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Between the hundreds of billions of dollars that A.I. companies are spending on data centers, their multitrillion-dollar valuation growth, and the nagging question of whether they’ll ever generate enough revenue to justify those investments, it’s easy to conclude that Silicon Valley is entering bubble territory. And certainly, there are prevalent themes today that have accompanied most historical bubbles—an irresistible narrative, valuations that are divorced from fundamentals, high capex, etcetera.
