To be honest, I’m not dismissive of AI.

But as soon as you open any tech media, it’s wall-to-wall talk like “AI will overturn the world,” “the Fourth Industrial Revolution,” “a turning point for human destiny”… it gets people fired up, but also makes their scalp tingle a little.
After hearing grand narratives so many times, I can’t help but fall into a reflex—check the cash flow.
So when I see someone breaking down the paper gains on Google’s financial statements and its capital expenditures in such detail, I’ll be real: it feels like cool water poured over you on a hot day—refreshingly satisfying.
They’ve clearly worked it out: where exactly does the money come from? How much of it is just on-paper gains? And what return does the CAPEX (capital expenditures) made with real money actually bring? This perspective really does pour cold water.
Do I fully agree with the take? Not necessarily. But at times like this, having someone grab you by the shoulders and say, “Bro, get a grip—wake up and look at the underlying ledger,” is more valuable than ten thousand people chanting “Charge ahead!”
Everyone on the street is mindlessly rushing in, and then along comes this kind of hardcore, contrarian logic. Even if it’s not entirely right, it’s enough to make you think a bit longer.
These days, people who dare to hand out cold water in the middle of a hype wave are rarer than people who dare to follow the sparks.