Meanwhile, bulls cannot stop talking about AI demand. How insatiable it is. How insane it is. I agree, it is insane. It is the bezzle. It is not coming from a useful, repeatable steady state, and not from an ever upsloping growth curve, but rather from a temporary, social, organizational phase as companies of almost every stripe fight for their competitive advantage – their own AI stack. To do this, companies all over are benchmarking, creating and collecting traces, training wrappers and gathering failure nodes as fast as humanly possible. This crazy, rushed, temporary phase has a name.