Is There an A.I. Bubble? A Debate.

…back in the summer of 2025, I wrote about how I assessed whether we're in a boom or a bubble. And one of my observations was that at the moment, [in 2025] the hyperscalers [were] spending out of their own cash flows and their own balance sheets. As soon as that starts to change and they go to external finance, you introduce lots more risk. And my threshold for more risk was about 30 percent of the [unclear], which is about the level that we we are approaching now at the end of 2026. These things are are not set in stone. The crowding out problem is a is a real problem.…