Eric Jackson Says Arguing About AI Demand Is Not 'Real Story Anymore' As Nvidia, Bitdeer, Core Scientific Are Defying AI Cooling Narrative

Eric Jackson of EMJ Capital asserts that the narrative of declining AI demand is misleading, highlighting that capital is increasingly flowing into AI infrastructure, evidenced by Nebius Group's $3.7 billion convertible debt raise and significant call buying in companies like Nvidia, Bitdeer, and Core Scientific. He emphasizes that the industry is shifting focus from demand to supply constraints, with rising energy costs and infrastructure needs becoming critical factors. Jackson suggests that the current market volatility is not indicative of a bubble burst but rather a filtering process that reveals which companies can thrive in a high-debt, energy-intensive environment.