David Cahn's analysis reveals that the gap between AI infrastructure investment and actual revenue growth has widened significantly since 2023. The "$200B question" of where AI revenue will come from has now become a "$600B question," raising concerns about the sustainability of current AI investments and market expectations.

Key points:

• The supply shortage of GPUs has subsided, but stockpiles are growing

• OpenAI dominates AI revenue, with few other companies showing significant growth

• The gap between infrastructure investment and revenue has increased to $500B annually

• Nvidia's upcoming B100 chip may lead to another surge in demand

• Challenges include lack of pricing power, potential for investment losses, and rapid depreciation of hardware