Fabricated Knowledge is calling a GPU-led market bubble. The author is explicit: this is speculative, a read on market animal spirits, not a forecast built on certainty. That honesty is the first reason to click through.
This post is a follow-up to prior work, but promises more detail and quantitative analysis forthcoming at SemiAnalysis. The argument centers on GPU demand as the engine of the next speculative cycle, not software, not applications, not platforms. The hardware layer.
The full piece is worth reading for how the author builds the case, not just the conclusion. If GPU supply and capital allocation are in your coverage area, the reasoning behind the bubble call is the actual product here.
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