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Okay. I’m satisfied. A bubble is coming for synthetic intelligence, if it isn’t right here already. I got here to this conclusion after going via 340 slides in Mary Meeker’s Traits in Synthetic Intelligence.
This isn’t my world, inference, coaching, and whatnot, so apologies to readers for whom that is all very apparent. You’ll should forgive my buddy, he’s a bit sluggish.
This half hit me over the top and made me go, “Oh.”
The broader dynamic is evident: decrease per-unit prices are fueling larger total spend.
As inference turns into cheaper, AI will get used extra.
And as AI will get used extra, whole infrastructure and compute demand rises – dragging prices up once more.
The result’s a flywheel of development that places strain on cloud suppliers, chipmakers, and enterprise IT budgets alike.
The economics of AI are evolving shortly –
however for now, they continue to be pushed by heavy capital depth, large-scale infrastructure,
and a race to serve exponentially increasing utilization.
The clear winner in all of this has been Nvidia (I personal the inventory). The massive six tech shares (magazine 7 minus Tesla) now spend $500 billion a 12 months on CapEx and R&D, which is 15% of their income!
I don’t know quite a bit about how these fashions work, however I do know that each industrial revolution has ballooned right into a bubble earlier than it burst.
Now, you may say, “Michael, what do you imply a bubble is coming?" It’s right here.” Nvidia has the most important market cap on the planet at $3.5 trillion. CoreWeave got here public at a $20 billion market cap simply two months in the past and is now value $70 billion. Palantir has a bigger market cap than Coca-Cola, buying and selling at 110x gross sales! To which I’d say, honest sufficient. However I feel it’s doable that we will simply be getting began.
Ben and I mentioned this and way more on the latest episode of Animal Spirits.
