SF Compute CEO @evanjconrad says if there's an AI bubble, VCs funding AI labs at massive valuations are the ones holding the risk. "If you're looking for a bubble, it's held currently by the venture capitalists." "The AI bubble works like this: the cloud itself doesn't deploy the GPU cluster until they have the contract in hand from the customer." "Then they force the customer to pay them a massive deposit upfront so that they can give it to the OEM, who then gives it off to Nvidia." "But…