AI growth and tokenmaxxing

It is difficult to convey the abundance of warning signs suggesting that the AI boom of the mid-twenties is in fact an AI bubble. Note, I'm not saying that AI won't eventually reshape our world (I believe it will). I'm not even saying that large language models won't someday live up to their promise (though I am far more skeptical on that point). What I'm saying is that there is increasingly little chance that the industry will go from a money sink to a money gusher in the next three or four years, which means that the chances of our avoiding a larger and more painful version of the dot-com bubble are growing vanishingly slim.Pretty much every part of the booster narrative looks, at best, sketchy under close scrutiny. Take perhaps the main pillar of the bull case: token and revenue growth. The following, the beginning of a massive recent tweet from a prominent investor, lays out the standard view. (I love how he tries to frame his argument as a conservative case by suggesting a slight…