What’s so interesting about this bubble is that virtually all the money is flowing into a single stock. Wild. There are still basically no workable business models and barely any revenues for AI products.
There are absolutely workable business models. They're just not publicly visible yet. That's fairly common: Facebook or Google didn't monetize for years and pundits wondered if they'd ever make money. In a winner-take-most market, it's generally best to focus entirely on growth until you're #1 before starting to charge money.
Pumping Nvidia by something like $1 trillion on “not publicly visible” business models of any kind anywhere sounds a hell of a lot like “wild speculation run amok” to me. It’s not that I don’t get your argument, but seriously, where is a company that’s making money from charging customers for AI services, let alone enough that there’s a trillion dollar ecosystem here? It just doesn’t exist. Ultimately to support this kind of valuation there have to be paying customers and real business models and real value add at the end of the line otherwise it’s just a bubble like all the ones before.
> There are still basically no workable business models and barely any revenues for AI products.
At this point, AIs are being embedded into existing apps as new way to interact with users. Also, you need a decent GPU to run most LLMs, so there is demand in the market for GPUs for all kinds of devices, aside servers at cloud services.