“I think I’m probably going to lose quite a lot of money in the next year or two.”
Nvidia pulled in $60.9 billion in 2023, up 126%, at a 75% margin. The money is in selling the shovels. Bray expects AI to do useful things and still miss the profit explosion needed to justify the valuations. Nobody needs AGI for this bubble to pop. They need a quarter where the customers stop buying GPUs.