Is there an AI bubble? And is there still value? Both can be true.

Since ChatGPT launched in late 2022, investors have been grappling with the same question: Are we experiencing an AI bubble?

My answer is that two things can be true at the same time:

• Yes, we are in an AI bubble

• Yes, parts of the AI ​​ecosystem still have value

That is not a contradiction. This is how most technological revolutions happen.

Technological revolutions often begin with a wave of speculation that finances the infrastructure needed to deliver decades of real value. The clearest example is the dot-com era: a bubble that wiped out hundreds of unprofitable startups while giving rise to Amazon, Google and the fiber-optic backbone of the modern Internet. The railway boom of the 19th century was similar.

With every major technological change, bubbles and lasting value appear side by side. AI is no different.

AI: A transformative technology with real economic impact

Let’s start with the obvious: AI is not a fad.

For each…