“If you run this analysis again today, here are the results you get: AI’s $200B question is now AI’s $600B question.”
Take Nvidia’s run-rate revenue, double it for the rest of the data center, double it again for the buyer’s margin. That is $600 billion of AI revenue needed to justify the build-out. OpenAI is the only one near the scale, and the rest are under $100 million. A Sequoia partner wrote this, so the bubble warning comes from inside the house that’s inflating it.