Every non-tech company in the world is trying to figure out an "AI strategy," but most executives have no clue as to what they're doing or ought to be doing. They're like patsies with money joining a game of poker they don't understand. They are on track to learn predictable lessons that cannot be learned in any other way.

Every provider of "AI as a Service" is spending money like a drunken sailor who just came back after spending six months at sea. None of these providers are charging enough to cover the cost of development, training, or even inference. There's a lot of FOMO: no tech company wants to be left out of the party.

Nvidia, as the dominant software-plus-hardware platform (CUDA is a huge deal), is the main beneficiary of all this FOMO. A lot of unprofitable spending in AI ends up becoming... a juicy profit for Nvidia. We're witnessing large-scale transfer of wealth, from the FOMO crowd and clueless end-users to mainly one company.

The $2T question is: Is all this FOMO sustainable in the long run?