In this conversation from a16z’s Runtime, Gavin Baker, Managing Partner and CIO of Atreides Management, joins David George, General Partner at a16z, to unpack the macro view of AI: the trillion-dollar data center buildout, the new economics of GPUs, and what this boom means for investors, founders, and the global economy. Timestamps: 00:00 Intro 01:02 Are We in an AI Bubble? Setting the Stage with Data 02:41 Lessons from 2000: Dark Fiber vs. “No Dark GPUs” 05:07 ROI on AI: Why This Time Is