I'm not convinced the AI bubble exists

The author argues that the AI industry's massive spending is largely one-off data-centre construction rather than ongoing operating cost, citing Anthropic's S-1 filing showing $2.08 returned per $1 of compute and revenue growth from $41 million in 2023 to $16.3 billion in the first half of 2026. They contend that public AI companies like Alphabet, Meta and NVIDIA have stable P/E ratios in their 20s, that a lack of a moat does not prevent profitability, and that AI firms still have ample capital-raising options. The piece concludes that even if AI is a bubble, it will resemble the internet bubble, where the underlying technology remains useful.