There just isn't enough revenue and there never can be enough revenue
8 December 2025 (Persuasion). Harris Kupperman, Chief Investment Officer of Praetorian Capital, quoted in Jerry Kaplan's Persuasion essay on the AI investment bubble, December 2025.
There’s An AI Bubble. For Real. - by Jerry Kaplan - Persuasion | Yascha Mounk
Who else?
What it refers to: Revenue to pay back datacenter spending that could exceed $1 trillion per year, much of it on chips practically worthless after about three years.
Other voices
- “They don't show up on the P&L in a way that justifies significant infrastructure investment” Louis Landry,
- “This is priced for fantasy” David Trainer,
- “What kind of world economy would have to emerge for today's market valuations to make sense” Ricardo Hausmann and Andrés Velasco,
- “There is no AI bubble” Dan Simkowitz, Investor,
- “When something becomes profitable, you want to manufacture more of it” Jensen Huang, Builder,
- “It feels like there's obviously a bubble in the private markets” Demis Hassabis, Builder,










