Inflection-driven bubbles have fewer harmful side effects and more beneficial long-term effects.
Bubbles that bet on orders-of-magnitude change leave infrastructure behind. The real question isn't if AI's bubble bursts but what it leaves behind.
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Get Linkwise — free on iPhoneNew Money has something to prove, and Old Money has nothing to prove.
It's not wealth that compounds across generations—it's the absence of extrinsic pressure. Ennui is the silent killer of dynastic ambition.
Stratechery / Ben ThompsonBen Thompson argues from Nvidia GTC 2026 that the AI cycle is being driven by real agent demand rather than speculative froth — and the implications for incumbents are different than the bubble case.
Gini coefficient for Silicon Valley went from 30 to 83 since the '90s. Those are the conditions for the French Revolution.
The industry that ran on 'don't be evil' now has wealth concentration worse than pre-revolutionary France. The surprise is the politics stayed polite this long.