What the Bulls Get Right, and Where They Skip a Step
The bulls are right that this is not dot-com in the simplest sense. The leaders are profitable, the capex is funded largely from operating cash flow, and the infrastructure has actual users.
They are also right that early infrastructure cycles often look overbuilt before demand catches up — railroads, telegraphy, telecom fiber, broadband, cloud.
https://geometricinvestor.substack.com/p/the-ai-capex-ledger
Strong AI can leverage the net, crypto and increasing quantum compute to unleash Bakuninesque destruction on the scale Demis described - as a dramatically abreviated industrial revolution.
Really what CYPHERPUNK 2027 is all about. Crash through or crash.
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