Nvidia booked $63.7bn operating income last quarter, and the equity gains you’re thinking of are a separate $7.8bn line underneath that. AWS made $17.8bn operating profit and Google Cloud $11.1bn in the same period, off customers who actually paid.

There’s nothing illegal or corrupt about Anthropic purchasing compute from SpaceX.

If this is a bubble, it’s not a very impressive one. The dot-com bubble was built on companies with little or no revenue, and the Nasdaq eventually fell about 78%. Today the S&P 500 trades on a forward P/E of 18.7, below its 5 and 10 year averages, with Q3 earnings growth at 29.5%. Nvidia, for example, arguably the epicenter of the bubble, just made $63.7bn of operating income on $96.2bn of revenue at a 75% gross margin. So this bubble is built on organic growth and insane real demand. Google Cloud grew 103%. Azure 48%. AWS 39%.

Also, neither OpenAI nor Anthropic are publicly traded. They can implode and it’ll leave barely a ripple in the stock market.

I read some research showing the average local voter was amenable to a $10k bribe. I think locals should be negotiating for electricity price caps. E.g. 10c/kWh. Anything over that is paid for by the data center owner. This puts money into the pockets of all locals over a long period of time, and insulated them from the demand surge causing price spikes all over the US.

There’s an element of that, or at least there was an element of that. Right now supply chain analysis shows they’re ramping up literally as fast as physically possible. It’s so bad that even basic things like valves, piping, and ceramic components are back-ordered for months or years. A laser tool maker is quoted as waiting more than 40 months for parts now. This is putting supply strain on tens of thousands of components which we never imagined we would suddenly require in much larger quantities.

I think the good news is that on the other side of this, we’ll have unprecedented production capacity for RAM and storage. If AI continues to gobble up capacity, it’ll mean abundant and cheap inference. If it doesn’t, it’ll mean abundant and cheap RAM and storage.

On the one hand, they’re not really competing on features right now.

On the other hand, I have heard (more times than I can count or remember), that Steam users will never use another launcher for any reason ever.

So they kind of have a point. If they invest hundreds of millions or billions into features, would Steam users really use the Epic launcher? I don’t think so.

Grok has bias but let’s not pretend the others do not.

https://trakkr.ai/bias/findings

https://www.gsb.stanford.edu/faculty-research/working-papers/measuring-perceived-slant-large-language-models-through-user (article: https://news.stanford.edu/stories/2025/05/ai-models-llms-chatgpt-claude-gemini-partisan-bias-research-study)

https://www.tandfonline.com/doi/full/10.1080/29974100.2026.2667948

https://ieeexplore.ieee.org/document/10817610

https://www.washingtonpost.com/technology/interactive/2026/06/24/are-ai-chatbots-like-chatgpt-politically-biased-we-tested-them

https://link.springer.com/article/10.1007/s11127-023-01097-2

I tell Claude to use DeepSeek when it encounters a moral quandary. DeepSeek has no moral quandaries.

I am particularly galled by the people who conducted the worst IP theft in history turning around and telling the little people not to do what they did. Either we’re cool with it or we’re not. Right now we’re letting the richest and most powerful people do whatever they like while we are all held to a different standard.