2025 reached the peak of the hype cycle with the AI Agents. Focus is now shifting to delivery stable business applications.

https://www.gartner.com/en/newsroom/press-releases/2025-08-05-gartner-hype-cycle-identifies-top-ai-innovations-in-2025

Nic think AI is going to increase the Gini coefficient, drawing parallels to the post-1850 horse population drop, foreseeing job disruptions, regulations, and socialist backlash.

The NVDA rally changed the way he's seeing the future investing of AI. He was an early investor in CoreWeave. In 2020 he read the Scaling Hypothesis from Gwern, the most important blog post of that time. 2022 stable diffusion came out.

I'm probably doing a terrible job at summarizing this tweet, so just go read it for yourself: https://x.com/nic__carter/status/1797635177973158182.