Articles

The article features two experts in a dialogue discussing the AI bubble. They agree on an AI market bubble where expectations exceed reality. However, they note that bubbles aren't entirely negative and should be analyzed by region (China/US) and market (primary/secondary). The market previously focused on Scaling Law and AGI, benefiting companies like Nvidia. As the RL narrative loses momentum, the focus shifts to the ROI of model companies. The capital actions of semiconductor giants indicate a reshaping of the upstream computing landscape. Practitioners should focus on healthy cash flow and identify true winners rather than worrying about bubbles.