This episode considers whether today’s massive AI investment boom reflects real economic fundamentals or an unsustainable bubble, and how a potential crash could reshape AI policy, public sentiment, and narratives about the future that are embraced and advanced not only by Silicon Valley billionaires, but also by politicians and governments. Justin Hendrix is joined by:

• Ryan Cummings, chief of staff at the Stanford Institute for Economic Policy Research and coauthor of a recent New York Times opinion on the possibility of an AI bubble;
• Sarah West, co-director of the AI Now Institute and coauthor of a Wall Street Journal opinion, "You May Already Be Bailing Out the AI Business"; and
• Brian Merchant, author of the newsletter Blood in the Machine, a journalist in residence at the AI Now Institute, and author of a recent piece in Wired on signals that suggest a bubble.