> These companies are pouring hundreds of billions of dollars into building AI infrastructure without any good idea of how they're going to recover the cost. W

> These companies are pouring hundreds of billions of dollars into building AI infrastructure without any good idea of how they're going to recover the cost. Well... to be fair it's only really Anthropic (and the also-ran set like xAI) that runs the risk of being over-leveraged. OpenAI is backstopped by Microsoft at the macro level. They might try to screw over Oracle, but they could pay the bill. So that's not going to move the market beyond those two stocks. And the other big players is obviously Google which has similarly deep pockets. I don't doubt that there's an AI bubble. But it won't pop like that, given the size of the players. Leverage cycles are very hard to see in foresight; in 2008 no one saw the insanity in the derivatives market until Lehman blew up.