In this episode of More Than Commas, Cory breaks down one of the biggest questions in investing today: Is AI in a bubble?

Using clarity, and a Three Stooges analogy, Cory explores how companies like OpenAI, Nvidia, Oracle, and others have created a tightly interwoven financial ecosystem, one that looks innovative, but also suspiciously like a closed loop of money, growth assumptions, and circular investments.

He explains how "round tripping" works, why OpenAI loses money on every prompt you enter, and how Nvidia's rapidly aging chips complicate long-term value. Drawing parallels to the dot-com boom, Cory highlights what's different this time, and what isn't. Most importantly, he offers clear guidance: diversify, understand the risks beyond hype, and stay grounded in timeless financial principles.

A timely deep-dive for anyone watching AI stocks soar and wondering what's really happening behind the scenes.

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Hank Green (The State of the AI Industry is Freaking Me Out): https://www.youtube.com/watch?v=Q0TpWitfxPk

The Knowledge Project (Anthony Scilipoti: The Bubble No One is Talking About): https://podcasts.apple.com/us/podcast/anthony-scilipoti-the-bubble-no-one-is-talking-about/id990149481?i=1000733851707

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Timestamps:

01:00 – Three Stooges clip and fractional-reserve analogy

02:20 – How banks differ from AI company structures

03:10 – OpenAI, Nvidia, Oracle and the AI investment loop

05:30 – Visualizing round-tripping (Bloomberg + Hank Green)

06:55 – Why AI firms lose money on every user interaction

08:20 – Lessons from the dot-com bubble and infrastructure

09:40 – Diversification: why owning the whole market matters

11:20 – Closing thoughts: bubble, boom, or something bigger?

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