When a bubble gets burst, the pin usually gets the blame. But it's not the pin's fault. How do bubbles form? What is the definition of a bubble? Bubbles form when three things come together:

1. A massive amount of capital injected into a segment
2. A story which supports the unlimited upside potential which is fuelling the frenzy
3. The income from the market is not enough to support the investment.

On today's show we dissect the optimizations that Deepseek made to undercut the entire AI industry. These shortcuts are obvious in hindsight.

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