Hi Playmakers,

There’s a lot of noise right now about an AI bubble. If you follow the markets at all, bubble talk is in the news every single day. For many people, the jury is still out on AI. You can point to the technology’s impact on our environment. Or maybe you’re concerned about AI’s intense energy requirements. Or perhaps you’re having a total existential meltdown and are concerned AI might kill us all (I’m not in this camp, but you should still read the NYT bestseller If Anyone Builds It, Everyone Dies.)

As far as bubbles go, none of these are my main concerns. In fact, I worry we’re in a bubble for a relatively boring reason… AI isn’t living up to all the hype and promises being made by all the major AI companies. At least not yet, and not enough to justify the $1.5T spent in 2025, and over $2T projected for 2026.

But let’s back up for a second. Why should you care about a bubble at all? Maybe you’ll sleep better at night knowing Elon Musk’s net worth cratered in a day. That’s all well and good, but the fact of the matter is, you may not own Nvidia, but Nvidia owns your retirement.

That’s a bit dramatic, but let’s unpack it. Here’s a snapshot of some of the circular investing happening in the AI tech space.

This shows the tip of the iceberg— a few LLM companies, some datacenters, chip makers, and software giants. What this chart doesn’t show you is the entire stack required to make this tangled mess a reality. We’re talking:

…and of course, the tech companies themselves. Companies part of the “Mag 7” that now make up a third of the total S&P 500 market cap. These are the investments that Americans have been piling into retirement accounts, pensions, and education funds.

The point is, AI mania has found its way into almost every aspect of our economy, and like the Dot Com Boom, valuations soar just by adding a “.com” to your name or by introducing “AI” into your product. All of these areas will be dramatically impacted if the AI bubble pops.

So, are we in a bubble? I think so, yes. Long-term, the technology has the ability to revolutionize our civilization, but we’re moving too fast. And we can’t slow down, because we’re in an AI arms race. We’re basically stuck hoping all of this investment will pay off and usher in a new golden age for the American economy (and maybe civilization, but let’s be real, that’s not the focus.)

What do you think? Sound off.

Jenny

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Kendra grew up in Wisconsin before moving to Texas as a teenager, where she learned resilience early while caring for her stepfather during his battle with cancer. At just 19, she launched her first business to support women undergoing chemotherapy.

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Did you know you can just… do stuff?

That thing you’ve always wanted to do? Yeah, you can go and try. And maybe you’ll fail. Maybe you’ll fail twice.

We put ourselves in these little boxes for what we should or shouldn’t do. What’s expected of us. What’s appropriate.

Here’s the thing, you can go do whatever you want. It doesn’t matter what anyone else thinks or says. Go do the thing.

This week’s spotlight goes to Sophia Park, who became the youngest person to ever pass the California bar exam. Even more impressive? The previous record-holder was her brother. Talk about a sibling rivarly.

Sophia began law school at age 13 and is doing her clerkship at Tulare County District Attorney’s Office. Can’t wait to see where she goes.

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