Lucas Silva: “The entire AI capex boom rests on one thing nobody has proved yet: that the…”

Lucas Silva @lucassilva ·

The entire AI capex boom rests on one thing nobody has proved yet: that the model layer can actually make money. Usage is growing, but enterprise ROI is still unclear; if models become a low-margin commodity, the labs won’t be able to keep raising capital and committing hundreds of billions to compute. Once that spending slows, the pressure moves straight upstream into cloud, data centers and GPUs. AI can be useful and demand can be real — and you can still build far more infrastructure than the economics can support.

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