AI Bubble or Not? Why Token Costs Aren't What You Think

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An impromptu between-episodes take on the AI bubble panic. Johannes cuts through the headlines about rising token costs, Microsoft cutting Claude Code, and Uber's COO questioning AI ROI, and explains what's signal and what's noise.
In this episode:- Why nobody can actually call a bubble, and what the market is and isn't telling us right now- The arguments for a bubble (circular money between NVIDIA and OpenAI) versus against it (Anthropic's first profitable quarter)- Why "rising token costs" is a mislabel. Per-token prices are flat or lower, total…