Anyone who compares the railroad bubble to AI instantly loses me. (Looking at you CNBC) They are not the same. Not even close. Railroads moved people and physical goods from Point A to Point B. AI produces intelligence. It writes code. Designs products. Discovers drugs. Automates labor. Accelerates research. Optimizes factories. Creates software. And its capabilities continue improving while the cost of intelligence continues falling. “But railroads had massive capex too!” So what? Capital intensity is not an economic model. Railroads were ultimately constrained by miles of track, geography and physical throughput. AI can penetrate virtually every industry on Earth and attack trillions of dollars of human labor and knowledge work. The TAMs are NOT comparable. Railroads revolutionized transportation. AI is attempting to industrialize intelligence itself. Stop pretending those are remotely the same thing. They aren’t.