Maybe someday Altman’s ideas about AI will prove out, but for now, his approach is textbook Silicon Valley mythmaking. In these narratives, humankind is forever on the cusp of a technological breakthrough that will transform society for the better. The hard technical problems have basically been solved—all that’s left now are the details, which will surely be worked out through market competition and old-fashioned entrepreneurship. Spend billions now; make trillions later! This was the story of the dot-com boom in the 1990s, and of nanotechnology in the 2000s. It was the story of cryptocurrency and robotics in the 2010s. The technologies never quite work out like the Altmans of the world promise, but the stories keep regulators and regular people sidelined while the entrepreneurs, engineers, and investors build empires.