I agree there’s lots of hype. I disagree that anything unusual is happening. Even before AI, 90% of funded startups would fail. All those companies did their best to hype themselves up. As for the capex for hyperscalers and venture investments, the returns not materializing yet is not very interesting. Remove AI and look at how long it takes a fund to return its investment (if ever). Look at past successful companies and note how long it took for them to become profitable, let alone make up for all the past losses. To me it seems like Linus is not noting anything interesting.