assuming theres a positive relationship between ai quality and pnl and assuming that increasing ai quality requires exponential resources and assuming we live in a winner take most world is there really a bubble? ie if 1% better ai then the competition allows a business to capture much more than 1% of pnl (which atleast, is true of trading businesses), then surely the ai infra build out continues? corollary of this is that end state is that semis and (maybe) hyperscalars just capture majority of rev from every business in the world and indeed that seems to be the world we heading towards