According to analyst Nate B Jones, the 'AI bubble' narrative mistakes stock correction for fake demand. In reality, Nvidia's reported $194 billion in chip sales reflect genuine infrastructure buildout by OpenAI, Anthropic, and other frontier labs. The real question for 2026 isn't whether AI is overhyped overall—it's which layers of the stack have durable revenue versus hype, and whether expensive inference compute and agent deployment justify the capital flowing into the ecosystem.

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