Microsoft and Uber slam on the brakes of AI

TL;DR

• 1

  AI being overpriced is not the same as AI going to zero: Shapiro says a bubble can mean assets are overvalued, but even a sharp repricing would not stop the broader AI push.

• 2

  Microsoft and Uber headlines feed the "AI is too expensive" narrative: He cites reports about Microsoft canceling cloud capacity and Uber or Amazon burning through huge token budgets as the latest evidence critics are using to call bubble.

• 3

  The money still points in one direction: About $150 billion in data center projects has been delayed or canceled, but he puts that next to roughly $750 billion in planned build-outs this year and calls the canceled share a drop in the bucket.

• 4

  AI companies are being valued like AI companies, not their legacy businesses: He uses SpaceX and xAI as the example, saying the market is pricing the combined story more like Tesla or Anthropic than a plain rocket company.

• 5

  The real signal would be sentiment turning at the top: His test is simple. If Fortune 500 CEOs and venture capitalists start saying they were wrong about AI, then maybe the slowdown is real. He says that is not happening.

• 6

  His demonetization came from YouTube policy mechanics, then one bad fix made it permanent: An inactive side channel fell out of the YouTube Partner Program, YouTube treated that as a platform-wide risk, and deleting the channel turned the issue into a serious violation that permanently demonetized his main channel.