acemoglu, who had recently calculated that AI would produce no more than a 0.93 to 1.16 percent increase in US GDP over the next decade, a figure dramatically lower than the techno-utopian projections circulating through investor presentations and conference keynotes. “Much of what we hear from the industry now is exaggeration,” Acemoglu stated plainly. Two months later, he was awarded the 2024 Nobel Memorial Prize in Economic Sciences, alongside his MIT colleague Simon Johnson and University of Chicago economist James Robinson, for research on the relationship between political institutions and economic growth.…