I wrote this after running a forensic analysis on the unit economics of current frontier models. The underlying math looks structurally identical to the collate

I wrote this after running a forensic analysis on the unit economics of current frontier models. The underlying math looks structurally identical to the collateralized debt loops of 2008. The hyperscaler revenue is effectively the CapEx of the startups they are funding. Happy to debate the mechanics of the round-tripping here.