Big Tech's AI boom echoes the 1870s railroad expansion, and Nvidia shifting risk to institutional capital may expose investors if revenues fail to materialize (Ben Thompson/Stratechery)

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Ben Thompson / Stratechery:
Big Tech's AI boom echoes the 1870s railroad expansion, and Nvidia shifting risk to institutional capital may expose investors if revenues fail to materialize — On January 1, 1870, Jay Cooke, hailed as an American hero for his role in financing the Union effort in the Civil War …

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