AI's GPU demand may not bring high returns for GPU owners

One poster argues that AI could need vast numbers of GPUs without delivering especially high returns to GPU owners, and expects most value to accrue in the software layer. Another broadly agrees but says many software stocks remain “extremely extended,” even down 10% from Friday. In an earlier post, that commenter suggested slow adoption of AI would make applications the bigger bottleneck, while fast adoption would make infrastructure the bigger bottleneck.