The so-called ‘AI bubble’ debate is occupying a lot of investors’ thoughts. But there is plenty of evidence that AI is not following the pattern of a normal technology cycle, explains Nick Evans, Partner and Fund Manager of the Polar Capital Global Technology Fund. Nick points to exponential AI model progress, plummeting inference costs, usage accelerating at an unprecedented rate and capex estimates which seem, if anything, to be underestimated given the non-linear and explosive growth of AI.