AI Bubble Faces Capital Crunch

This reads like a balance-sheet war, not a model war. The strongest claim is that AI's winners may be the firms that can outlast a funding winter, not the ones with the flashiest demos.

• –Big Tech can use capex as a moat, forcing labs to keep raising ever-larger rounds just to stay in the race.
• –Model serving economics still look fragile if energy, GPU, and inference costs stay elevated while pricing power stays limited.
• –The exposure is broader than the labs: GPU vendors, datacenter builders, private credit, banks, and pensions all pick up second-order risk.
• –The essay is speculative, but it captures the core market question well: what happens when the AI story shifts from growth at any cost to cash flow discipline?