How AI Infrastructure Became Wall Street’s Favorite Lie

Nvidia just crossed $3.3 trillion in market cap — overtaking Microsoft — and the Nasdaq is still climbing like it’s 2021 again. But behind the trillion-dollar headlines lies a less convenient truth: the infrastructure story driving AI stocks is built on sand.

Last week, Dell shares jumped after announcing “record AI server demand.” Supermicro soared again. Even Broadcom tacked on $80 billion in market cap after earnings. But when you dig into the numbers, something doesn’t add up.

Dell’s “AI demand” is almost entirely tied to one customer: Nvidia. Same goes for Supermicro. In fact, a recent report from BofA quietly revealed that as much as 70–80% of this AI server growth is funneled through just a handful of hyperscalers — not actual enterprise adoption.

Here’s the kicker: most of these AI data centers aren’t even turned on yet.

You read that right. Data center construction is surging, but GPU utilization remains low. Companies are ordering racks of H100s not to use them — but to show the market they’re “AI ready.” It’s a PR arms race disguised as infrastructure spending. And Wall Street is too high on the bubble to care.

Sound familiar? It should. This is the same playbook we saw in 1999. Build the pipes, pray the demand shows up. Meanwhile, retail traders are left holding the bag — bidding up anything with a fiber cable and a press release.

If you think this bubble still has room to inflate, we’ll show you how to ride it. But if you're wondering when the break comes — and who gets hit first — our full breakdown is live.

This isn't just froth. It's a $35 billion illusion hiding in plain sight.

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