Rot-com bubble

Zitron's thesis: big tech ran out of hypergrowth ideas, so GPU capex became the growth story itself — the market rewards the spending as proof of demand ("they bought GPUs and people went: they're doing AI, we'd better buy the stock"). Unlike dot-com dark fiber, GPUs have no post-bubble utility story and data centers stay expensive to run forever. Predicted end-state: restated hyperscaler guidance, a "tech depression," indexes valued "like airlines."

Source: report