The a16z Show · Tuesday, July 14, 2026
Gavin Baker believes the current AI landscape is not a bubble, drawing parallels and contrasts with the dot-com bubble of 2000. He highlights differences in valuations, such as Nvidia's P/E ratio compared to Cisco's at its peak, and the crucial distinction between 'dark fiber' in the past and 'dark GPUs' (or lack thereof) today, indicating active utilization of AI hardware.
“uh I do not believe we're in an AI bubble today.”
“Contrast that with today. There are no dark GPUs.”
“So I think the round tripping concerns are pretty overblown.”