The article by Tariq Krim for Cybernetica puts forward a provocative thesis: the current artificial intelligence market, often perceived as a speculative bubble, would in reality be a rational and massive realignment of capital, marking an industrial reconfiguration of unprecedented scale.
Unlike the bulle Internet de 2000, where infrastructure (fiber optics, data centers) was largely underutilized, AI infrastructure (GPUs, specialized data centers) is today operated at full capacity and is extremely profitable for the tech giants that control it. This insatiable demand is creating an investment "super-cycle" that shows no sign of slowing down.
The author highlights an extreme concentration of capital and resources (financial, technical, human) in the hands of a handful of players (tech's "Seven Mercenaries"). These players are erecting near-insurmountable barriers to entry, making competition extremely difficult for new entrants and raising questions of digital sovereignty for nations.
The business model itself has changed. The race for dominance accepts a drastic drop in margins as a necessary cost to acquire market share. The stake is no longer short-term profitability, but control of future interfaces, user feedback loops and, ultimately, AI distribution.
The article highlights the infrastructure duel unfolding between Nvidia, whose GPUs have become a de facto standard, and Google, which could come out ahead with its TPUs and integrated ecosystem.
Finally, Tariq Krim broadens the perspective beyond software by highlighting the physical extension of this revolution: humanoid robotics. Players such as Tesla, with Optimus, show that AI is on the verge of taking physical form, opening up a colossal new field of application and investment.