While financial bubbles are dismissed as irrational excess, we often overlook their positive aspects. Bubbles serve as a coordination mechanism to funnel ideas and attract resources towards a common cause. Bubbles were involved in the build-out of semiconductor fabs, the shale boom, and a bubble is now well underway with AI and the AI data-centre build-out. Bubbles have winners and losers. Until a bubble plays out, it is not entirely clear who those winners and losers will be. Will it be those who make the hardware, like Nvidia and AMD? Or those who train the models, such as Anthropic, Google,…

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