The AI Bubble and the Weak Foundation Beam
The problem that I continue to struggle with the AI Bubble is not innovation, but who has leverage. The AI industry has quietly constructed a capital stack with too many mutual dependencies and too few independent cash flows. When AI profitability hiccups, the financial impact does not land in one place. It cascades across the entire championship and everyone loses and not all players are equally positioned to survive it. This is the AI Bubble in a foundational nutshell.
2025-12-13
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