The AI revolution is very real, but the froth around its valuations is not. The real value of AI won’t be in how hyperscalers establish themselves to “rent” us AI services, but how the real economy reacts to the opportunity, and smart firms learn to innovate it to make their businesses better and more profitable. The real upside is immense.
I am genuinely excited by the SpaceX IPO. The valuation means I won’t touch the stock with a bargepole, but it should be a great business with multiple opportunities ahead of it. However, I suspect it will become another story where Musk promises much in terms of solutions which don’t get delivered.
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