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 fact be a rational and massive capital realignment, 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 running out of steam.
The author highlights an extreme concentration of capital and resources (financial, technical, human) in the hands of a handful of players (tech's "Magnificent Seven"). These players erect nearly insurmountable barriers to entry, making competition extremely difficult for new entrants and raising questions of digital sovereignty for nations.
The economic model itself has mutated. The race for dominance accepts a drastic decline in margins as a necessary cost to acquire market share. The stakes are no longer short-term profitability, but control over future interfaces, user feedback loops, and ultimately, the distribution of AI.
The article highlights the infrastructure duel playing out between Nvidia, with its GPUs having 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 emphasizing the physical extension of this revolution: humanoid robotics. Players such as Tesla, with Optimus, show that AI is on the verge of embodying itself in the physical world, opening up a colossal new field of application and investment.