POV — The AI Bubble Is Popping. Good.

Everyone is screaming that the AI bubble is popping — the KOSPI halted trading, Samsung and SK Hynix dropped 12% in a morning. But real money on Polymarket prices an actual burst at one-in-five. Both camps are lazy. The one number that matters: an NBER study found nine-in-ten firms measure NO productivity impact from AI while executives promise +1.4%. That gap is the bubble. Plus: Bill Gurley's 'we trip and run out of money,' the dot-com dark-fiber history lesson, and the builder's playbook — subsidized compute, be the 10%, and don't confuse the financing with the freight. Every claim verified against a real source on screen. Peter Saddington: 5 exits, $33M+ deployed, builds with AI daily.