Odd Lots14 Nov 2025

Why Paul Kedrosky Says AI Is Like Every Bubble All Rolled Into One

In recent weeks, there's been renewed anxiety about the sustainability of the AI boom. This is partly due to comments from OpenAI CFO Sarah Friar about a possible role for a government backstop in the AI infrastructure build out. We've also seen the stock market wobble, with many major tech names hit hard. But even with all these concerns, we continue to see new announcements all the time. Just this week, Anthropic said it would spend $50 billion on data center development in the US. So are we actually in a bubble? Our guest on this episode believes we are -- and not just any bubble. According to Paul Kedrosky, a longtime VC currently at SK Ventures, the AI bubble is like every previous bubble rolled into one. There's the real estate element. There's the tech element. And, increasingly, there are exotic financing structures being put in place to fund it all. And then on top of that, there's talk of government bailouts and backstops. In this episode, we walk through some of the math that would be required to justify all this spending, and how the seemingly existential stakes of 'winning the AI race' is causing an unsustainable investment binge.

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