Monday's Premium: How The AI Bubble Bursts In 2026 - the largest funder of data centers is pulling out, Oracle is suffocated by debt, OpenAI's running out of money, and NVIDIA's debt-powered customer base is shrinking. Here's $10 off annual. edzitronswheresyouredatghostio.outpost.pub/public/promo...

SoftBank is genuinely destroying itself trying to afford to pay OpenAI $22.5bn. There isn’t enough money to fund this company! www.reuters.com/business/med...

I have formed the council

And why would that be Sam? finance.yahoo.com/news/sam-alt...

I don’t know how anyone can still talk about “the AI revolution” with a straight face. Reuters story about a railroad company that has sunk $300,000 into “developing AI products” and appears to have made…a chatbot that doesn’t work? archive.is/2025.12.17-0...

Finally, NVIDIA's AI GPU sales are quietly collapsing, with the majority - 61% in its latest quarter - of revenue coming from four customers. Over the last 3 quarters, smaller customer revenue has collapsed from $25.89bn to $12.9bn. edzitronswheresyouredatghostio.outpost.pub/public/promo...

Blue Owl - the company that's basically responsible for organizing EVERY major multi-billion dollar data center deal - couldn't raise $10bn to fund Oracle's Michigan data center. If they can't get banks interested, the party is over. edzitronswheresyouredatghostio.outpost.pub/public/promo...

Based on everything I've read, every single OpenAI deal is bullshit - AMD, NVIDIA, Broadcom, SK Hynix and Samsung are acting as if they will never get paid by Sam Altman. And no, OpenAI isn't causing the global RAM shortage. edzitronswheresyouredatghostio.outpost.pub/public/promo...

houseofmirrors.substack.com/p/2026-heres... In my final post for the year I reflect on how weird things have gotten, how they are only getting weirder, and offer some Fortean ideas for the future.

Watched Margin Call yesterday and kept saying “margin call” during it. Every time somebody picked up a phone, when somebody got handed a piece of paper i said “my first margin, how did you get that”. I did like it a lot though a lot of it is guys in rooms going “this is the big one”

Straight up forgot I wrote this in 2025, but I think it’s my favorite piece. Also it’s fun to say “the business idiot”

Shit got more expensive and stayed more expensive so “being employed” doesn’t help you as much

ME: there is no way NVIDIA is shipping this many GPUs without them warehousing millions of them PAT MCAFEE: ya dude ya know. Like the eagles with Nnamdi Asomugha and Mike Vick ME: it’s more like signing Kirk cousins 40 times AJ HAWK: 😐

Monday's Premium: How The AI Bubble Bursts In 2026 - the largest funder of data centers is pulling out, Oracle is suffocated by debt, OpenAI's running out of money, and NVIDIA's debt-powered customer base is shrinking. Here's $10 off annual. edzitronswheresyouredatghostio.outpost.pub/public/promo...

I don't just follow him because he is one of the leading investigative journalist/reporters on the AI hype facade But he's also a JoJo fan and he would definitely agree that KIRA > DIO

Friday

Time to escalate my calls: I think something is rotten at Meta, and they are in trouble

Here’s the finale of this week’s three-part Better Offline special NVIDIA series. I walk you through why there are millions of Blackwell GPUs sitting in warehouses, and why AI’s lack of any profits makes NVIDIA’s future dependent on debt. podcasts.apple.com/us/podcast/b... Linktr.ee/betteroffline

Here’s the finale of this week’s three-part Better Offline special NVIDIA series. I walk you through why there are millions of Blackwell GPUs sitting in warehouses, and why AI’s lack of any profits makes NVIDIA’s future dependent on debt. podcasts.apple.com/us/podcast/b... Linktr.ee/betteroffline

Premium newsletter: my 18k word AI Mythbusters: There’s no insatiable demand for AI compute, AI is not “getting exponentially better” or “tricking humans,” we haven't “lost control of AI,” AI doomerism is a grift, and there is no “GenAI arms race with China.” www.wheresyoured.at/ai-mythbuste...

Here’s part 2 of this week’s three-part Better Offline NVIDIA special. I walk you through the history of Enron, how it differs from NVIDIA, and how growth-desperation led big tech to waste hundreds of billions of dollars on GPUs. podcasts.apple.com/us/podcast/b... Linktr.ee/betteroffline

Here’s part 2 of this week’s three-part Better Offline NVIDIA special. I walk you through the history of Enron, how it differs from NVIDIA, and how growth-desperation led big tech to waste hundreds of billions of dollars on GPUs. podcasts.apple.com/us/podcast/b... Linktr.ee/betteroffline

Wait what? The “already raised $60bn”? What’re you on about? Tens of billions? $100 billion?

"[Workers at major companies] are asking, why do I have to use something that doesn't work? Well it's because capitalism demands eternal growth. Milton Friedman's ghost haunts every trader, Ronald Reagan pops out of the toilet every so often, this is what we do here." Love the mental imagery.

Spoke with Times Radio about the AI bubble, and how I think it might be bigger and uglier than the dotcom bubble (though the after-effects will be...different) youtu.be/C35bMFVDrlo

OpenAI is the majority of ai compute, there’s puny amounts of ai revenue and every supposed return on investment on AI is phrased like a riddle. CHR’s so called AI-driven productivity story is very vague and unclear where LLMs play in. This is like saying “it’s a pets dot com bubble”

Here’s part 1 of this week’s three part Better Offline NVIDIA special. I walk you through why NVIDIA is specifically nothing like Enron, WorldCom or Lucent, and why investors might see a few similarities anyway. podcasts.apple.com/us/podcast/b... Linktr.ee/betteroffline

Spoke with Times Radio about the AI bubble, and how I think it might be bigger and uglier than the dotcom bubble (though the after-effects will be...different) youtu.be/C35bMFVDrlo

The best question I get on calls is "do you have a background in finance?" no, I have just read 10,000,000 posts

The banks are out of money

Here’s part 1 of this week’s three part Better Offline NVIDIA special. I walk you through why NVIDIA is specifically nothing like Enron, WorldCom or Lucent, and why investors might see a few similarities anyway. podcasts.apple.com/us/podcast/b... Linktr.ee/betteroffline

Amazon is talking about investing $10bn in OpenAI so that OpenAI can then hand some of that back as part of its $38bn cloud compute deal using trainium chips. This should get OpenAI to what, March? Utterly stupid and investors should actively punish Amazon www.theinformation.com/articles/ope...

Everything in the fire. Everything. Spend as much money as possible. We must spend more and more money or else we will expire. Sam Altman must spend every dollar otherwise how will he possibly make more money more money spend more money make money spend money

Oh, OpenAI is pulling back GPT-5's router model because it is more expensive because it pushes users to reasoning models? Gawrsh! www.wheresyoured.at/sora2-openai/

Wait so Disney buys stock from OpenAI and OpenAI pays Disney in stock to license its characters? Amazing

The WSJ claims that this survey said that "less than half of current AI projects had generated more in returns than they had cost," which is not something that's actually in the survey! It talks about 40-47% of AI projects "delivering a tangible ROI." amazing! www.wsj.com/tech/ai/ceos...

👍 capitalg.com/team/albert-...

merriam-webster names "key-jingling" the word of the year

can't win them all

Premium newsletter: my 18k word AI Mythbusters: There’s no insatiable demand for AI compute, AI is not “getting exponentially better” or “tricking humans,” we haven't “lost control of AI,” AI doomerism is a grift, and there is no “GenAI arms race with China.” www.wheresyoured.at/ai-mythbuste...

Monday

Remember when people said it was crazy to think that we were in an AI bubble? When they would actively mock you for doubting the glory of the LLM era?

Oracle added $148bn of lease agreements to make sure it can provide the compute to OpenAI for a deal that OpenAI cannot afford to pay for. OpenAI is probably like $30bn+ of the $52bn of revenue Oracle is meant to book from its backlog. We’re setting up for an existential threat!

I’d argue the Browns by far. Deshaun Watson was unquestionable a monster, without a single doubt, it didn’t stop the ownership paying multiple firsts and a quarter billion dollars for him, lining up a kind of wretched hope for success, only for Watson to be incredibly washed. Gruesome stuff

The Raiders should be sold off. Not to somebody else, I think it’s time to sell all the pieces like you’re closing a department store. Do you know how hard it’s been to find a franchise more disappointing than watching QPR leave the premier league forever in the 90s? I’m genuinely impressed

Monday: My 17k word premium "AI Mythbusters" newsletter: why there's no insatiable demand for AI compute, why OpenAI will miss its projections, why AI doomerism is a grift, and why AI isn't actually "getting smarter." Here's $10 off annual. edzitronswheresyouredatghostio.outpost.pub/public/promo...

Every one of these pieces comes down to “what if ai was useful”

I’m actually the other side of the speeding debate. I don’t think any vehicle should be able to go faster than a person