Transcription
But AI, if it collapses, means it all collapses completely. [Music] So AI will not create a bubble, but there will be a correction in the AI supply chain. If we understand this today, we will understand everything moving forward. AI has a shift in Data Center, which is a knowledge power plant, which is a transmission line reaching a large number of users. Agent Work is a productivity machine. That Agent will become an automation that produces limitless productivity for the world. Therefore, what is Build out? GPU, SBM, Power are right here now. AI is right here. If we talk about an AI bubble, what parts could be a bubble? We will see that those GPUs, their PE is not high anymore, so it cannot happen. If there is one, it would be HBM, right? There is a chance it could happen.
>> Next, once again, the annual investor gathering event, Follow the Future 2026, 4th edition, a stage that brings together investors, experts, and global perspectives in one event. We return in the film "Beyond Imagination: Investing in the Next World." Meet at True Digital Park on Saturday, November 21, 2026. Pre-sale now with special limited pricing, only 100 tickets.
>> Professor, so wait, wait, I will continue looking at the AI ecosystem. So, Professor, do you think this market decline is not a permanent drop? Professor, do you see an opportunity for it to rise again?
>> Yes, yes, but I didn't put a lot of money in to buy, because we are in a period that requires caution, because this will also indicate something.
>> I see.
>> Uh, right now it will tell you that AI—starting from today, people will come out and say that an AI bubble will occur. This topic—we are discussing whether an AI bubble will happen, and if so, where. So let's first understand: when you talk about AI, what do you mean? Do you understand the entire AI system? AI consists of Energy, Data Center, Shift, Network, Cloud, Models, Applications, and the industries that adopt AI. Where will the AI bubble occur? AI has three waves. The first wave is construction. Right now we are in wave 1, which is Build out. Building what? Data Center. The second is the deployment phase, where various software will come into use. The third is Productivity—industries adopt AI and create productivity. There are three phases. The phases to watch are 2027–2029 and 2031–2033. AI will not create a bubble. There will be a correction in the AI supply chain. If we understand this today, we will understand everything. AI has a Shift in Data Center, which is a knowledge power plant, which is a transmission line reaching a large number of users. Agent Work is a productivity machine. That Agent will become an automation that produces limitless productivity for the world. Therefore, Build out is what? GPU, SBM, Power are right here now. AI is right here. If we talk about an AI bubble—
>> Uh, what parts could be a bubble? We will see that those GPUs, their PE is not high anymore, so it cannot happen. If there is one, it would be HBM, right? There is a chance it could happen, right? Because it's a commodity. And then there's Power. There's no way Power will have a bubble—a bubble in power plants? In England? It's impossible, right? Uh, next is adoption in organizations. Something weird happens—just a moment. Then it will be Cloud, software—these will be phase 2. Phase 3 is those who adopt AI, whether Industrial Adopters or Robotics. Let's first establish that there are three phases. Right now we are in phase 1, not yet in phase 2. So, those who bought software and such—you bought too early. In phase 2, the software we see declining now will come back—ServiceNow and such will come on their own. And finally, those who adopt AI and create value for themselves—these are three parts. Do you understand AI that it has three segments? And you say an AI bubble will occur—where will it occur? This is the Ecosystem Map with 7 steps that must grow together. What does that mean? It means if AI collapses, everything collapses. If an AI bubble happens, it means the creation of AI—people like to compare it to the .com era. Back then, they only built the Internet, but then they built websites—they didn't build an ecosystem. It was a bubble. But AI, if it collapses, it means everything collapses, all the invested capital collapses. Let's look at the first one: do you think power plants—energy and climate—will they collapse? Will there be a bubble in power plants? No.
>> Data Center.
>> How could it happen? How could you sell expensive electricity? It's impossible. Batteries, nuclear, gas—how could they have a bubble? They can't. It's infrastructure. If it's infrastructure that the public needs anyway, what does a bubble mean? Prices go up? They go up and affect people, but Data Center—does it affect the general public? No, it doesn't. Data Center doesn't affect the general public because people like us don't have to use Data Centers, right? So these won't have a bubble. Next, look at Data Center Real Estate. Data Center starts with land. Has anyone bought a lot of land to build data centers and speculate? No. Cooling uses water cooling systems, UPS, Power Modules—can it become oversupplied? [Laughter] How can you buy so much that you hoard it? It doesn't happen. Next, semiconductors: GPU, HBM, FOWLP (Fan-Out Wafer Level Packaging). Let me ask: Fry—are there any new chip manufacturing plants in the world? They raised chip prices. No new chip factories exist in the world. So, will ASML, TMC have a bubble? You have to find where it could happen.
>> If it happens, it will happen in the picks-and-shovels area. That's where it could happen—HBM could have a bubble if it happens here. Because in 3 months it went up 10 times, 1000%, like that.
>> I see.
>> Some went up 20 times—like that, shouldn't there be a bubble? But it's not that big, just moderate. If there's a bubble in Nvidia, that would be scary. A bubble in Microsoft is scary, right? But both Nvidia and Microsoft—when they invest, they use their own investment, using free cash flow—they don't take on more debt. Then how could a bubble happen? Keep going. So, in summary, stocks that have risen a lot will fall. Cloud models, Hyperscalers. Next, look at Agent software, various softwares like Copilot, Agentic AI, Data Platform, Cyber Security. These will start coming in, but still no bubble. If a bubble could happen, it would be when apps come into the market with overvalued prices and eventually can't raise money. Then where would it happen? It wouldn't happen in the entire AI system, right? It would happen in the overvaluation of something like Atopic or ChatGPT—it would happen with those.
>> It doesn't happen across the whole system.
>> Industrial Adoption means factories, banks, medicine adopting AI and then a bubble? That's not the case. So it will happen in some industries that are commodities.
>> I see.
>> Quickly, this will tell you how much electricity will be used, so how much more must be built, which chip companies will benefit, and then follow along quickly—we have little time. After Wave 3, Wave 2 will be these—coming next will be Microsoft, Monton, Google, Oracle, OpenAI, Opic, SpaceX—these will be in the Cloud, Data Center. Then these will be the data management ones, data verification, making data real—Data Observability—and then Cyber Security. They will come in waves, waves, waves. [Deep breath] But when you see today's stack decline, you say an AI bubble will happen. First, ask: our Tom Yum Kung bubble—what caused it? You borrowed money to speculate on real estate stocks, drove up land prices, then borrowed from banks, mortgaged vacant land that generated no income, used non-income-producing assets to get money, then speculated on more stocks, and then your stocks crashed—that was a bubble. But ask: the money they are investing to build this new engine for AI—is it the same thing? How could it form a bubble? Distinguish—it doesn't mean stocks won't fall; that's a different matter.
>> A bubble means something might happen. So, in summary, related stocks: SEICOR has which stocks? Power Cooling has which stocks? Capture this screen and go see which cycle 1, 2, 3 they are in.
>> Cycle 1 will end first, then it will move into group 2 that benefits.
>> I see.
>> And group 3 benefits—there are three stages.
>> I see.
>> And it will also break down—this page is important. You must capture which ones will benefit. 2024 benefited? The peak is 2026–2028. See here? So HBM will peak around here, see? Then after peaking, it will start to decline from 2028 onward. Power Cooling—see? These come later. After Data Center is finished, they will peak from 2028 to 2031. At that time, you need to focus on cooling and electricity—they will peak in 2031. See? The peak of AI in the system we discussed isn't simultaneous. But you might see that this year or in 2027, stocks related to shift data center equipment—meaning the manufacturing of shift equipment—they will peak and then decline. Then someone will say, "See, the bubble has burst." No. There are still these others moving forward.
>> I see.
>> Uh, what's this? What language is this? Wait, why is it in some weird language? [Laughter] [Gasp] Ah, Cloud model. This is Cloud. It will peak in 2026–2028. Those involved in Cloud, Inference model, will peak in 2028. Next will be Cyber Security and software—they will peak from 2028 onward. This is in the book "New World 2000–350,000". Uh, what else? Next is Industrial—those who adopt, ADP, Robotics.
>> You don't need to rush to buy robotics because it won't come until 2031.
>> I see.
>> It will start, it will start, then it will begin, begin, begin, begin.
>> Another 5 years, Professor.
>> Yes, exactly, another 5 years until it peaks, right?
>> And then—
>> Consumer—various devices—it has already started, but it goes up and down gradually, gradually, then will peak—
>> In 2035.
>> So if we understand the AI ecosystem, we won't sit around rambling, analyzing stocks in an old-fashioned way, and then sit and think about what story to tell today—like "Guitar, I'm good" — how do I say this to make stocks go up or down so I can win the lottery without any knowledge? Can you imagine? Professor, note that many people who appear on Guitar are those who create stories like this. People like to watch, "Oh, you're so good, you're so good." But it's all fluff—no knowledge. I'm not naming anyone. Go figure out who is who. Some people might like that style, or they might prefer a professor with real knowledge who can actually make money. This isn't criticizing anyone—it's an outright scolding.
>> Who is developing themselves? If you want to educate people, the world must change. Don't just feed yourself alone and cause harm to the listeners. Hey, if it's not you, don't get upset. Don't take it personally. I'm saying this for the common good.
>> So, the issue of stocks falling now—the question is: after the drop, should we buy?
>> That depends on technical analysis.
>> And which AI will end? I already said: whatever is picks-and-shovels and is a commodity.
>> Next, once again, the annual investor gathering event, Follow the Future 2026, 4th edition, a stage that brings together investors, experts, and global perspectives in one event. We return in the film "Beyond Imagination: Investing in the Next World." Meet at True Digital Park on Saturday, November 21, 2026. Pre-sale now with special limited pricing, only 100 tickets.