"Reading the media these days, you would be forgiven for thinking the technology, journalism, and investment communities were inadvertently wishing an AI 'bubble' into existence. Whether a bubble exists or not remains debatable, but the conversation itself has taken on a life of its own. Every article predicting the collapse of the NASDAQ increases investor nervousness, which leads to another article about the collapse of the NASDAQ, and so the world turns ad infinitum."
"Often the most effective insulation against market volatility is for the technology of the day to be ubiquitously woven into the fabric of society, such that it cannot lose value quickly. When there is a disconnect between people's real-world experiences and the excitement felt on trading floors or in boardrooms, trouble can loom. We can learn something in this regard from the world's 89th most populous country: my native Sweden."
"Fast-forward to today, and Stockholm has the highest number of unicorns per capita of any city in the world outside of Silicon Valley. Sweden's AI startups are soaring. Legora, which automates tasks for lawyers, is raising capital at a $1.8 billion valuation. Einride, the electric vehicle unicorn, recently announced $100 million to scale autonomous freight. The 'vibe-coding' platform Lovable, which helps people build apps with AI, is one of the fastest-growing businesses in the world."
Media coverage about AI has amplified perception of an AI 'bubble', with repeated warnings feeding investor nervousness and creating self-reinforcing cycles. Broad societal adoption of a technology reduces its susceptibility to rapid value loss by aligning real-world experience with market sentiment. Sweden's 1990s Hem-PC reform aimed to put a computer in every home, catalyzing long-term digital progress and widespread capability. Today Stockholm hosts many unicorns per capita and thriving AI startups such as Legora, Einride, Lovable, and the sold Sana, demonstrating how national policy and pervasive access can underpin an enduring technology ecosystem.
Read at Fortune
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