Grace Liu: “If there is a deflation of the AI bubble, the optimists say that the new…”

Grace Liu @graceliu · 2026-09-28

If there is a deflation of the AI bubble, the optimists say that the new infrastructure will remain even if the companies do not — just as railways survived the 19th-century railway bust. However, this fails to reckon with the reality of depreciation (few pieces of silicon hold their value for very long…) and the possibility that LLMs could be displaced by more efficient models… A better analogy for them might be airlines, which are hobbled by small margins, intense competition, high expenses and dependence on hardware created by outside vendors.

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