a16z's Ben Horowitz says AI buildout isn't the 90s bubble — an investor pushes back
henloitsjoyce · x · 2026-10-20
On this week's All-In Podcast, a16z co-founder Ben Horowitz argued that today's AI buildout differs from the late-1990s fiber boom: back then fiber sat unused, while today's GPUs are scarce with demand exceeding supply.
Investor Michael Walrath wrote up "What if Ben Horowitz is Wrong?", working through how Horowitz might be wrong and where the analogy breaks down. Not a prediction, he says, but risks well worth discussing.
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