Is GAAP Inflating the AI Bubble?

Is AI really the next Google—or are investors repeating the last tech bubble? Blake and David dig into OpenAI’s legal win, the accounting mechanics behind soaring AI valuations, and why cloud credits and paper gains may be inflating the market. They also explore what could make AI tools actually sticky for businesses, from workflow automation to personal finance and small-business use cases, and what all of this means for accountants.SponsorsDigits - http://accountingpodcast.promo/digitsR.E. Cost Seg - http://accountingpodcast.promo/recostsegOnPay - http://accountingpodcast.promo/onpay Maxima.AI - http://accountingpodcast.promo/maximaChapters(00:00) - TAP 488 (00:22) - Cash Flow Forecast Debate (00:29) - Road Show Updates (00:56) - Conference Rebrand News (01:31) - Nasdaq AI Summit Preview (04:29) - Livestream Check In (05:14) - Musk vs OpenAI Ruling (07:25) - AI Bubble Warning Signs (10:47) - Roundtrip Accounting Explained (15:38) - Paper Profits Hit Big Tech (18:28) - Do AI Giants Have Moats (27:15) - ChatGPT Personal Finance Push (30:54) - Agentic App Platforms (31:44) - Query Volume As Moat (33:00) - Claude Small Business Suite (35:20) - Cash Flow Forecast Debate (37:02) - AI Tax Workbook Example (41:03) - Personal Finance Is A Hobby (44:14) - Synthetic And Bench Lessons (47:16) - Why GLs Still Matter (50:43) - Klarna Rehires Humans (52:45) - Token Prices Will Rise (54:07) - Wrap Up And Next Time  Show NotesJury Dismisses Elon Musk's Lawsuit Against OpenAI Over Statute of Limitationshttps://www.technologyreview.com/2026/05/18/1137488/elon-musk-suit-openai-verdict/OpenAI Closes $122 Billion Funding Round, Largest in Silicon Valley Historyhttps://siliconangle.com/2026/03/31/openai-just-closed-record-breaking-122b-funding-round-brings-value-852b/Alphabet and Amazon Stakes in Anthropic Boost Profits by Billionshttps://www.bloomberg.com/news/articles/2025-10-31/alphabet-amazon-stakes-in-anthropic-boost-profit-by-billionsHalf of Google's and Amazon's 'Blowout AI Profits' Came From a Stake in Anthropichttps://fortune.com/2026/04/30/google-amazon-ai-profits-anthropic-stake-bubble-earnings-2026/What Microsoft's 10-Q Says About OpenAIhttps://om.co/2026/05/01/what-microsofts-10-q-says-about-openai/OpenAI Launches ChatGPT for Personal Finance, Will Let You Connect Bank Accountshttps://techcrunch.com/2026/05/15/openai-launches-chatgpt-for-personal-finance-will-let-you-connect-bank-accounts/Introducing Claude for Small Businesshttps://www.anthropic.com/news/claude-for-small-businessSasha Orloff (Puzzle) LinkedIn Post: Klarna, AI Agent Costs, and Accounting Quality Riskhttps://www.linkedin.com/in/sashaorloffKlarna Reverses Course on AI Customer Support, Resumes Human Hiringhttps://www.customerexperiencedive.com/news/klarna-reinvests-human-talent-customer-service-AI-chatbot/747586/Khosla Ventures Is Betting $10M on Ian Crosby, Whose Last Startup Bench Implodedhttps://techcrunch.com/2026/05/14/khosla-ventures-is-betting-10m-on-ian-crosby-whose-last-startup-bench-imploded/How Intuit Plans to Ride Out the 'SaaS-pocalypse' (CFO Brew Interview with CTO Alex Balazs)https://www.cfobrew.com/stories/2026/04/