The age of Artificial Intelligence, we are told, is upon us. A grand spectacle, indeed, wherein fortunes are made and lost with the flick of an algorithm. One observes the enthusiasm with a certain… amusement. It is as though the very air is thick with the scent of speculative mania, a fever dream dressed in the garb of technological progress. Alphabet, that behemoth of search, reports record usage, attributing it, naturally, to the addition of these ‘AI Modes’ and ‘Overviews.’ A clever distraction, perhaps, from the fact that people merely seek confirmation of their pre-existing notions, now delivered by a machine with a pleasingly authoritative tone.
Statista, those keepers of statistical lore, predict a market of $1.7 trillion by 2031. A sum so vast it scarcely registers as anything more than a number. The retail investor, ever the optimist, appears to believe this prophecy. One can almost hear the clinking of coins as they rush to partake in this digital gold rush. But let us not mistake enthusiasm for wisdom. The crowd, as always, is easily led, and rarely possesses a discerning eye.
I, myself, have dipped a toe into these waters, investing in the established players – Alphabet and Nvidia. But my attention is drawn, not to the celebrated leaders, but to the lesser-known aspirants – those who, in their eagerness to impress, reveal the underlying absurdity of this whole enterprise. CoreWeave, TTM Technologies, and Fastly – names that trip lightly off the tongue, yet conceal a multitude of anxieties.
CoreWeave: Building Castles on Clouds
CoreWeave, it seems, provides the very foundations upon which this AI edifice is built – computing power, housed in their data centers. Demand, they proclaim, is soaring. Revenue has doubled, and is expected to double again. A truly remarkable feat! Yet, one cannot help but observe that this growth is fueled by… what, precisely? By the promise of future earnings, based on a technology whose ultimate utility remains, shall we say, debatable. They have secured a deal with Perplexity, and an even grander pact with Nvidia, ensuring the purchase of any unsold data center capacity. A clever maneuver, to be sure – a guarantee against emptiness. But it also betrays a certain… desperation. A need to fill these digital halls, lest the illusion of prosperity crumble.
Their operating costs, alas, exceed their income. A loss of $1.2 billion, and a debt of $20 billion. They walk, as it were, a tightrope strung across a chasm of financial ruin. A spectacle, indeed, for those with a taste for high-stakes gambling. I, for one, prefer to observe from a safe distance.
TTM Technologies: The Time to Market… and to Profit?
TTM Technologies, I am informed, manufactures printed circuit boards and radio frequency components. They boast of accelerating their customers’ delivery of new products – a ‘Time To Market’ philosophy. A laudable goal, perhaps, but one wonders if speed is truly the measure of all things. Their revenue has increased, and their net income has doubled. A pleasing narrative, to be sure. But it is a narrative built upon the shifting sands of technological trends. Will this momentum endure? Or will they, like so many others, be swept away by the next innovation?
Fastly: Riding the Wave of Digital Traffic
Fastly, it appears, speeds up digital experiences and protects against cyberattacks. They foresee a future where AI agents drive the bulk of internet traffic. A bold prediction, to be sure. And one that, if realized, will undoubtedly benefit their bottom line. Revenue has increased, and losses have decreased. Yet, they remain unprofitable. And a significant portion of their income relies on a handful of large clients. A precarious position, to say the least. A house of cards, built upon the whims of a few powerful patrons.
The sales multiples of these companies have increased, as have those of their peers. I shall, therefore, keep them on my watch list, awaiting a more… reasonable valuation. For, as any seasoned observer of the human comedy knows, the price of folly is rarely cheap.
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2026-03-20 14:33