I. The Anatomy of an AI Bubble—A View from Perplexity Engaging with Perplexity AI—one of the most advanced AI aggregators—has opened my eyes to the complex realities facing today’s AI ecosystem. The business model is simple on the surface: raise capital, subsidize user acquisition, scale rapidly, and tell a compelling story. Media hype and investor optimism propel sky-high valuations. But beneath this dazzling growth, the same recurring trap emerges: - As “burn” continues, us