Buying the Haystack Might Not Work This Year

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I’ve been reading the January 2026 state of markets reports from Andreessen Horowitz and AQR , and their conclusions on the AI bubble question in 2026 are almost impossible to reconcile. The a16z view is straightforward: AI fundamentals are real, and current prices reflect that reality. Their evidence is compelling. The top 50 private AI companies now generate $40.6 billion in annual revenue…

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