“A risk” is not the same as a gamble. Of course there is risk. But companies don’t have trillion dollar valuations when there isn’t a clear path to profitability.

Every one of the few companies with that kind of valuation generates tens or hundreds of billions per year in free cash flow.

I dont see the difference. Seems like risk vs gamble depends entirely on where you sit. Why do you think they are different?

Are you saying that these AI companies dont have trillion dollar valuations? Looking at reality, you appear to be wrong on the facts.

This entire discussion is about whether the current valuations represent a bubble, and your retort seems to be that because they have these valuations they must be correct. That’s quite the circular reasoning.

No, im saying that the valuations recognize both risk and upside potential.

You call that a gamble and I ask the difference?

You would price them different-thats fine. All a valuation is is what someone is willing to pay. In this case - not you. I might put a different price on my lucky socks than you would.