Five companies — Nvidia, Microsoft, Apple, Amazon, Alphabet — represent over 40% of S&P 500 value. The highest concentration in modern history.
Per Morgan Stanley and Citigroup, by 2028 $2.9 trillion will be spent on AI infrastructure. More than Italy and France's combined GDP. Many facilities remain underutilized.
IEA: data-center energy consumption will double by 2030, AI consumption will quadruple. AI doesn't think: it heats.
Servaas Storm (INET WP-240, 2025): "speculative self-reinforcement". 40% of US GDP growth in 2025 derives from AI investment — not real productivity.
Floridi (SSRN, 2024): the bubble is born in language. "Artificial Intelligence" means automated systems. "Intelligence" evokes consciousness. We confused statistical prediction with understanding, simulation with thought.
In 2000 we burned capital on pixels. Today on steel, silicon, electricity. The first bubble that leaves real infrastructure even after it bursts.
The AI bubble is the most lucid in history because it works. Behind statistical efficiency hides the most expensive lesson of economic epistemology ever written.