Google search only dies if AI wins, in which case there's no shortage of demand for tokens. NVIDIA's revenue just doubled year-over-year; even if token demand cools off and they slow to say 25% growth, they'll be fine.

OpenAI and Anthropic not making money would be sad for their shareholders, but that's sort of a different topic from whether the "debt load" you originally cited will be any kind of a systemic problem (it won't).