POPA ReconBubbles Don't Pop All At Once
Bubbles Don't Pop All At Once In 2000, the post-crash "pivot to picks and shovels" failed because dot-com spending was the infrastructure revenue - when VC funding died, so did demand AI rhymes but isn't identical: inference has real marginal cost, and unit economics are more legible. Real risk = thesis drift in a drawdown, where "infra" bets are just exposure to other people's vanishing VC money https://capitalgains.thediff.co/p/bubble-recovery
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