The Financial Page

Lessons from the Original Tech Bubble

第一轮科技泡沫的教训
As the SpaceX I.P.O. kicks off what is expected to be a wave of A.I. offerings, a new book turns to another speculative era—the railroad boom that culminated in the Great Panic of 1873.
SpaceX的首次公开募股(I.P.O.)预计将开启一波人工智能公司上市潮,而一本新书则将目光投向另一个投机时代——那场最终以1873年大恐慌告终的铁路建设狂潮。
Figures look upwards towards a skyscraper where a billboard shows Elon Musk and reads Space X
Source photograph by Victor J. Blue / Bloomberg / Getty

The boom-and-bust cycle has always been a feature of capitalism, and—capturing as it does the human traits of creativity, hope, greed, FOMO, anxiety, and panic—it always will be. Creativity gives rise to technological progress and transformative inventions, which provide a new driving force for the economy and a focal point for investors. Today, we are living through another speculative boom. This time the transformative invention is, of course, A.I., and last week’s SpaceX I.P.O. demonstrated its magnetic appeal, or perhaps the power of FOMO. While Elon Musk’s creation is an impressive rocket-and-satellite company, the stunning $1.78-trillion valuation of the I.P.O. was largely based on its ambitions to build A.I. data centers in space, which remain largely untested.

繁荣与萧条的周期向来是资本主义的特征,它捕捉了人类的创造力、希望、贪婪、错失恐惧症(FOMO)、焦虑和恐慌,因此这一特征将永远存在。创造力催生技术进步和变革性发明,为经济提供新的驱动力,也为投资者提供焦点。今天,我们正经历又一轮投机繁荣。这一次,变革性发明当然是人工智能,而上周SpaceX的I.P.O.展示了其磁石般的吸引力,或者说,FOMO的力量。尽管埃隆·马斯克(Elon Musk)的创造是一家令人印象深刻的火箭与卫星公司,但其I.P.O.高达1.78万亿美元的惊人估值,很大程度上基于其在太空建设人工智能数据中心的雄心,而这些计划在很大程度上仍未经验证。

In all likelihood, the SpaceX stock offering will now be followed by ones from Anthropic, OpenAI, and other A.I. companies. Because the sums of money at stake are so enormous, and the rises in the stock prices of other corporations involved in the A.I. boom, such as the chipmakers Nvidia, Micron, and Arm, have been so vertiginous, people are understandably eager to look for any lessons that might be drawn from the bursting of the internet bubble, in 2000-01, and also the Great Crash of 1929 and the Great Financial Crisis of 2008-09. But in a timely and engaging new book, “1873: The Rothschilds, the First Great Depression, and the Making of the Modern World,” the economist Liaquat Ahamed makes the case for also looking back to the nineteenth century, when railroads were the disruptive technology. “Though often forgotten today, it is a tale that offers unsettling parallels to our current economic woes,” he writes.

极有可能,继SpaceX之后,Anthropic、OpenAI及其他人工智能公司也将陆续发行股票。由于所涉资金规模如此庞大,且人工智能热潮中其他公司的股价涨幅如此令人目眩——比如芯片制造商英伟达(Nvidia)、美光(Micron)和安谋(Arm)——人们急于从2000至2001年互联网泡沫破裂、1929年大崩盘以及2008至2009年大金融危机中汲取任何可能的教训,这完全可以理解。但在经济学家利亚卡特·阿哈默德(Liaquat Ahamed)这本适时且引人入胜的新书《1873:罗斯柴尔德家族、第一次大萧条与现代世界的形成》中,他提出理由,认为我们也应回望19世纪,那时铁路是颠覆性技术。他写道:“尽管今天常被遗忘,但这段往事与我们当前的经济困境有着令人不安的相似之处。”

Having become the world’s first trillionaire, at least on paper, thanks to the SpaceX I.P.O., Musk might well quibble with the word “woes,” but Ahamed’s historical comparison stands. The third quarter of the nineteenth century was a period in which global capitalism made great strides, eliciting a wave of optimism and risk-taking. The large-scale construction of rail networks, which had begun in Britain in the eighteen-thirties, spread to the U.S., continental Europe, and beyond, attracting entrepreneurs of varying levels of foresight and probity, as well as many retail investors who purchased the stocks and bonds that the railroads relied on, along with generous government grants, to finance their expansion.

得益于SpaceX的I.P.O.,马斯克已成为全球首位万亿富翁(至少在纸面上),他或许会对“困境”一词颇有微词,但阿哈默德的历史比较依然站得住脚。19世纪第三个25年,是全球资本主义大步向前的时期,引发了一波乐观情绪和冒险行为。始于19世纪30年代英国的大规模铁路网建设,扩展到了美国、欧洲大陆及其他地区,吸引了远见和诚信程度各异的创业者,也吸引了众多散户投资者,他们购买铁路公司赖以融资扩张的股票和债券,以及政府慷慨的拨款。

In the U.S., Jay Cooke, a Philadelphia financier who had amassed a great fortune by promoting Union bonds during the Civil War, subsequently turned his attention to hawking railway bonds, particularly those issued by the Northern Pacific Railway, which was trying to build a second transcontinental line. (The first one, which the Union Pacific and Central Pacific railroads built, was completed in 1867.) By the early eighteen-seventies, demand for railroad securities had turned into a “sort of mania,” The Nation observed, and Cooke’s riches appeared to know no bounds.

在美国,费城金融家杰伊·库克(Jay Cooke)在内战期间通过推销联邦债券积累了巨额财富,随后将注意力转向兜售铁路债券,尤其是北太平洋铁路公司发行的债券,该公司正试图修建第二条横贯大陆的铁路线。(第一条由联合太平洋铁路和中央太平洋铁路修建,于1867年竣工。)到19世纪70年代初,《国家》杂志观察到,对铁路证券的需求已演变成“一种狂热”,而库克的财富似乎无穷无尽。

Meanwhile, in London, Albert Grant, an indefatigable stock promoter who served as the model for the crooked financier Augustus Melmotte in Anthony Trollope’s “The Way We Live Now,” was taking advantage of the benign investment climate to issue shares in far-flung ventures of uncertain provenance, including the Lima Railways and the Lisbon Steam Tramways Company. In Germany, Bethel Henry Strousberg, whom Ahamed describes as “a mysterious Prussian railroad magnate,” built a business that employed a hundred and fifty thousand people and controlled more than fifteen hundred miles of track across Prussia, Hungary, and western Russia. In three years, some four hundred and fifty startups, many of them infrastructure-related, issued stock in Berlin, and the prices of many larger, more established companies doubled. Bank stocks were a particular favorite. Even members of the landed aristocracy, who had traditionally scorned the grubby world of finance, couldn’t resist the frenzy. “Ministers, generals, princes, and counts gamble in stocks in competition with the most cunning stock-exchange wolves,” Friedrich Engels, who was an interested observer, remarked.

与此同时,在伦敦,不知疲倦的股票推销人阿尔伯特·格兰特(Albert Grant)——他是安东尼·特罗洛普小说《我们现在的生活方式》中奸诈金融家奥古斯都·梅尔莫特的原型——正利用宽松的投资环境,为一些来源不明、远在天边的项目发行股票,包括利马铁路和里斯本蒸汽电车公司。在德国,被阿哈默德描述为“神秘的普鲁士铁路大亨”的贝特尔·亨利·斯特劳斯伯格(Bethel Henry Strousberg),建立了一家雇佣15万人、控制着普鲁士、匈牙利和俄罗斯西部超过1500英里铁路的企业。三年间,约450家初创公司(许多与基础设施相关)在柏林发行了股票,许多规模更大、更成熟的公司股价翻倍。银行股尤其受青睐。甚至连一向鄙视肮脏金融世界的土地贵族,也无法抗拒这股狂热。作为饶有兴致的观察者,弗里德里希·恩格斯评论道:“部长、将军、王公、伯爵与最狡猾的交易所之狼同场竞赌股票。”

It’s customary to describe this sort of speculation as a bubble, but it’s important to distinguish between unproductive bubbles, in which the objects of speculation have little or no intrinsic worth, and productive bubbles, which inflate around objects that ultimately create a great deal of lasting economic value. When the trade in exotically colored tulips collapsed in seventeenth-century Amsterdam, or when the meme-stock phenomenon went bust in 2021, nothing valuable had been created. In contrast, the railway boom and the internet stock bubble bequeathed to the economy some vital infrastructure, such as tracks, rolling stock, and fibre-optic cables.

人们习惯将此类投机描述为泡沫,但区分非生产性泡沫和生产性泡沫很重要:前者的投机对象几乎没有内在价值,后者则围绕着最终能创造大量持久经济价值的对象膨胀。当17世纪阿姆斯特丹异色郁金香的交易崩溃,或2021年模因股现象破灭时,并未创造出任何有价值的东西。相比之下,铁路热潮和互联网股票泡沫为经济留下了关键的基础设施,如铁轨、机车车辆和光纤电缆。

Much has been made of the sums that A.I. labs and cloud companies such as Amazon Web Services and Microsoft Azure, which are known as hyperscalers, are spending on data centers and other A.I. infrastructure. Indeed, they are vast. According to the research firm I.D.C., worldwide outlays on servers, storage, and networking alone will be close to half a trillion dollars this year. One analysis estimates that A.I spending by the hyperscalers alone could total two per cent of U.S. G.D.P. But relative to the size of the economy the sums raised and expended on building out the railroads were even bigger. “Within three years, nearly one and a half billion dollars poured into the railroad bond market, an unprecedented commitment of capital that at its peak amounted to an extraordinary 5 percent of GNP,” Ahamed writes. “Railroad companies multiplied accordingly—by the close of 1872, more than three hundred had their securities listed on the New York Stock Exchange.”

关于人工智能实验室和云公司——如亚马逊云服务(Amazon Web Services)和微软Azure(被称为“超大规模运营商”)——在数据中心及其他人工智能基础设施上的支出规模,已有诸多讨论。确实,这些支出是巨大的。根据研究公司I.D.C.的数据,仅今年全球在服务器、存储和网络设备上的支出就将接近5000亿美元。一项分析估计,仅超大规模运营商在人工智能上的支出就可能占到美国GDP的2%。但相对于经济规模,当年为修建铁路筹集和支出的资金比例甚至更大。阿哈默德写道:“三年内,近15亿美元涌入铁路债券市场,这是一次前所未有的资本投入,其峰值时竟占到国民生产总值的5%。铁路公司也相应激增——到1872年底,超过300家公司的证券在纽约证券交易所上市。”

It remains to be seen just how many A.I. startups beyond Anthropic and OpenAI go on to issue stock. But another parallel with the railroad era is already in place: the frenzy for stocks connected to A.I. has gone global. Take South Korea, home to chipmakers such as Samsung Electronics and SK Hynix. During the past twelve months, the Kospi stock index has virtually tripled, with many investors taking out margin loans to play the market or expand their positions. Last week, it emerged that this leveraged buying has proceeded so far that Korean brokerage firms have reached the regulatory limits on how much credit they can extend to their customers.

除了Anthropic和OpenAI,究竟还有多少人工智能初创公司会发行股票,仍有待观察。但与铁路时代的另一个相似之处已然显现:对人工智能相关股票的狂热已席卷全球。以韩国为例,这里是三星电子和SK海力士等芯片制造商的所在地。过去12个月,韩国综合股价指数(Kospi)几乎翻了三倍,许多投资者借入保证金贷款参与市场投机或扩大头寸。上周有消息称,这种杠杆买入已发展到韩国券商对客户授信额度触及监管上限的地步。

Leverage is a perennial feature of bubbles; so are warnings that they cannot last. In August, 1872, a piece in The Nation noted that out of three hundred and fifty railroad companies that filed accessible financial accounts, fewer than a hundred paid a dividend. Walter Bagehot, the editor of The Economist, warned his friends to avoid speculative investments like the ones being promoted by Grant and others. From Frankfurt, Mayer Carl von Rothschild, the head of the German arm of Europe’s largest financial house, wrote to his English partners, “The wild speculation in all the new bank shares continues to be the chief topic of conversation.” He went on to decry “all these new rubbishing schemes which absorb a good deal of money.”

杠杆是泡沫的永恒特征;同样永恒的,还有关于泡沫无法持久的警告。1872年8月,《国家》杂志的一篇文章指出,在提交了可查阅财务报告的350家铁路公司中,只有不到100家支付了股息。《经济学人》主编沃尔特·白芝浩(Walter Bagehot)警告朋友们远离格兰特等人推销的那种投机性投资。欧洲最大金融家族德国分支的负责人迈耶·卡尔·冯·罗斯柴尔德(Mayer Carl von Rothschild)从法兰克福写信给英国合伙人:“对所有新银行股的疯狂投机,依然是谈话的首要话题。”他接着谴责“所有这些吸收了大量资金的新垃圾计划”。

Given the tendency of bubbles to last for longer than any detached observer might expect, it is the fate of Cassandras to be largely ignored—until it is too late. When the bust of 1873 did come, it began in Vienna, which was then the capital of the sprawling Austro-Hungarian Empire. During the previous few years, the cosmopolitan city had experienced a rush of speculation in real estate and stocks, much of it financed by credit. The boom created a nouveau riche who were referred to as the Ringstrasse Barons because of the palatial homes they built on the famous boulevard. On May 9, 1873—Black Friday—stocks collapsed, and fights broke out on the floor of the exchange, which was forced to close. It reopened a week later, but by then the power of leverage was working in reverse. Many speculators were insolvent, and the banks that had lent to them were in similarly dire shape. One prominent banker threw himself to his death from a high floor.

鉴于泡沫持续的时间往往比任何冷静观察者预期的都要长,卡珊德拉式预言者的命运就是被普遍忽视——直到为时已晚。当1873年的崩溃真的来临时,它始于维也纳,当时是庞大的奥匈帝国的首都。此前几年,这座国际化都市经历了房地产和股票的投机热潮,其中大部分由信贷支撑。繁荣造就了一批新贵,他们因在著名的环城大道上修建宫殿般的住宅而被称为“环城大道男爵”。1873年5月9日——“黑色星期五”——股市崩盘,交易所大厅爆发斗殴,被迫关闭。一周后交易所重开,但此时杠杆的力量开始反向作用。许多投机者已资不抵债,贷款给他们的银行同样处境艰难。一位知名银行家从高楼跳下身亡。

The shockwaves from Vienna quickly spread to other European financial centers, including London. For a time, the U.S. seemed immune. Over the summer, however, it became clear that the mighty Jay Cooke had overextended himself by investing large amounts of his own money in the Northern Pacific, whose transcontinental-line project had encountered costly delays. On September 18th, the New York branch of Jay Cooke & Company abruptly shuttered its doors after other banks refused to extend it any more credit. News of this development created panicked selling on the New York Stock Exchange, which was forced to close. By the time it reopened, ten days later, stock prices had gapped sharply lower, and a number of banks faced panicked depositors who desperately sought to withdraw their money.

维也纳的冲击波迅速蔓延至包括伦敦在内的其他欧洲金融中心。美国一度似乎免疫。然而,到了夏天,情况变得明朗:强大的杰伊·库克因在北太平洋铁路投入巨资而过度扩张,该公司的横贯大陆铁路项目遭遇了代价高昂的延误。9月18日,杰伊·库克公司的纽约分部在其他银行拒绝提供更多信贷后突然关门。这一消息引发了纽约证券交易所的恐慌性抛售,交易所被迫关闭。十天后重新开市时,股价已大幅跳空低开,许多银行面临恐慌的储户拼命提款。

In those days, there was no Federal Reserve standing ready to provide liquidity to stricken banks, as it did in 2008. To prevent a wholesale collapse of the financial system, the New York Clearing House, a privately run bankers’ association, organized a rescue operation in which its members agreed to pool their cash reserves and provide collateralized short-term loans to troubled banks. The tactic saved the banking industry, but the great railway boom was over, and there was no reprieve for the gullible souls who had been drawn into it. “Within five years, more than half of the $2.2 billion in railway bonds listed on the New York Stock Exchange would default, leaving investors with losses of almost $600 million,” Ahamed writes.

那时,没有像2008年那样随时准备为受困银行提供流动性的美联储。为防止金融体系全面崩溃,私人运营的银行家协会——纽约清算所组织了一场救援行动,其成员同意汇集现金储备,向陷入困境的银行提供有抵押的短期贷款。这一策略挽救了银行业,但铁路大繁荣结束了,那些被卷入其中的轻信之人没有得到任何喘息之机。阿哈默德写道:“五年内,在纽约证券交易所上市的22亿美元铁路债券中,超过一半将违约,给投资者带来近6亿美元的损失。”

The upside of the bust was that about thirty-five thousand miles of track had been laid, doubling the size of the U.S. railway network. This reduced transportation costs, opened up new markets, and boosted over-all economic growth. Last year, Jeff Bezos, the founder of Amazon, argued that the A.I. boom was the latest productive bubble, or, as he termed it, “industrial bubble.” During episodes of this nature, he said, people get very excited, and every idea, good or bad, gets funded: only after the dust settles can the real winners and losers be discerned. “That is what is going to happen here, too,” Bezos said. “This is real, the benefits to society from A.I. are going to be gigantic.”

这场崩溃的好处是,大约3.5万英里的铁轨得以铺设,使美国铁路网规模翻了一番。这降低了运输成本,开辟了新市场,促进了整体经济增长。去年,亚马逊创始人杰夫·贝佐斯(Jeff Bezos)认为,人工智能热潮是最新的生产性泡沫,或者用他的话说,“产业泡沫”。他说,在此类事件中,人们会非常兴奋,每个想法,无论好坏,都能获得资金:只有尘埃落定后,真正的赢家和输家才会显现。“这里也将发生同样的情况,”贝佐斯说,“这是真实的,人工智能给社会带来的好处将是巨大的。”

To be sure, Bezos isn’t a disinterested observer—and objections have been lodged to his argument. One is that, whereas railway lines and rolling stock can last for decades, A.I. chips and other pieces of A.I. hardware quickly wear out or are rendered obsolete, so they don’t necessarily have much lasting value. Some economists believe A.I. could also displace many workers as the benefits that Bezos mentioned accrue primarily to tech barons like him. Like Musk, Jensen Huang, Sam Altman and Dario Amodei, Bezos will not be able to disassociate himself from the consequences of the A.I. boom—or the A.I. bust, if one does come.

当然,贝佐斯并非毫无利害关系的观察者——他的论点也遭到了反对。其一是,铁路线和机车车辆可以持续使用数十年,而人工智能芯片和其他硬件则很快磨损或被淘汰,因此它们未必具有多少持久价值。一些经济学家认为,人工智能还可能取代许多工人,而贝佐斯提到的益处将主要归于像他这样的科技巨头。和马斯克、黄仁勋、山姆·奥特曼(Sam Altman)以及达里奥·阿莫迪(Dario Amodei)一样,贝佐斯将无法将自己与人工智能繁荣——或者,如果泡沫破裂,与人工智能的崩溃——的后果撇清关系。

In the eighteen-seventies, as now, most people who bought stocks and bonds were well off. These people bore the initial brunt of the market crash. But the fallout soon affected the rest of the population. Industrial production fell and joblessness jumped. A collapse in the price of commodities, including foodstuffs, hit many farmers. “As falling prices strained the social fabric, the buoyant optimism of boom years gave way to a pervasive mood of pessimism,” Ahamed writes. Jay Cooke, who had once been lionized for his role in financing the Union victory, was attacked in the press and accused of cheating ordinary Americans out of their savings. Claiming to have been ruined, he sold a fifty-three-room mansion that he had built just north of Philadelphia and moved in with his daughter. Rumors persisted that he had salted away some of his vast wealth. Ahamed provides the kicker: “These rumors only seemed to be confirmed when, in the early 1880s, claiming to have made a quick $2 million from a Utah gold mine, he bought back his mansion and moved into his old office on South Third Street.” ♦

在19世纪70年代,和现在一样,大多数购买股票和债券的人都是富裕阶层。这些人首当其冲承受了市场崩溃的冲击。但其影响很快波及了其他民众。工业生产下降,失业率飙升。包括食品在内的大宗商品价格暴跌,打击了许多农民。阿哈默德写道:“随着价格下跌使社会结构趋于紧张,繁荣年代的乐观情绪让位于普遍的悲观情绪。”曾因资助联邦军胜利而被奉为英雄的杰伊·库克,在媒体上遭到抨击,被指控骗取普通美国人的积蓄。他声称自己已破产,卖掉了在费城以北建造的一座有53个房间的豪宅,搬去与女儿同住。但关于他私藏了巨额财富的传言一直不断。阿哈默德给出了一个意外结局:“这些传言似乎得到了证实,19世纪80年代初,他声称从犹他州一座金矿迅速赚了200万美元,于是买回了他的豪宅,并搬回了他在南三街的旧办公室。” ♦

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