Is the AI boom real… or are we watching a bubble get ready to burst? Billions of dollars are pouring into artificial intelligence, but figuring out where that money comes from, where it goes, and whether the spending can last is surprisingly complicated.

Azeem Azhar, entrepreneur, author, and founder of Exponential View, joins Oz to break down the economics behind the AI boom and the findings from his new report, The State of the AI Economy. Azeem and Oz discuss whether today’s massive investments in chips and data centers are sustainable, why companies can spend years on AI before seeing a return, and what recent volatility in semiconductor stocks tells us about the industry.