Executive Summary
Paul Kedrosky identifies AI as the first 'meta-bubble' combining every historical bubble ingredient: real estate speculation (data centers), technology hype, loose credit (private credit explosion), and government backstops. Market Consensus believes massive AI CapEx spending justifies valuations through AGI optionality. Variant Perception: This is a financing structure bubble, not a technology bubble. The critical flaw is a 30-year debt financing 2-year depreciating GPU assets, creating unprece...
Key Investment Opportunity
Unity Software: Spatial Intelligence Infrastructure Play
While markets focus on GPU-intensive training models, the real opportunity lies in 3D spatial intelligence infrastructure. Unity's platform becomes critical as AI moves from text/image to spatial understanding. China's efficiency-first approach validates that smaller, specialized models will dominat...
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