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The "is AI datacenter spending a bubble" question is actually simple: if industry-wide revenue grows by ~20x over the next few years, the investments will probably pay off. Otherwise they won't.
David Watson 🥑
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Of course, but I think it's reasonable to guess that this will become a fairly concentrated industry and margins will be good in the long run.
The kind of revenue big labs needs to make to justify this spending won't come from regular consumers. So they are betting hard on having easily deployable agents for enterprise that are actually reliable and good for the business. If they do that they will succeeded

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