> Circular Revenues: A small handful of tech firms, chip manufacturers, and AI companies are propping each other up by investing and buying from each other.

> Increasing Corporate Skepticism: The news is full of stories of corporations that are throttling the employee use of AI since the costs to use the software are a lot higher than expected.

Real AI spend is out of control, with the news is full of stories about corporations trying to keep a lid on it, but also real AI spending is low and concentrated to a few firms.

I don't know. This doesn't feel very coherent to me, but rather like a collection of assertions that are adopted because they individually say something bearish about the industry.

Certainly some investments will have been overreaches, but I find it pretty unlikely that any of the compute build-out to date is going to be left sitting idle one or two or five years from now.