The gargantuan bet on the future of A.I. is driving the U.S. stock market and economic growth. And the building of data centers is sucking up so many construction resources, it’s crowding out the construction of homes.

The multitrillion-dollar question is: Will this bet pay off? Or is it a bubble, destined to burst and pull the economy down with it?

Paul Kedrosky is a partner at SK Ventures, a fellow at M.I.T., and the author of a newsletter about A.I.. He thinks we’re very obviously in a bubble. Azeem Azhar is a technology entrepreneur and the author of the newsletter Exponential View. He has a more optimistic take.

This episode contains strong language.

Mentioned:

“Nobody Is Ready for the AI-Agent Flood” by John Herman

“What is bigger than AI?” by Azeem Azhar

Book Recommendations:

“Middlemarch” by George Eliot

“Liberty’s Dawn” by Emma Griffin

“Insull” by Forrest McDonald

“The Day the Universe Changed” by James Burke

“Fathers and Sons” by Ivan Turgenev

“Candide” by Voltaire

Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.

You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.html

This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Kate Sinclair, Mary Marge Locker and Julie Beer. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota and Isaac Jones. Our recording engineer is Aman Sahota. Cinematography by Kyle I. Kelley. Video editing by Steph Khoury and Dani Dillon. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Kristin Lin, Emma Kehlbeck, Jack McCordick, Marina King and Jan Kobal. Original music by Pat McCusker. Audience strategy by Shannon Busta. The director of New York Times Opinion Shows is Annie-Rose Strasser.

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