You're focusing on the wrong part in the example. Enron's valuation was driven by irrational exuberance and market sentiment. In the case of Enron, the numbers were a fraud. In the case of AI, the numbers show utter carnage but everyone is trading on hope like it's musical chairs. There simply will never be enough revenue to justify to date and forward looking capex. At some point, investors are going to figure out they've been sold a bag of beans.

> "We will have trillions in profits" = not fraud, forecasts can be anything

The forecasts are dishonest and not grounded in reality. I might as well tell you my magic startup is going to consume total global TAM of all human economic activity. Sure it is. If we're going to excuse fraud as forecasts when it's clear the forecasts are simply fever dreams, we agree to disagree.

AI needs $6T in annual revenue to justify data centre boom - https://news.ycombinator.com/item?id=49898952 - September 2026

From the above thread: "To put this into perspective, healthcare, real estate and banking each earn ~$1.5T in revenue annually. This is REVENUE, not profit which is obviously lower than the revenue in every industry. I fail to understand how AI can achieve $6T in annual revenue when the TAM for healthcare and banking is a quarter of that in the US."

You might as well argue you can break the speed of light and control gravity if facts no longer matter. Are those forecasts made in good faith?

Additional citation:

"AI is a multipole Enron" | David Gerard - https://www.youtube.com/watch?v=Iur27O732w8 ("Will Guyatt from The Tech Report talks to David Gerard from Pivot-to-AI about Oracle referring to a gas-pipeline delay at a mega data centre as an act of God, and why the business of building AI infrastructure increasingly looks like a house of cards.")