NVDA up 260% YoY revenue. MSFT, GOOG, META all increasing capex on AI infrastructure. Every earnings call mentions "AI integration" and the market rewards it.

The bull case: this is real infrastructure spending. Enterprises are adopting at unprecedented speed. Data center demand is measurable, not speculative.

The bear case: Cisco 2000. Right thesis, wrong valuation. Music stops, bagholders emerge.

Curious where people see the inflection point. Are we pricing in 5 years of growth or is there still runway? What's your AI exposure looking like - direct plays like NVDA or picks-and-shovels approach?