And yet, despite the dot com boom and bust the Magnificent 7 now have a market cap 1.8x that of Europe. A similar issue is arising with AI where the macroeconomic data is not yet equipped to capture the value produced by AI

This captured AI will only exist where companies have genuine market power, and can protect prices in the face of declining costs of production.

Any reasonable measure of the macro economy must in some way account for this or the AI boom may read to the data as an AI bust.

public market sentiment has turned increasingly negative on names like CoreWeave, Nebius, IREN, and these companies’ share prices are currently at the low end of the 6-12mth trading range.

memory pricing, across both DRAM and NAND pricing, went from rising aggressively for several quarters, to going completely parabolic, with LPDDR5 and DDR5 contract prices tracking toward ~4x and ~5x year-on-year increases respectively in 1Q26 based on our Memory Model .

Anthropic’s ARR has more than tripled in just a single quarter from $9B at the end of last year to over $30 today.

public market sentiment has turned increasingly negative on names like CoreWeave, Nebius, IREN, and these companies’ share prices are currently at the low end of the 6-12mth trading range.

Despite clear evidence of tightening supply and rising prices - conditions that should directly benefit Neocloud providers through margin expansion and stronger arguments for higher useful lives - public market sentiment has turned increasingly negative on names like CoreWeave, Nebius, IREN, and these companies’ share prices are currently at the low end of the 6-12mth trading range.