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00:00 Josh
Well, let me ask you, Paul, on that AI bubble debate, my friend, where you stand on that, how you define bubble, Paul, if we’re in one and if we’re not in one, long-time investor that you are, what would be the signs, the sign posts that would indicate we could be in one, Paul?
00:20 Paul
So, I think we’re definitely in a bubble. You know, we are a greedy species. We all want to make money fast, and of course, we pour a lot of money very quickly in a big way into encouraging themes.
00:36 Paul
But I will tell you where I differ from the crowd, particularly those that got really skeptical late in 2025, is I am very comfortable with AI infrastructure spending throughout ’26, and I think even though it tapers off a little bit in ’27, it’s not going to collapse.
00:54 Paul
And so the AI infrastructure building trade, which includes Nvidia and some of the other semiconductor companies, the neo clouds and the other fellows that are building AI hyper-scale data centers,
01:09 Paul
and even some of the hardware providers will have a pretty good go of it for at least another year, maybe two. So, where I come down on this, Josh, is yes, we’re in a bubble, no doubt. But I didn’t expect to see any profits to be had from most of these companies at this stage anyway. So I’m not disappointed in the lack of monetization. And so we’ll continue to spend heavily for at least another year or two and then come back to me and we’ll see if we are monetizing properly, but I never expected it this early in the build.