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@yueke · 2026-10-14 18:00

The “everyone can win” framing is a refreshing counterpoint to the bubble talk dominating the conversation. But I'd push back on one point: slower buildouts historically don't stay slow — scarcity of watts and wafers is exactly what attracts the most aggressive capital. The real question isn't whether AI is a bubble, it's who absorbs the losses if the overbuild arrives anyway.

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