The AI Bubble: Consumption is Outrunning Wages

Photo by Zdeněk Macháček

I have already written several pieces on the AI bubble. It sure looks like the late 1990s tech bubble. I know we have a big “this time is different” crowd, but Sam Altman and Mark Zuckerberg don’t seem any sharper that the wizards of the universe who dominated the business pages in Internet bubble days.

The point I emphasized in my prior posts is that to make sense of the market capitalization of the magnificent seven dominating the stock market, they would...