Part 3/14:
In the case of AI, the value proposition extends beyond traditional labor replacement. AI’s potential to create agentic and superintelligence capabilities introduces a productivity leap that current stock valuations may not fully capture. As enterprise AI spending accelerates and companies start seeing tangible payoffs, the risk of overvaluation diminishes. Market analysts, including Jensen (presumably Jensen Huang of Nvidia), report that AI expenditure is increasing and yielding measurable benefits, indicating a robust growth cycle rather than a speculative bubble.