The Next Bubble

The explosive growth in AI-related infrastructure spending, particularly data centers, GPU manufacturing, and cloud compute capacity. Companies are racing to build AI capabilities, driving unprecedented capital expenditure that may not be justified by actual AI revenue generation. **Key Observations:** - NVIDIA market cap increased 9x in 18 months - Data center construction at all-time highs globally - Hyperscalers spending $150B+ annually on AI infrastructure - AI chip shortage creating artificial scarcity premium - Retail investors flooding into any stock with "AI" in the description - Companies adding "AI" to names/strategies seeing immediate stock bumps - Massive discrepancy between AI investment and actual AI revenue **Counter-Arguments:** - AI productivity gains are real and measurable in some sectors - Unlike dot-com, companies driving the boom are highly profitable - Enterprise AI adoption is accelerating with concrete ROI - Infrastructure buildout may be rational given long-term demand