Is the AI bubble in the room with us now? In 2000, tech prices ran 480 points AHEAD of forward earnings. Today earnings are running ahead of price That is the opposite of a bubble 3 things are true now that were not true in 1999 (This is why the Bull Market goes on): 1. The users are real and still accelerating ChatGPT is at roughly 900 million weekly actives. Claude is around 245 million monthly. More than 1 billion people are using AI within 3 years But consumer was never the question, Enterprise was, and enterprise is accelerated the most. 88% of organizations now use AI in at least one function, up from about 55% in 2024 2. The ROI is real across ALL layers Companies that use AI are generating 3x more new revenue than companies who are not. Earnings are growing for companies using AI and that means the customers will continue to spend more on tokens. This is what matters the most. The model layers are growing revenues, the customers are growing revenues and the infra stack is growing revenues. This is not a bubble. 3. Adoption is growing faster than we can physically build the infrastructure This is the one I keep coming back to. There are 2,200 GW of projects stuck in US interconnection queues on a five year average wait. A data center needs power immediately and they can't get it. This means, we physically can't overbuild infra right now. There's too many bottlenecks. So watch the earnings, not the price. 2000 didn't break because prices were high, t broke because the earnings never showed up to justify them. This time they are showing up first (for now) If this was helpful, my company runs a service where 5 top-tier analysts share their research and real-time portfolios so you can see exactly what we're buying and when. It's just $1 to try it out (insane price just to check it out), learn more here: Don't forget to give me a follow @kylereidhead for more insights on AI and markets