Best Steelman for 'AI is not a bubble'? Unlike previous waves, AI is generating massive value TODAY. This isn't speculation - it's measurable ROI. The winners are profitable giants at 25-35 P/E, not startups at 200+. They're investing their own cash flow. Real moats: compute costs billions, only ~1000 people can train frontier models, data advantages can't be replicated. And the TAM is "all human cognitive labor" - trillions annually.