AI Infrastructure: Upgrade Cycle, Not Bubble
Current AI infrastructure spending represents a mandatory upgrade cycle similar to Y2K, not speculative excess. Credit markets validate this through compressed spreads despite massive capex commitments. The divergence between infrastructure commitment and bubble indicators provides quantifiable evidence that this is rational investment, not mania.
Just as companies had no choice but to upgrade systems for Y2K regardless of immediate ROI, today's enterprises must build AI infrastructure to remain competitive. The pattern is clear: nobody wants to be on the leading edge, but nobody wants to be left behind.