If you have been reading this blog for a bit now, you know we have been skeptical of the “AI Bubble.” Our skepticism, or at least my own, has mostly centered around the economic implementation lagging the hype. We spent the better part of 2025 watching companies buy massive amounts of GPU compute to build smarter chatbots, yet aggregate productivity statistics barely budged. (Yes, we have some data now that shows the effects of AI on productivity but not nearly as much as you would think).

While the market was distracted by the “Brain” trade (LLMs, data centers, and NVIDIA chips), you may have missed the momentum building in the “Body” trade.