Earlier quoted context omitted.
I mean, it is. Coreweave for example is very clearly a sacrificial lamb. FWIW Enron was also a „sophisticated company“ at the time
Enron committed serious fraud, and not because what they did was made illegal after the fact. Unless I'm missing something, none of the big AI companies have committed serious fraud (or at least, not any that's been revealed).
For the AI bubble too many people assume that large companies having a stake in it will of course know what they are doing, be careful and not expose themselves too much or do wild bets that don’t pay off. But looking at the level of capex from hyperscalers, the amount of circular financing by NVIDIA/google/microsoft, the level of debt raised for datacenters (and its associated raising interest rates), the lack of moat for AI labs, the absurd AI labs valuations, OpenAI ever increasing infra expenditure commitments (we are at more than $750B for 2030), Oracle dire situation (to say the least), the mounting pressure from China/open models, and the fact that 2 companies represent the vast, vast majority of the compute demand. None of that looks like a healthy, sustainable industry. In fact it looks like the most obvious financial engineering ever, where the only ones benefitting are NVIDIA, memory manufacturers, and hyperscalers. And they are doing what is necessary to keep the game going. If the demand for AI vendors isn’t increasing massively in the coming years the whole thing will go down. And the level of demand required need to be pretty much the AI booster dreams where everything becomes agentic everywhere. Short of that we are very likely to see things go downhill