The $2 Trillion AI Bubble: What Happens If It Actually Works?
AI may be the most important technology of our lifetime. That does not mean Wall Street has priced it correctly. In Episode 356, we dig into Anthropic’s reported $2 trillion ambitions, more than $500 billion in long-term compute commitments, OpenAI’s even larger promises, and 180 years of investors discovering the hard way that great technology and great investments are not the same thing. From Railway Mania and Netscape to Webvan, Cisco and WeWork, the pattern is remarkably familiar: spend enormous amounts of money today, assume tomorrow will be exponentially bigger, and try not to ask what happens if growth slows. But this time there is an extra wrinkle: the AI valuations only really work if software captures a meaningful piece of something much larger than the software market itself... your paycheck.
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🔗 Resources:
Amazon Leadership Principles (Amazon)
2025 Annual Meeting — Elon Musk Compensation & Shareholder Vote (Tesla)
OpenAI Announces Leadership Transition — Sam Altman (OpenAI)
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