"Is there an AI bubble?” Gavin Baker and David George

The a16z Show

2025/10/30

Overview Shownote Highlights Transcript Chapters Pins

Shownote

In this conversation from a16z’s Runtime conference, Gavin Baker, Managing Partner and CIO of Atreides Management, joins David George, General Partner at a16z, to unpack the macro view of AI: the trillion-dollar data center buildout, the new economics of G...

Highlights

A high-level conversation at the intersection of finance, technology, and infrastructure explores the real economic forces behind today’s AI surge. Rather than focusing on hype, the discussion scrutinizes whether the current wave of investment is building lasting value or inflating another tech bubble.

02:59

All GPUs are in use, unlike the unused dark fiber in the 2000 telecom bubble.

08:36

Google may be the leading AI company today with significant traffic share in Gemini

14:18

Low gross margins in AI can signal real usage and growth potential.

28:38

Humanoid robots have won the debate over form factor for general-purpose robotics.

Chapters

Is AI Built to Last—or Just Another Bubble?

00:00

How Fast Are We Really Deploying AI Tools?

05:51

Can Startups Survive When Giants Reinforce Their Power?

14:18

What Comes Next: New Machines, New Economies?

23:00

Transcript

David George: Are we in an AI bubble? Gavin Baker: I do not believe we're in an AI bubble today. I was, depending on how you look at it, the 应改为 'privilege and misfortune' 去掉多余的 'the' of being a tech investor. During the year 2000 bubble, which was really...