.@CryptoHayes thinks AI is in a bubble and the closest historical comp is the railroad buildout. "humans are always over optimistic at the beginning of any technological build out." "What happened with the railroad build out?" "credit grew into railroads and sort of an over indexing about the return that these things could generate." Now, he says AI has the same problem: "it's all these circular revenue deals." "it's all just circular accounting" "i gotta think about the exit from this thing"
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