‘Yes, AI Is a Bubble. There Is No Question.’

Thompson used to think AI was clearly a bubble, following Carlota Perez's framework that general-purpose technologies always produce one. He changed his mind. AI spending passed $700 billion in 2026 and blew past historical infrastructure projects as a share of GDP, but the revenue is real now too: Anthropic doubled revenue in two months, OpenAI added $1 billion in annualized revenue per week, and Stripe data shows AI companies growing faster than any prior generation. Still a bubble? Maybe. But the cash register is ringing.

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