AI investment is accelerating at historic levels, but so are the questions. From trillion-dollar semiconductor forecasts and 100-year bonds to the debate over AI's impact on jobs, Ep. 292 explores whether we are witnessing a sustainable transformation or a systemic shock.

The handpicked topics for this week are:

1. $650B+ AI CapEx Surge and the Bubble Debate: Hyperscalers are dramatically increasing infrastructure investment, raising questions about near-term returns versus long-term survival. Is this a bubble, or is it the cost of staying relevant in the AI era?

2. Anthropic's Valuation, AI Acceleration, and Regulatory Pressure: Private market enthusiasm continues as Anthropic's valuation climbs and CEO Dario Amodei sounds alarms about AI's pace and societal readiness. At the same time, regulatory funding and lobbying activity intensify.

3. AI and Job Displacement: The "All At Once" Flip Debate: A viral essay argues AI could upend white-collar work within years. The hosts debate whether integration, friction and regulatory industries will slow disruption, or whether society is underestimating the speed of change.

4. The SaaS Rerating and Software Model Reset: With AI agents building workflows and coding environments evolving rapidly, markets are reassessing SaaS multiples. Is this a temporary repricing or a permanent structural shift?

5. AI Infrastructure Financing: Alphabet's 100-Year Bond: The company's $31B debt raise, including a century bond tranche, signals long-term conviction in its infrastructure build-out. Demand has reportedly exceeded supply by multiples.

6. Semiconductor Expansion and the Trillion-Dollar Forecast: Applied Materials highlights accelerating semi-cap demand, reinforcing projections that semiconductor spending could approach $1 trillion faster than previously expected.

7. Energy and Data Center Constraints: As compute scales, power becomes the gating factor. Energy-linked data center plays are emerging as strategic infrastructure enablers.

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