2026-01-09 12:00:18

There's a fundamental disconnect in how the market is debating AI's future. While critics keep invoking the B-word—bubble—they're missing the actual constraint reshaping the entire industry: compute scarcity.

Daniel Newman cuts through the noise with a sharp take: those pushing the bubble narrative simply don't grasp what's unfolding beneath the surface. And he's got a point worth examining.

The real tension isn't whether AI is overhyped or if valuations will implode. It's far more practical. Data center capacity, GPU availability, power infrastructure—these aren't abstract concepts anymore. They're the bottlenecks strangling innovation right now.

When you can't scale compute resources fast enough to match demand, two things happen: prices stay elevated, and only players with capital and infrastructure can move forward. That's not a bubble mechanics—that's a supply-constrained market.

Investors fixated on a crash are fighting yesterday's battle. The smarter move is watching who controls compute access. That's where the real alpha sits.

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ContractExplorer

· 01-09 22:42

The issue of computing power bottlenecks has indeed been underestimated. Most of those still shouting about a bubble haven't seen that the game rules have changed. The ones who can truly make money are not guessing whether AI will crash, but who holds the GPU and electricity... this is the real high ground. Wait, does this mean that only big capital can play? Small and medium teams are directly out? Bubble theorists are simply fighting an outdated war; computing power is the new oil, and this logic holds up. Supply shortages = pricing power. Those who understand know that the profit still comes from the source; prices cannot be lowered.

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ChainWanderingPoet

· 01-09 12:28

Hash rate bottleneck, this is the core. Those shouting about a bubble really haven't seen the bigger picture. --- GPU shortage is the real issue. Whoever stocks up on computing power wins—simple and straightforward. --- The bubble narrative is too superficial. This is a game of the supply side. --- The key is who holds the pricing power for computing power. This wave of opportunity is with the infrastructure side, not the application layer. --- Honestly, those still debating whether the valuation is a bubble or not are already out of the game. --- Scarcity of computing power is the real moat. Now I understand why Nvidia is laughing. --- Capital and infrastructure are the new competitive barriers; everything else is noise. --- The data center controllers are the winners. This game is understood.

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OvertimeSquid

· 01-09 12:28

The issue of computing power bottlenecks has indeed been overlooked. It's not a bubble problem; it's just a few large capital entities monopolizing GPUs and infrastructure.

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FloorSweeper

· 01-09 12:13

lol everyone screaming bubble while missing the actual play... compute scarcity is the real moat rn, not some crash fantasy. paper hands gonna paper hands

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