Azeem Azhar
speaker
7,268 appearances
34 recordings
2 series
first heard Apr 2025
last heard 25 Mar
Azeem Azhar’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 18 in all, peaking in Jan 2026 with 4.
Appearances
And the rule of thumb is that under one, you've got a company that's undervalued.
Now, NVIDIA has a $500 billion portfolio.
order backlog.
So this whole thing is painting a picture of a little bit of confusion, maybe not a bubble, more of a utility that can't build power plants fast enough.
And so we see this extreme dispersion in the markets, that persistent bubble bust anxiety.
And I think what it comes down to is fundamentally
that the traditional capital markets are not well suited for dealing with this degree of change, uncertainty, and speed.
The return profile of AI as this general purpose technology, as an invention of a method of invention, as an exponential technology is really orthogonal to the returns profile that capital markets look for.
What they want is focused, understandable return on capital over a three to 10 year period.
And yet with general purpose technologies, as it will be with AI, those gains are diffuse.
They may be spread out across
the economy.
They may be spread out across industries.
They may accrue to the public rather than to things that private companies can benefit from.
And the pathways may be indirect.
And there may be great lags before profits emerge.
So existing capital market apparatus doesn't price this kind of system level change.
It prices firm level cash flows.
This specific GPU cluster produces this specific revenue stream over the following years.
But my sense will be that AI's biggest gains will be a system-wide improvement, a system-wide option value.
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