# What Kind of AI Cycle Are We Actually In?

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Text version: https://stenobird.com/podcast/dry-powder-the-private-equity-podcast-252796/what-kind-of-ai-cycle-are-we-actually-in.md
Podcast: [Dry Powder: The Private Equity Podcast](https://stenobird.com/podcast/dry-powder-the-private-equity-podcast-252796)
Published: 2026-01-20T09:00:00+00:00
Episode link: https://dry-powder-72f03771.simplecast.com/episodes/what-kind-of-ai-cycle-are-we-actually-in-dCmHn19v
Audio file: https://cdn.simplecast.com/audio/66df01ff-a0e1-4bc4-b81b-b233a3d0604e/episodes/566d0810-6400-4407-a225-f8f0d9ea43be/audio/e27e444d-fb37-4b80-9a04-83b3b915c608/default_tc.mp3?aid=rss_feed&feed=rh_8uLBO
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JSON: https://stenobird.com/v1/public/podcasts/dry-powder-the-private-equity-podcast-252796/episodes/what-kind-of-ai-cycle-are-we-actually-in
Duration seconds: 811

## Resource

The question for investors is not whether AI will boom or bust, but who may be unwittingly subsidizing the buildout.

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## Transcript

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