The world is entering a new innovation cycle. Electricity in the 1920s, oil in the 1950s, and the internet in the 1990s all began as speculative infrastructure booms before turning into public utilities and, later, productivity revolutions. Artificial intelligence follows the same pattern. It starts with a closed circuit of corporate investment, moves through a monopoly phase, and will end as a public good built on national compute and energy grids. At the core of the current AI hype there are still no profits, only capital loops. Nvidia sells hardware to OpenAI and its peers, financed by Microsoft, Oracle, and ... (full story)