The bubble paradox

Angular Ventures argues AI might be a bubble, but not the kind we've seen before. Three differences: AI models don't commoditize the way telecom or cloud did -- users get sticky, switching costs are real. Physical constraints (power, chip fab) prevent the wild overbuilding that killed previous infrastructure booms. And the frontier labs own both the infrastructure and the end-user products, so revenue feedback is faster than it was for railroads or AWS.

Visit Original Article →