People who say this sometimes I think forget what a bubble even means.
In 2000 we were in an internet bubble.
—That didn’t mean that the internet wasn’t the best invention in the history of hu...
AI right now looks similar to electricity. Many electricity stocks peaked around 1901–1912, but that reflected capital intensity, regulation, and commoditization—not the end of electrification’s economic impact. The real value of electricity shifted downstream into industries that *used* power, not those that generated it.
AI may be at the same inflection point: early infrastructure and model providers could see capped returns even as AI’s economic impact accelerates. The key mistake is equating early stock peaks with technological exhaustion. The biggest AI winners are likely downstream, AI-native businesses, not necessarily today’s most obvious “AI stocks.”
AI may be at the same inflection point: early infrastructure and model providers could see capped returns even as AI’s economic impact accelerates. The key mistake is equating early stock peaks with technological exhaustion. The biggest AI winners are likely downstream, AI-native businesses, not necessarily today’s most obvious “AI stocks.”
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