I would argue it's the exact opposite and here's why......

1. Apple is not anywhere near other tech companies in terms of the AI chicanery that's going on. In fact, the market has kind of punished it for being "behind" although it would seem recently everyone has caught up to the fact that they have been more prudent. Apple may be a hyperscaler but they are not in a race to build data centers to house LLM's and they are for the most part using their own chips. There is no circular financing going on and the big issues with that are really with the LLM's, not the hyperscalers. One could argue Apple will be the big winner here simply by not partaking in the game. They are also a consumer products company with moats reaching far and wide so their future is anything but tied to what we are seeing going on with AI right now.

2. Google may be knee deep in the AI race but I would argue it is much better positioned than the rest playing the game. For starters, they too have moats in other businesses that they can rely on outside of the AI race itself. And while they may be burning cash flow to build things out they have the financial backbone to do it, something the LLM's on their own don't have. I view the LLM's as Netscape. They were there first but they were never strong enough on their own to win the race. Google is doing the hyperscaling and writing their own LLM's. "Google it" is the moat itself! The generation that grew up googling stuff will easily transition to using Gemini for all things AI and I would argue that's already happening. Yes, there will be other other players but there is no way Google's going to lose out in that race.

3. If or when the AI bubble pops, I've got news for you, everything is probably going down! As a Berkshire shareholder theoretically that is our sweet spot, no? It is impossible to guess what goes down and by how much but based on my first two points I would hope we at least beat the market in any drop. Even if we don't, our cash position and the moat we've built positions us well to not only withstand but to potentially thrive in the event of any big downturn.

I would start belting Bobby McFerrin or Pharrell at this point but for the sake of your ear drums and the fact that no market crash is fun I will spare you all!!