AI Bubble or Supercycle? This Time, the Smartest Investors Are Starting to Watch Cash Flow!

Every time a new technology takes off, the market goes through a familiar process.
Stage one: Everyone believes the future is limitless.
Stage two: Capital pours in, and valuations keep climbing.
Stage three: Investors suddenly realize that while the technology is cutting-edge, so are the bills.
AI is now entering a phase worth watching closely.
OpenAI’s revenue growth and expanding enterprise business show that AI commercialization is no longer just a concept. But investment in computing power, infrastructure development, and R&D spending also mean the industry still needs a lot of capital.
So, is AI a bubble or a supercycle?
I think both answers could be true at the same time.
The AI revolution is real, but that doesn’t mean every AI company will be a winner. Just as the internet changed the world, it didn’t enable every internet company to survive.
Going forward, the market may focus more on three metrics: revenue quality, gross margin, and cash flow.
Truly outstanding AI companies must not only prove that users are willing to use their products, but also that customers are willing to keep paying—and that the companies can earn reasonable profits from it.
In a bull market, everyone likes to hear about dreams; as the market matures, all it wants to see are the financial statements.
The real winners in the AI era may not be the companies that burn the most cash, but those that are best at turning technology into profits.$MSFT

‌#OpenAI第三季度营收升至100亿美元