The AI Bubble and How to Stay Out of the Bath

Is there an AI bubble, and does it matter? Our team at ICM HPQC Fund (HPQC) is often asked whether today’s valuations in AI are sustainable. Answer: when you invest in the underlying compute infrastructure, the bubbles matter far less.

The demand for memory, bandwidth, switching, fabrication and cooling continues to rise faster than supply. That gap is physics driven, not sentiment driven - and it is where HPQC sees long-term opportunity, regardless of which AI software platforms dominate.

In HPQC's latest update, they examine why infrastructure remains the most resilient part of the AI value chain and highlight South Korea as a case study of how this dynamic is playing out in real time. Read the full update here.

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