One of the biggest questions in AI is whether we’re in a bubble. The company valuations are massive—not just for firms on the leading edge, but for ones that have little more than a name and an idea—and they’re all doing deals with one another. Lots of smart analysts say that we're in a moment that may resemble the 1920s, early 2000s, or 2008. This would not be good for our 401Ks and much else. On the other side you have people like @azeem, who, in June, released a report on the state of the AI economy. He and @ExponentialView dug into all of the available numbers, tracking and deduplicating every dollar. They looked at capex and revenue and token pricing and chip efficiency and competitive pressure from China and a host of other factors. Their conclusion was that the math should work out. This is a huge question: even if you believe in the power of technology, you can doubt the markets. Even if you doubt the technology, you can trust the signals that the markets are giving. So I sat down with Azeem to go through it all, testing all the best arguments I've heard about whether we're in a bubble and what could make it pop. I hope you watch and subscribe. youtube.com/watch?v=bI9mGMEa…