A Wharton Finance Professor's Read on the AI Capex Bubble: The Models Can't Price It
MIT Technology Review·medium signal
MIT Technology Review published a September 15 piece centered on Jessica Wachter of Wharton, who set out to assess AI's economic impact over the next few years and found the standard business and asset-pricing models lack the inputs to do it. The framing runs against the capex-justification arguments from the labs, arriving the same week that Anthropic's compute commitments were pegged at $517 billion. Worth reading alongside the SemiAnalysis Rubin economics rather than instead of them, since the two disagree about whether the unit economics work.