The Ezra Klein Show — Is There an A.I. Bubble? A Debate.
43 claims analyzed
Claims43
The combined size of the OpenAI, Anthropic, and SpaceX IPOs is larger than that of all post-World War II IPOs combined.
Fifty percent of people's net worth is now in equities.
Tech is the largest issuer of investment-grade bonds in the United States.
Only about two and a half percent of Americans pay for an AI subscription.
Something like eighty percent of token usage at the largest frontier AI model companies comes from coders or developers.
Something like eighty percent of revenue at the largest frontier AI model companies comes from coders or developers.
Meta accounted for something like ten percent of Anthropic’s revenue in 2025.
The discovery of natural gas off the North Sea in the 1970s caused the Dutch economy to orient around gas extraction.
Something like fifty percent of all railroad track miles ever laid turned out to be useless.
A larger number of Americans paid for a GLP-1 than for AI.
AI is the driving force behind US economic growth.
AI investment now appears to be crowding out housing construction.
People are making extremely good returns in eighteen to twenty four months on GPUs rented out for AI computing.
Meta has cut in half the number of its in-house developers allowed to use external frontier AI tools.
The Shiller cyclically adjusted price-to-earnings multiple is at the level it reached just before the 1929 crash.
Apple’s stock performed better in 2026 than the stocks of the other companies Ezra Klein had named: Alphabet, Meta, OpenAI, Anthropic, Microsoft and Oracle.
Hyperscalers’ issuance of credit at the same duration as ten-year U.S. bonds contributed to a bond-market sell-off and pushed up ten-year yields.
A data-center project in New Mexico received four million dollars in subsidies per job created.
There is no sign of AI improving productivity.
AI is the driving force behind gains in the US stock market.
About sixty-five percent of the cost of a data center is the chip, GPU, or AI accelerator.
Over the last few years, the performance-adjusted price of tokens has decreased roughly thirteenfold annually.
Meta uses special purpose vehicles so that debt does not sit on its balance sheet.
Homebuilding in the United States was going down while investment in AI capital expenditures was rising.
Spending on manufacturing plants and factories was going down, or at least declining as a share of spending, while investment in AI capital expenditures was rising.
US productivity growth is around its trend rate.
US GDP growth is around the low end of its post-World War II trend.
Something like the top ten stocks in the S and P five hundred now account for about forty percent of the index's market capitalization.
An Australian data center company's IPO was pulled because investors were unhappy with what they were being promised.
SpaceX shares experienced a decline after fervor ahead of the SpaceX IPO.
Oracle was just above junk-bond status.
Cloudflare’s stock had tripled in roughly the preceding eighteen months.
Spending by the companies financing AI infrastructure is moving away from cash flow and toward debt.
In the UK, there is an attempt to get data-center developers to make recurring investments in local communities.
Hundreds of millions of people in America and around the world use AI through a free version.
People have used large language models to launch claims in small claims court.
Anthropic’s revenue in the first quarter of 2026 was bigger than its revenue for all of 2025.
Microsoft was a major investor in OpenAI.
The planet is getting warmer.
Ice is melting away.
People in the United States are organizing against the construction of data centers where they live.
Anthropic lists existential risk to humanity as a possible risk in materials for its IPO.