My main thoughts on an AI bubble remain where they have been for years:

- The same thing—dot-com rerun—can’t happen twice, because the first time it happened it wasn’t influenced by its own history. Something else will happen. This goes for most phenomena that humans participate in.

- We will be compute-constrained forever.

- The best product-market-fit for this technology is software development.

- Models are commodities.

- The hyperscalers are making real money selling compute.

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