Is There an A.I. Bubble? A Debate. | The Ezra Klein Show
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Close Listening What Counts as a Bubble Whether AI is a bubble depends on what you count. Paul Kedrosky counts the capital, the credit and the fragility; Azeem Azhar counts the customers. Their debate on The Ezra Klein Show in seven steps, from the history of overbuilding to what would change their minds. Listen closely →Featuring
AI economicsAIAI policy
Ezra Klein asks the multitrillion-dollar question: is the bet on AI, now driving the U.S. stock market and crowding homes out of the construction trades, a bubble? Paul Kedrosky says very obviously yes. Azeem Azhar reads his dashboard of adoption and revenue and comes out more optimistic. They argue over token pricing, whether value lands with the compute builders or the model labs, what would count as a pop, the coming OpenAI and Anthropic IPOs, and the debt behind the buildout. Then they turn to jobs, backlash and regulation, and each says what would change his mind.
