> Tulips, Railroads, and the Internet also didn't go away when the financial bubble around them burst. That doesn't mean there wasn't a massive market correction in response to the over-investment.

Your Railroads and the Internet parallels are so very apt. We certainly are very productive even in 2026 off those but almost no one remembers how many large behemoths were wiped out in the U.S. because of them.

Yes, it does seem to me that the AI of 2026 will be like the Railroads and the Internet - fundamentally transformative technology that changes how things are done into the future but there will be blood in the short term, which is why I would not be participating in the IPOs directly

Tulips kinda did go away