The gargantuan bet on the future of A.I. is driving the U.S. stock market and economic growth. And the building of data centers is sucking up so many construction resources, it’s crowding out the construction of homes.
The multitrillion-dollar question is: Will this bet pay off? Or is it a bubble, destined to burst and pull the economy down with it?
Paul Kedrosky is a partner at SK Ventures, a fellow at M.I.T., and the author of a newsletter about A.I.. He thinks we’re very obviously in a bubble. Azeem Azhar is a technology entrepreneur and the author of the newsletter Exponential View. He has a more optimistic take.
00:00 Intro
01:58 The Case That There’s an A.I. Bubble
07:20 Azeem’s Dashboard View
09:12 Tokens and Pricing Pressure
16:37 Compute vs. Model Labs
20:15 What Counts as a Pop?
22:01 OpenAI and Anthropic’s I.P.O.s
31:49 Why Is There No Apple A.I.?
37:34 Debt-Fueled AI Buildout
44:20 What A.I. Adoption Looks Like
46:32 Repricing Jobs and Labor
50:16 Backlash and Regulation Risk
57:59 We’re Not Ready for A.I. Bots
01:01:57 What Would Change Their Minds?
01:04:03 Book Recommendations
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