Not your father’s bubble
If you’ve been getting whiplash from AI stocks lately, same. The article’s basic message is: yes, the market is nervous, and yes, chipmakers like NVIDIA are getting tossed around like a beer can in a parade. But the writer says this moment still doesn’t look much like 2000, when valuation fever ran way ahead of actual internet usage.
The demand story is still alive
Here’s the part investors care about: AI adoption is not some theoretical PowerPoint fantasy anymore. U.S. usage is reportedly surging, and the article argues that inference demand — the stuff that happens after the model is trained and people actually start using it — is set to keep climbing. Add in the expectation that capital expenditures keep ramping through 2027, and the AI trade starts looking less like a one-hit wonder and more like a multi-year infrastructure buildout.
Why your portfolio should still pay attention
That doesn’t mean the ride gets smooth. It means the market may keep cycling between “AI is the future” and “wait, are we overpaying for the future?” like a group chat that can’t decide where to order dinner.
- AI-linked stocks could stay volatile as fear headlines flare up
- Infrastructure and capex trends may still support semiconductor demand
- The big question isn’t whether AI exists — it’s how much of the spend becomes durable revenue
Big picture: this is less “bubble pops tomorrow” and more “the market is arguing with itself while the buildout continues.”