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.
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.
Photograph: tek54
There is a seductive analogy doing the rounds in capitals: treat frontier models like drugs, with trials and a regulator that signs off before release.
It is the wrong shape. Medicines are static; models are updated continuously, and their risks are contextual rather than intrinsic. Borrow the wrong regime and you get the costs of pharma regulation with none of its protections.
