Towards a Socioeconomics of Hype: Hype Dynamics and Symbolic Boundary Work Within the Speculative AI Bubble

Drawing on interviews with 37 entrepreneurs, engineers, technologists and investors in the New York City tech scene involved in AI, we investigate the social formations that characterize “AI-hype” from the perspective of micro-level economic sociology. We observe how actors in New York draw symbolic boundaries between their own work and that of “hype-beasts” in San Francisco, despite drawing upon and profiting from the same sociotechnical imaginaries about AI’s transformative potential. We show how this symbolic boundary work serves to legitimate the local ecosystem, to provide moral valuations for the exchange of capital, to ground different temporalities that inspire urgency in their work, and to enact spatial boundaries amid competing sociotechnical imaginaries. We demonstrate how these contestations contribute to the construction of powerful relevant social groups and their respective technological systems. We thus use the case of AI to take steps toward developing a sociology of hype, drawing on literature in the sociology of technology, boundary work in the professions, and economic sociology.