I mean the economics never made sense at these GPU prices, but its just getting so ridiculous that even riding the last hours of the party feels wrong.
I mean if hyperscalers want their historical 30% ROIC, they actually need $636 billion annually. 10 times their current run rate (\~$70bn AI cloud revenues). If you take into account that the labs acutally want to make some money at some point too, consumer and enterprise AI spending needs to hit nearly $2 trillion.
There is absolutely no way we see $2+ trillion in actual software sales anytime soon. Consumers are used to free digital products and charging them the full cost is impossible.
PS: numbers from [Financial Times](https://www.ft.com/content/f83b44e9-406b-4004-9fdb-83357c3ac977)
