The Acquirers Podcast · Thursday, September 10, 2026
Zeke Ashton expressed concern over the current scale of capital being deployed in the AI market, comparing it to the dot-com bubble but with significantly larger numbers. He noted that while Nvidia's valuation might not seem excessive on a trailing PE basis, the sustainability of its revenue depends on AI becoming a 'killer app' that justifies the massive investment.
“So when Nvidia's market cap is $5 trillion out of entire global GDP of $130 trillion, it feels, um, it feels like a lot.”
“Um, but it's hard to make the argument that Nvidia is overvalued when you look at it on a trailing PE basis, um, what you have to worry about with Nvidia is, will they be able to sustain, not only, you know, forget about growing, will they be able to sustain just this level of revenue, um, if AI does not eventually turn into, you know, some sort of killer app that can produce a great return on all the capital that's being spent.”
“So, um, I do worry about it because my concern is is that if it does go bad, it's going to be bigger, I think, relatively to, you know, sort of the rest of the capital markets, than when the housing crisis was in 2007, 2008.”