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Theo says there is an AI bubble, but he does not yet know how much lasting value lies beneath the hype. He places NFTs and the internet at opposite ends of a spectrum and argues that the dot-com bubble burst even though the internet itself was valuable.
- 1An AI bubbleTheo says plainly that he believes there is an AI bubble.
- 2Underlying value is uncertainThe open question for him is how large the technology's actual underlying value will be.
- 3NFTs and the internetHe puts NFTs and the internet at opposite ends of a spectrum, noting that a dot-com bubble burst even though the internet itself had value.
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- Theo believes AI is currently in a bubble.
- He says the size of AI's underlying value is still unknown.
- In his comparison, the dot-com bubble burst without making the internet itself a bubble.
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A bubble with an unknown underlying value
Theo says AI is in a bubble but does not know where its underlying value falls between NFTs and the internet. He distinguishes the dot-com bubble from the value of the internet itself.
Do I think we're in an AI bubble? Yes, we are, and I won't pretend otherwise. The issue is that we don't yet know how big the actual underlying value is.
At one end of the spectrum there are things like NFTs; at the far other end there's the internet itself. The internet still had a bubble burst, which I associate with a smaller part of it: domains and reselling URLs as though they were immensely valuable. The dot-com bubble was real, but the internet was not a bubble. I don't know yet where AI falls on that spectrum.
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