Everyone may be right about AI but wrong about the investment, argues AI infra skeptic
sebpaquet · x · 2026-10-23
Roseceline makes a provocative argument for AI-infrastructure investors: everyone may be right about the AI revolution yet wrong about the investment.
- She urges investors to set aside portfolio bias and ask whether AI infra businesses truly have wonderful economics, sustainable moats, pricing power, and high returns on capital
- Core confusion: mistaking extraordinary demand for something with the existence of an extraordinary business
- Historical analogy: industries that transformed the world (airlines revolutionized transport) often delivered poor shareholder returns
- Directed at those heavily invested in AI infrastructure businesses
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