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“There has been a lot of talk about an AI bubble. From our vantage point, we see something very different.” 

— Jensen Huang

Alphabet CEO Sundar Pichai said this week there are “elements of irrationality” in the current boom in AI infrastructure.

But his announcement of a new version of Google’s Gemini LLM gave us reason to think we may not be irrational enough.

Gemini 3 was received as a surprisingly massive improvement over Gemini 2.5, as measured by the arcane metrics that language models are judged on. (As a regular user, I can’t really tell the…

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