What Stratchery Gets Wrong About The AI Bubble
A response to Stratechery on the bubble that isn't supposed to exist…
“I don't think we're in a bubble. Which, paradoxically, maybe is the truest evidence we are.”
Ben Thompson, Stratechery, March 2026
This is a direct response to Ben Thompson's Agents Over Bubbles, published a few weeks ago.
Thompson is one of the best and most accurate writers out there, and his piece is the cleanest version of the no-bubble case I've seen. I read him every week, and I'm partly inspired by his style.
But here's also wrong about this one, and the way he's wrong matters.
The bull case Thompson is making
Strip the piece down, and four claims carry it:
One: agents are powerful and improving. True.
Two: enterprise demand for AI is real and growing fast. Partly true.
Three:a small number of high-agency people directing fleets of agents will generate enormous economic impact,...
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