Bill Gurley on AI Investment Speculation and Bubbles

"It would be really ironic if we invite retail investors into a Goldman-led SPV of OpenAI or Anthropic right before the reset." @bgurley says the AI boom is real, but the industry is starting to look speculative: "There's an interesting irony that if you wanted AI exposure, you're pretty good just owning the index. Nvidia is such a large part of the index, you have exposure to Microsoft, Google, and Facebook." "Every time there's a new technology wave people get rich quick. When people get rich quick, speculators come in, charlatans, those kinds of things. And eventually that leads to a bubble." "People are confused when they say, 'Oh you say it's a bubble, you're anti-AI.' No, the fact that it's real causes the bubble, and that's why bulls rush in." "At the beginning of the gold rush there was really gold there—they were finding it. At the end, it got speculative." "I think it would be really ironic if we invite retail investors into a Goldman-led SPV of OpenAI or Anthropic right before the reset, which I think would be the most likely thing that would happen."