@chrisstoecker@mastodon.social The Recurring Pattern Financial historian Edward Chancellor, in his book Devil Take the Hindmost, identified this sequence repeating for over 180 years: 1. Revolutionary technology emerges 2. Abundant capital floods in 3. Speculative frenzy drives valuations beyond fundamentals 4. Reality check triggers sudden collapse 5. Overbuilt infrastructure becomes tomorrow's foundation Where is the speculative investment bubble called #AI currently at?