Is AI a bubble? In this episode, I unpack a new five-gauge framework for understanding the biggest question in tech. 

Drawing on lessons from past manias – railways, telecoms, the dot-com boom – and grounding our analysis in fresh data, we examine economic strain, revenue growth, valuations, and the quality of capital fueling AI’s ascent. This is our effort to cut through hype and fatalism to provide a clear dashboard: where today’s AI build-out looks like a genuine boom, and where early warning signs of bubble dynamics may be emerging. 

Whether you’re an investor, policymaker, or executive, this framework offers a disciplined way to navigate the noise.

Jump to the best parts:

• (00:29) Echoes of the past 
• (01:31) The 5 gauge framework 
• (01:54) Gauge #1: Investment intensity
• (03:45) Gauge #2: Monetization level 
• (04:48) Gauge #3: Revenue trajectory 
• (06:23) Gauge #4: Valuation level
• (07:24) Gauge #5: Quality of capital 
• (10:10) Overall assessment

Produced by EPIIPLUS1 and Supermix. 

Thanks to my team: Nathan Warren, Hannah Petrovic, Chantal Smith & Marija Gavrilov

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.