One of those posts which you feel you need to give a spoiler warning to: its long, ranty and has way too many exclamation marks. Author might well have just blasted this out wired up on too much coffee and frustration. He nevertheless makes a
compelling case that a) US stock market is overly dependent on a very small number of mega tech companies b) all of whom in turn depend on
one tech company - NVIDIA which in turn c) powers the only
two AI companies that matter (OpenAI and Anthropic), neither of whom make anything like the profit they need to cover their costs, and finally d) all companies building on top of these two don’t have viable businesses because they can be cut off at any time. AI is a bubble in the form of a pyramid scheme…