Where is AI at now? Is there a bubble already?

My thoughts:

Investment is essentially about judging the cycle.

In the past, the internet, real estate, and new energy all went through the process from budding to explosion, then to capacity expansion, and finally to adjustment. AI will most likely follow the same pattern.

But I think it’s still too early to conclude that the “AI bubble has topped.” At least from the perspective of the industrial chain, we are still in the “shovels-for-sale” stage: foundational infrastructure such as GPUs, HBM, optical modules, PCBs, CCL, and data centers continues to expand. Meanwhile, truly “super applications” haven’t been realized at scale yet.

No one knows how far AI can go in the future, but at least for now, the main line of industrial growth hasn’t ended.

Of course, growth is never a straight line. Pullbacks, doubts, and valuation bubbles are all normal in the middle of the journey.

I’d rather think of today’s AI as a long-cycle trend, not a market that’s already nearing its end.
$NVDAB $SNDK #Aİ