#2 - Is the AI Bubble Here?

Three Takes on AI returns with a fiery Episode 2, where three operators with very different convictions tackle one big question: are we actually in an AI bubble, or are we just getting started? In this episode, Michael Muhlfelder argues the market is deep in bubble territory, fueled by speculative valuations, financial engineering around GPUs, and an explosion of “AI companies” with thin evidence of real productivity gains. Brian Silverman takes the other side, making the case that we are still in the “browser moment” of AI—early in the adoption curve, with massive infrastructure still being built and the true AI economy yet to arrive. Campbell Robertson lands in the messy middle, suggesting this boom may not end with a dramatic pop at all, but instead fizzle, morph, or shift because of unprecedented capital flowing into real-world infrastructure, power, and data centers. For business and technology leaders, the debate quickly gets practical: What signals actually distinguish a durable AI boom from a classic tech bubble?​ How should you think about all the GPU spending, cloud build-out, and vendor noise when you are making your own AI investment decisions? And if this is a bubble, what is your downside protection and exit strategy—while still capturing upside if the AI economy keeps compounding? If you care about AI strategy, capital planning, and avoiding expensive hype cycles, you will want to hear where each of the three lands—and where they reluctantly agree. Listen to Episode 2 of Three Takes on AI: “The AI Bubble — Burst, Fizzle, or Early Days?” at ThreeTakesOnAI.com.