A few thoughts on the AI bubble:

1. The "no business model" critique is wrong for FAANG; they’re posting record profits while spending billions. It’s startups like OpenAI and Thinking Machines that can’t justify their valuations.

2. Circular deals (Nvidia funding OpenAI to buy Nvidia chips) are a major 🚩. It feels similar to the Lucent & Enron collapses.

3. The internet took a decade post-crash to change everything. AI will likely take just as long, but investors are betting on 2–4 years.