Today we are looking at the best analysis that I have yet found on whether AI is in a boom or a bubble.

So what's your guess about what it's going to say?

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Today, we are talking about the big question, at least from a macro perspective, is AI a bubble?

This, of course, is a question that has been lurking for some time.

One could go back to last summer, the summer of 2024, to see some of the first places

where this conversation broke into the mainstream. We had the Goldman Sachs report,

Gen AI, too much spend, too little benefit. Sequoia's AI's $600 billion question, which was

very comfortable calling it an AI bubble. Of course, subsequent to that, we've had hundreds of billions of dollars

of market cap added, tens of billions in new revenue realized, hundreds of millions of new users,

basically to the extent that it was a bubble then, it has done nothing but gotten bigger,

or maybe that bubble talk was premature and was about something else. For my money, at least

part of the bubble conversation has always been connected to the uncomfortable weight that this market and economy has put on Gen AI.

Chad GPD launched at almost the exact same time that Jerome Powell started the fastest

rate hiking cycle in history.

And for most of that hiking period, it was AI enthusiasm versus the world when it came

...