NVIDIA, LA BURBUJA QUE SE VIENE CON JOAQUIN MONTICO DIPAUL

Artificial Intelligence (AI) has triggered a phase of financial euphoria, fueled by faith in a profound technological transformation, the so-called Artificial General Intelligence (AGI), a promise to investors endorsed by Sam Altman and Bill Gates. Amidst this euphoria, a tension is emerging between extreme valuations and actual productivity. The culmination of this wave is Nvidia, the manufacturer of chips essential for AI, which became the first company to reach a valuation of $5 trillion. However, its multiples are exorbitant: its Price-to-Sales ratio (a comparison of how much people pay for each dollar the company sells) of 30 is considered "insanely expensive" compared to the S&P 500 median of 1.6. In other words, for a single share of the company, you pay 30 times more than its actual revenue. This implies a critical disconnect between promise and performance. In that "grid" between competitive bidding and bilateral impositions (with China, with everyone), there's dissatisfaction with returns and a few other issues that get out of hand… For example, one study found that experienced developers worked 20% slower using AI tools, since the need to review and correct errors takes more time than writing code from scratch. Research also indicates that 95% of AI pilot projects in the private sector are failing to generate increased profits. Tech giants have collectively spent some $560 billion on AI-related capital expenditures since the beginning of 2024, generating only $35 billion in related revenue.