AI Isn't Running Out of Demand. It's Running Into Its Own Economics.
·5 min read
The AI bubble debate is missing something bigger: machines are becoming customers of intelligence, and we're still figuring out how to pay for it. Everyone seems obsessed with figuring out whether the
The AI bubble debate is missing something bigger: machines are becoming customers of intelligence, and we're still figuring out how to pay for it. Everyone seems obsessed with figuring out whether the AI trade is over. Too much capex. Too much debt. Circular investments. Another dot-com bubble. Apparently we're back in 2000, except this time everyone has a GPU and an AI agent that won't stop asking for permissions. Then Raoul Pal (@RaoulGMI) comes along with a completely different argument: what
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