Slate Money Three-Headed AI Unicorn
57 snips
Sep 27, 2025 
Max Chafkin, a BusinessWeek/Bloomberg writer, joins the discussion to unpack NVIDIA's staggering $100 billion investment in OpenAI, hinting at the possibility of an AI bubble. He also delves into the chaos surrounding the Trump administration's new $100,000 H-1B visa fee and its broader implications for immigration policy. Additionally, Max shares the wild tale of how an Enron parody morphed into a memecoin disaster, raising questions about the value of memes in the cryptocurrency world. It's a whirlwind of tech, finance, and unexpected satire!
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Circular Financing Inflates AI Valuations
- Much of the AI financing looks circular, with big players effectively passing money among themselves to fund compute and chips.
- That loop can inflate revenue and valuations without organic end-customer demand.
Compute Demand, Not Products, Drives AI Money
- AI's near-term value is dominated by compute demand, not proven revenue streams from products.
- NVIDIA benefits because chips are used across AI and other workloads, so its business is resilient even if some AI firms fail.
Look Past Headline Funding To Real Demand
- Distinguish compute pricing and capacity when valuing AI companies instead of relying solely on headline funding numbers.
- Scrutinize whether revenues reflect real end-user demand or vendor-financing loops.
