(Image Credit: ChaptGPT. Ironic huh?)
The AI Bubble Will Burst Within Months. (pdf)
“I have spent fifty years watching financial engineers from Wall Street destroy good things. They take a simple asset. They wrap it in debt. They sell it to pension funds. They call it innovation. Then it blows up.
Jensen Huang just did the same thing.
He published an article on X in which he said AI compute is now an "investable asset class." He announced partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR. They plan to mobilize $500 billion of "third-party capital."
AI financing is becoming the bigger risk than AI itself
compares AI compute securitization to subprime mortgage finance before 2008
believes the underlying economics are weakening
central objection is that GPUs are depreciating technology, not appreciating collateral
conclusion is explicitly bearish and defensive
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