Not "Is AI a bubble" but what kind of bubble. There's a difference, and it matters a lot.

I've been reading Boom by Byrne Hobart and Tobias Huber (Ben Thompson did a long interview with Hobart on Stratechery (if you want the audio version of the argument) and it reframed how I think about the current AI spending wave. The book splits bubbles into two types: Mean-reversion bubbles money piles into something that already exists, prices detach from reality, crash, nothing left behind. Housing 2008. Tulips. The crater kind. Inflection bubbles money piles into something that bets the world works differently going forward. Amazon wasn't a better book. It was a categorically new thing.