This Boom Is Not The Dot-Com Rerun

Chips, content, standards, and the workflows that outlive the hype

I am going to leave the Netflix–WBD–Paramount knife fight alone for a minute and stay focused on the stack. Last week was about the control layer starting to show its face in interconnects, permissions, and logs. This week the lens pulls back a notch. The stories are about the boom itself and who gets to shape it: trillion dollar incumbents, trade policy, regulators, standards bodies, and the production stacks brands are actually using.

The pattern is simple. This is not a garage startup gold rush. It is a capital intensive, infrastructure heavy boom where control sits with whoever owns the rails: chips, training data, identity, and workflow. The risk is not that everything crashes to zero. The risk is that the stack hardens around a very small set of defaults while everyone is still arguing about whether we are in a bubble.

So this week looks at four layers of the same machine. The macro story about why this boom does not map cleanly to the dot com era. The chip story about H200 export…