The AI trade is not a bubble. It is three bubbles wearing a coat.
Infrastructure, applications, and narrative are inflating on different clocks. Do not confuse them.
Opinion
Argument and analysis from tek54's columnists.
Regulating models like medicines would be a category error.
The pre-approval instinct is understandable. It is also the wrong tool for software that ships weekly.
The compute is the company now. Everything else is narration.
Valuations, hiring, even strategy — read them as a function of who controls the GPUs.