Fabricated Knowledge is calling a GPU-led market bubble. The author is explicit: this is speculative, a read on market animal spirits, not a forecast built on certainty. That honesty is the first reason to keep reading.
The piece serves as a follow-up to a prior post, but promises more detail here and quantitative analysis at SemiAnalysis. The argument hinges on GPU demand as the engine of the next speculative cycle, not software, not platforms, not applications. The hardware layer is the thesis.
What makes the full piece worth your time is not the conclusion but the mechanics: how the author constructs the bubble case, what signals they are watching, and where the quantitative work at SemiAnalysis is headed. If you track semiconductor markets or AI infrastructure spending, this is a primary source worth bookmarking now.
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