Our thinking
We write to explain our thought process and share our point of view. Direct, unhedged, and free of mainstream thinking. Articles are originally written in Norwegian, translated with AI. If anything reads unclear, the Norwegian version is the one to trust.
The bubble everyone is talking about – and we cannot find in the data
It has become almost mandatory to call artificial intelligence (AI) a bubble. Comparisons to the dot-com crash and the fiber-optic build-out around the year 2000 are constant, and the investment figures are staggering: the largest cloud companies are expected to invest over $900 billion this year and nearly $1.5 trillion next year. When Avanto reviews valuations, capacity, financing, and interest rates, we do not find a bubble. On the contrary, the key companies are priced as if the AI offering is about to disappear, demand exceeds capacity, and the core is solidly financed. Risk exists, but it is narrower and far easier to identify than the bubble narrative suggests.
Who is shouting "bubble"? And why memory, of all things?
Micron has skyrocketed. So have SK Hynix and Samsung's memory division. And as if on cue, a host of people have appeared on X, in comment sections, and during coffee breaks who have found their new favorite word: bubble. Let's pause there for a moment.
Infinite supply
What happens when machines take over human labor? In 2022, what has subsequently been called “The Chat-GPT moment” occurred. In 2026, we will have what will eventually be called “The OpenClaw moment”.
