AI Is a Bubble — How the Smart Money Is Quietly Getting Rich Underneath It

Send us Fan MailLEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/applyThis episode is brought to you by Reef Pass | Serial Acquisition Investors: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies, and has a proven track record doing exactly that.To reach out to Reef Pass Investors, email [email protected] The AI Infrastructure Capital Scorecard: https://go.fundraisecapital.co/100m-blueprint-860536-648168-166304-426463-122119-538372-417197Download Ryan Miller's AI Infrastructure Capital Scorecard to evaluate AI investments, identify infrastructure opportunities, and avoid speculative risk. Is AI a bubble?AI infrastructure investing is the question defining private capital in 2026 and most fund managers are answering it wrong.In this episode of Making Billions, Ryan Miller asks the sharper question: where in the AI capital stack do contracted, asset-backed cash flows actually live? This episode delivers the framework every serious allocator needs. Not hype. A five-rung capital stack separating infrastructure money from bubble money and a scoring tool making it impossible to confuse the two in a live deal.The pattern has played out before. In 1999, dot-com equity was vaporized, trillions gone. The fiber laid during that bubble still carries traffic 25 years later. The bubble lived in the equity. The durable money lived in the infrastructure. AI is following the exact same pattern in real time. Allocators who see both things at once come out of this era wealthy.[THE HOST]: Ryan Miller is a fund manager, capital strategist, and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity, private credit, venture capital, real estate, and alternative assets globally.Subscribe on YouTube:https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQConnect with Ryan Miller:Linkedin: https://www.linkedin.com/in/rcmiller1/Instagram: https://www.instagram.com/ryanmilleroffical/X: https://x.com/_MakingBillionsWebsite: https://making-billions.com/Support the showSupport the showDISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...