I smell some finger pointing.

Nothing *that* bad seems imminent, but it's worth noting the precedent IMHO.

Wants us to believe. Plus they would rather have the sheep blame big tech rather than the oligarchy's oil war.

back in 2025 when we were in the midst of an oil glut and gas was under $3. Borrowing a ton of money on ephemeral hype and fever dreams tends to do that. When they can't service the debt because "build it and they will come" is a grossly irresponsible business plan, the cascade of defaults spirals. 2007 / 2008 on steroids.

The tech comp is 2000 though I beleive, but combined with an oil shock... Ummmm

a dangerous game of musical chairs. That it's going to crash isn't the concern, it's to be the last man standing holding the cash.

when he did, after grifting his AI company onto SpaceXplosion.

He knows what's coming. All of the tech psychos know.

They actually believe their own garbage. Just because someone finds themselves rich and in charge of some company, or even president of the US for that matter, doesn't mean they're intelligent and have any rational idea what they're doing. No grand scheme or even an exit strategy. Musk for instance is about as talented as the average 13 year old hyped up on sugar and energy drinks in mom's basement. They may think they're "masters of the universe" and our vapid media may fawn on them, but in reality, they're mediocre. Fortune simply smiled on them for no apparent reason. She does that from time to time.

In my mind, those are the most dangerous people on earth. They have to the tools to do great damage, but not the good sense to even protect themselves from the fall out. That's why financiers and business types throwing themselves out of windows during a panic isn't all that uncommon.

If you are interested, I highly recommend John Kenneth Galbraith's book, The Great Crash.

The AI industry is a giant incestuous money merry-go-round very similar to the stock holding companies of the 1920s. Then you had this multi-layered situation of holding companies whose only assets were stocks in other holding companies that owned other holding companies. All of this was financed on margin loans. When the actual operating company's stock went down in value, the margin calls went out and the whole mess unraveled in hours. Now it is chip companies that are financing data centers that return the money by buying chips. On paper it looks like they are making money even though paying customers don't provide enough income to pay the light bill.